"Both assets should further benefit in 2026 with the completion of the Circle Line loop," say Wong and Tan, referring to the construction of an MRT line that will link up both properties.
Mapletree Pan Asia Commercial Trust will likely see its earnings bottom in the current FY2026 and with lower rates and asset enhancement initiatives, the owner of retail and office properties across Asia should see some upside, according to Geraldine Wong and Derak Tan of DBS Group Research in their Sept 24 note.
The REIT, trading at 0.8x P/B, is deemed as an "undervalued" and "quality" large-cap REIT. Its two "prized jewels" in Singapore – VivoCity, one of the largest malls in this market, and Mapletree Business City, a busy business park, contribute 54% of MPACT’s income, and help to offset weakness in overseas assets.
