In the most recent 2QFY2026, net property income (NPI) from Festival Walk, its mall in Hong Kong, was $33.4 million, or 20% of the total of $166.2 million. In comparison, in 2QFY2025, NPI from this Hong Kong property was $36.9 million, or 21.7% of the 2QFY2025 total of $169.8 million. Total NPI for the REIT was down 2.2% y-o-y to $163.9 million. Besides lower utility costs, MPACT’s bottom line was helped by a significant 16.4% y-o-y drop in finance costs to $47.4 million.
VivoCity, the crown jewel of Mapletree Pan Asia Commercial Trust (MPACT), managed an impressive 14.1% in rental reversion in the REIT’s 2QFY2026 ended Sept 30. Thus, despite yet another quarter of soft numbers from its overseas assets, MPACT reported a slightly higher distribution per unit (DPU) of 2.01 cents, up 1.5% y-o-y, bringing 1HFY2026 payout to 4.02 cents, down from 4.07 cents paid in 1HFY2025.
Overall revenue was down 3.2% y-o-y to $218.5 million, in the absence of rental income from Mapletree Anson, which was sold last July. On the other hand, it enjoyed better support from its remaining Singapore assets, VivoCity and Mapletree Business City (MBC). Having achieved rental reversions of 14.1% in 2QFY2026, extensive asset enhancement works have been completed since then, and higher contributions can be expected.
