Link REIT has entered into agreements with Jack Investment Pte Ltd and Pangjwee Development Pte Ltd for the sale of its property interests in Swing By @ Thomson Plaza for $250 million.
The divestment, which is priced at a premium to the most recent book valuation of the property, forms part of Link’s ongoing portfolio optimisation strategy, which aims to recycle assets, where appropriate, in order to create value for unitholders, according to an April 8 announcement.
The purchase price in March 2023 was $172.5 million. The most recent book valuation as of end-September 2025 was $202.6 million.
Directly connected to Upper Thomson MRT Station on the Thomson-East Coast Line, the property is the primary retail destination for residents in the Upper Thomson subzone within the Bishan Planning area.
The property has a net lettable area of approximately 109,854 sq ft and enjoys near-full occupancy, anchored predominantly by a non-discretionary tenant mix.
Link’s executive director and chief investment officer John Saunders says: “While Link continues to focus on its core strength of retail malls in Asia Pacific and is keen to increase its exposure in Singapore, asset recycling remains an integral part of our active portfolio optimisation strategy. We regularly screen our assets to assess whether we believe we have maximised near-term value with a decision to hold being effectively a decision to buy again at today’s price.”
See also: Local executive search firm hunting for CEO to lead S-REIT IPO this year
He adds: “Swing By @ Thomson Plaza has performed well since acquisition, supported by targeted asset management initiatives undertaken by Link to improve the property’s market position and operating performance. The disposal allows Link to realise the value created through these initiatives and, where capital is deemed surplus to near term requirements, it allows us to return such capital to unitholders.”
The disposal is expected to be completed in 2Q2026. Savills Singapore and Cushman & Wakefield acted as joint marketing agent for the sale. The transaction was concluded following an offer sourced by Cushman & Wakefield’s capital markets team.
