SINGAPORE: Hong Kong-listed Link real estate investment trust (REIT) is selling its retail space on the first and third levels of Thomson Plaza for S$250mil (US$196mil).
The buyers of Swing By @ Thomson Plaza are Jack Investment, which owns Leisure Park Kallang, and Pangjwee Development, Link-REIT’s manager, announced on Wednesday.
The sale price is 45% higher than the S$172.5mil that Link-REIT paid when it bought the property in 2022 from NTUC unit Mercatus Co-operative. It is also at a 23% premium to the property’s most recent book valuation of S$202.6mil
Link-REIT said the divestment forms part of its ongoing portfolio strategy, which “aims to recycle assets, where appropriate, in order to create value for unit holders”.
The transaction is expected to be completed in the second quarter of 2026.
The REIT, which also owns AMK Hub and Jurong Point, was reported in June 2025 to be considering a listing in Singapore that would include some of its properties outside China and Hong Kong.
John Saunders, executive director and chief investment officer of Link-REIT’s manager, said that the REIT is continuing to “focus on its core strength of retail malls in Asia-Pacific and is keen to increase its exposure in Singapore”. — The Straits Times/ANN
