Growing value across markets
WHEN VivoCity opened its doors in 2006, it redefined what a waterfront retail destination could be. Built on a bold wave-inspired design, the mall quickly became a landmark of Singapore's southern coast, drawing more than 13 million visitors in its first three months alone.
Behind the transformation was Mapletree, then a young real estate company formed only a few years earlier. That milestone project set the tone for what would become the company's hallmark: Creating value by reimagining space.
The former 24-hectare HarbourFront Precinct was once home to ageing office buildings, underused exhibition halls and vacant plots. 'Transforming the HarbourFront Precinct into a thriving waterfront business and retail destination has been one of our most ambitious undertakings to date,' says Mr Hiew Yoon Khong, Group Chief Executive Officer, Mapletree Investments. 'Breathing new life into the area required physical redevelopment and a bold reimagination of its potential.'
Since then, HarbourFront Precinct has continued to thrive, attracting a growing base of office and retail tenants. Today, its success – anchored by VivoCity, HarbourFront Centre, HarbourFront Towers One and Two, Bank of America HarbourFront, St James Power Station and The Reef at King's Dock – highlights Mapletree's vision for large-scale transformation.
As at March 31, 2025, Mapletree is a leading global real estate company with S$80.3 billion in assets under management (AUM), of which S$60.3 billion are third-party managed. Its business model integrates four key roles of developer, investor, capital manager and property manager, fuelling its expansion into 13 markets across Asia Pacific, the United Kingdom (UK), Europe and North America.
Transforming precincts
Mapletree's approach to real estate transformation extends beyond individual assets to entire precincts. Following the successful revitalisation of HarbourFront Precinct, an equally ambitious transformation reshaped the Alexandra Precinct, reinforcing Mapletree's track record of delivering consistently attractive real estate investments.
Located along the Alexandra and Telok Blangah corridor, the site was reimagined over multiple phases. The low-yielding Alexandra Distripark was redeveloped into Mapletree Business City (MBC) I, comprising an office tower and three business park buildings. Meanwhile, an asset enhancement initiative transformed the retail podium of PSA Building (now known as mTower) into Alexandra Retail Centre (ARC). In the final phase, The Comtech was redeveloped into MBC II, a 30-storey, best-in-class business park and the tallest of its kind in Singapore.
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Combined, MBC, mTower and ARC have turned the Alexandra Precinct into a thriving business hub, complete with Grade A specifications and easy MRT access. These efforts reflect Mapletree's broader strategy of rejuvenating entire precincts. It transformed the former World Trade Centre into VivoCity, and redeveloped Alexandra Distripark and The Comtech into Mapletree Business City. Today, these two precincts are established destinations for global businesses and retailers.
Proven growth through Reits and private funds
Mapletree's capital management franchise has played a major role in its growth story. Its three listed Reits, Mapletree Logistics Trust (MLT), Mapletree Industrial Trust (MIT) and Mapletree Pan Asia Commercial Trust (MPACT), have delivered 10-year (refer to Footnote 1) total unitholder returns of 70.8 per cent, 112.4 per cent and 33.4 per cent respectively. Their assets span logistics parks, industrial spaces, data centres, as well as retail and office buildings across key global cities.
These Reits are backed by stable rental income from well-located assets and a robust stream of growth opportunities. 'Our listed Reits have delivered attractive and long-term returns, supported by a disciplined strategy and the backing of Mapletree as their strong Sponsor,' says Mr Hiew.
'As a Sponsor, we provide access to high-quality assets, a clear pipeline for future growth and in-depth operational knowledge. These reasons reassure investors and stakeholders about the quality and viability of our Reits' growth,' he adds.
Beyond listed vehicles, Mapletree currently manages nine private real estate funds and platforms with over S$20 billion in AUM, offering investors access to diverse investment opportunities across the globe. Since inception, it has launched 16 private funds with curated investment portfolios that meet investors' varying risk-return profiles across market cycles. Apart from being aligned with Mapletree's internal high conviction strategies, these funds also benefit from strong Sponsor participation, as Mapletree typically holds approximately a 20-40 per cent stake in each of the funds.
A key example of this is the Mapletree US & EU Logistics Private Trust (MUSEL), which was launched in March 2019. At inception, MUSEL is a fully invested income yielding portfolio comprising 262 logistics assets across 26 states in the United States (US) and 20 cities in seven European countries, with a total investment value of ~S$6.1 billion, raising a total of ~S$2.4 billion in equity.
More recently in April 2024, Mapletree successfully closed its 16th private fund amid a challenging backdrop of rising interest rates. Mapletree Japan Investment Country Private Trust (MAJIC) is the Group's second Japan logistics development fund, targeting an AUM of ~S$1 billion (refer to Footnote 2) when fully deployed, and the third one focused on Japan. The strong reception of MAJIC by a diverse group of new and returning investors who have committed ~S$443 million (refer to Footnote 2) in equity, reflects the Group's track record in fund management and development capabilities. It also underscores Mapletree's ability to navigate different economic cycles while maintaining investor confidence.
Building a global presence
Mapletree's global expansion has followed a disciplined strategy of entering markets and sectors with structural growth potential. It now operates in 13 markets and has made strategic investments across logistics, office, data centre, student housing and other properties.
'Having 21 offices and boots on the ground across the globe allows us to keep abreast of the developments in key markets. Being embedded in local markets also increases our visibility for these transactions, whether managing operations, acquiring new assets or undertaking development projects,' explains Mr Hiew.
'We also pay close attention to the performance of different asset classes and the evolving demands. By anticipating trends and cementing our positions in markets with structural growth potential, we have built a resilient portfolio of around 950 properties across 13 markets today.'
The logistics sector has seen robust growth, which Mapletree believes will continue to expand. With rising demand from e-commerce and resilient supply chains, logistics now forms the largest sector in the Group's AUM, spanning over 700 properties. As at March 31, 2025, AUM for Mapletree's logistics asset class surpassed S$33.7 billion, positioning the Group to actively pursue growth opportunities in the US, Europe and Asia Pacific over the next five years. Most recently, Mapletree deepened its logistics footprint in Europe with the acquisitions of its first two logistics assets in the UK and 10 warehouses in Spain. In addition, Mapletree was recognised as the Logistics Investor of the Year (Asia Pacific) at the 2024 PERE awards.
In Ho Chi Minh City, Vietnam, Mapletree built Saigon South Place, a 4.4-hectare integrated mixed-use development comprising shopping mall SC VivoCity, Grade A office building Mapletree Business Centre, Oakwood Residence Saigon & RichLane Residences. SC VivoCity is also the first shopping mall in Vietnam to achieve the US Green Building Council's LEED Gold certification.
In Reading, the UK, Green Park clearly demonstrates the Group's office strategy. Spread across 195 acres, the leading business park offers Grade A office space and is home to multinational corporations across defence, technology, telecoms, pharmaceuticals and healthcare. In addition, Green Park is a biodiversity sanctuary, sheltering over 60 bird species. It proudly celebrated 10 years of recognition with the Wildlife Trusts' Biodiversity award, highlighting Mapletree's commitment to creating green spaces within its assets.
The student housing sector is another area where Mapletree has built scale. Its portfolio includes 82 purpose-built student accommodation (PBSA) assets across 43 cities in the UK, US, Germany and Canada, offering nearly 29,000 beds. Assets such as the 453-bed Westwood Student Mews in Coventry represents Mapletree's first student housing development in the UK, while the 513-bed The Chestnut at University City in Philadelphia marks Mapletree's first student housing development project in the US. These developments highlight Mapletree's capability to develop and manage high-quality, well-located PBSA offerings.
In April 2024, Mapletree completed a ~S$1.7 billion (refer to Footnote 3) strategic acquisition comprising a portfolio of 31 student housing assets across the UK and Germany, along with the award-winning Student Castle operating platform. This deal catapulted Mapletree from the seventh to the fourth-largest student housing owner in the UK as at March 31, 2025, and established in-house operating capabilities that are essential for scaling the Group's student housing business. The Student Castle brand has successfully developed and refurbished 15 assets over 15 years, including two heritage-enhancing developments in Bath and Durham, and two award-winning projects in Oxford and York.
The data centre segment has gained momentum too. Through developments, joint ventures and acquisitions, the Group has grown its data centre presence, now spanning across Singapore, the US, Japan and Hong Kong SAR. In 2021, MIT acquired 29 US-based data centres across 18 states and gained exposure to new established markets such as Chicago, Los Angeles and Houston. Earlier in 2019, Mapletree and MIT acquired a ~S$1.9 billion portfolio from Digital Realty, and entered a co-investment in hyperscale data centres.
Positioned for the next phase
Having entered its fourth Five-Year Plan in Financial Year 2024/2025, Mapletree's growth strategy remains focused on four core sectors: logistics, student housing, office and data centre. These asset classes continue to show long-term resilience and structural demand across key global markets.
In logistics, the Group is actively expanding its footprint in the US and Europe, while deepening its presence in fast-growing Asian markets such as India, Malaysia and Vietnam. To support this momentum, Mapletree is planning new fund platforms, including a logistics development fund targeting emerging Asia, where institutional-grade warehousing remains limited. Additional fund strategies are being explored for logistics opportunities in Europe and the US, supporting broader expansion efforts in key markets.
At the same time, student housing remains another scalable growth engine. Buoyed by continued demand for quality higher education and increasing international student mobility, Mapletree is evaluating opportunities to strengthen its portfolio across the UK, including syndicating a UK-focused student housing fund and expanding into new markets such as Australasia and continental Europe. Its ability to develop and manage student accommodation facilities in-house ensures quality and reliable services to students. 'Our logistics and student housing portfolios have grown significantly as they are underpinned by strong, long-term demand drivers. We maintain a positive outlook on these sectors and will continue to leverage our in-house operating and development capabilities to grow our footprint,' says Mr Hiew.
He adds: 'Asian territories like Singapore, Hong Kong SAR and Japan are gaining popularity due to their affordable yet globally recognised institutions. We are closely monitoring student mobility and assessing these destinations as potential additions to our global portfolio.'
With digital infrastructure requirements rising globally, the Group sees strong upside in the data centre sector. Mapletree will continue to explore new opportunities to expand its data centre footprint in established core markets in Europe, where investor appetite remains strong, and rapidly emerging markets such as Milan and Madrid which present strong potential for returns. Within Asia Pacific, Mapletree will focus on mature markets like Japan and emerging markets like South Korea.
Mapletree's office sector strategy will centre on India and Vietnam in the short- to medium-term, where hybrid work trends have had less impact and demand for high-quality offices remains strong. These markets present favourable rental growth prospects and long-term investment potential.
Branching out globally
While international growth is a key focus, Mapletree continues to enhance its home ground advantage. It remains committed to strengthening its presence in Singapore's Greater Southern Waterfront, leveraging its earlier success at HarbourFront Precinct. Building on this foundation, the Group will also continue to structure new private funds that generate sustainable returns for investors. This commitment to growing at home and abroad reflects Mapletree's evolution over the past two decades. What began as a local real estate business now spans continents, sectors and investor classes, with a growth story that is still unfolding.
1 From April 1, 2015 to March 31, 2025
2 Based on exchange rate as at fund inception
3 Based on exchange rate as at March 31, 2024
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Straits Times
2 days ago
- Straits Times
Growing value across markets
Mapletree's four core sectors - logistics, student housing, office and data centre - represented by Student Castle Brighton; 44490 Chilum Place, Ashburn; Mapletree Business City and Parets DC1 (front to back, left to right). WHEN VivoCity opened its doors in 2006, it redefined what a waterfront retail destination could be. Built on a bold wave-inspired design, the mall quickly became a landmark of Singapore's southern coast, drawing more than 13 million visitors in its first three months alone. Behind the transformation was Mapletree, then a young real estate company formed only a few years earlier. That milestone project set the tone for what would become the company's hallmark: Creating value by reimagining space. The former 24-hectare HarbourFront Precinct was once home to ageing office buildings, underused exhibition halls and vacant plots. 'Transforming the HarbourFront Precinct into a thriving waterfront business and retail destination has been one of our most ambitious undertakings to date,' says Mr Hiew Yoon Khong, Group Chief Executive Officer, Mapletree Investments. 'Breathing new life into the area required physical redevelopment and a bold reimagination of its potential.' Since then, HarbourFront Precinct has continued to thrive, attracting a growing base of office and retail tenants. Today, its success – anchored by VivoCity, HarbourFront Centre, HarbourFront Towers One and Two, Bank of America HarbourFront, St James Power Station and The Reef at King's Dock – highlights Mapletree's vision for large-scale transformation. As at March 31, 2025, Mapletree is a leading global real estate company with S$80.3 billion in assets under management (AUM), of which S$60.3 billion are third-party managed. Its business model integrates four key roles of developer, investor, capital manager and property manager, fuelling its expansion into 13 markets across Asia Pacific, the United Kingdom (UK), Europe and North America. Transforming precincts Mapletree's approach to real estate transformation extends beyond individual assets to entire precincts. Following the successful revitalisation of HarbourFront Precinct, an equally ambitious transformation reshaped the Alexandra Precinct, reinforcing Mapletree's track record of delivering consistently attractive real estate investments. Located along the Alexandra and Telok Blangah corridor, the site was reimagined over multiple phases. The low-yielding Alexandra Distripark was redeveloped into Mapletree Business City (MBC) I, comprising an office tower and three business park buildings. Meanwhile, an asset enhancement initiative transformed the retail podium of PSA Building (now known as mTower) into Alexandra Retail Centre (ARC). In the final phase, The Comtech was redeveloped into MBC II, a 30-storey, best-in-class business park and the tallest of its kind in Singapore. Top stories Swipe. Select. Stay informed. Singapore Luxury items seized in $3b money laundering case handed over to Deloitte for liquidation Singapore MyRepublic customers air concerns over broadband speed after sale to StarHub Singapore Power switchboard failure led to disruption in NEL, Sengkang-Punggol LRT services: SBS Transit Singapore NEL and Sengkang-Punggol LRT resume service after hours-long power fault Business Ninja Van cuts 12% of Singapore workforce after 2 rounds of layoffs in 2024 Singapore Hyflux investigator 'took advantage' of Olivia Lum's inability to recall events: Davinder Singh Singapore Man who stabbed son-in-law to death in Boon Tat Street in 2017 dies of heart attack, says daughter Singapore Man who stalked woman blasted by judge on appeal for asking scandalous questions in court Combined, MBC, mTower and ARC have turned the Alexandra Precinct into a thriving business hub, complete with Grade A specifications and easy MRT access. These efforts reflect Mapletree's broader strategy of rejuvenating entire precincts. It transformed the former World Trade Centre into VivoCity, and redeveloped Alexandra Distripark and The Comtech into Mapletree Business City. Today, these two precincts are established destinations for global businesses and retailers. Proven growth through Reits and private funds Mapletree's capital management franchise has played a major role in its growth story. Its three listed Reits, Mapletree Logistics Trust (MLT), Mapletree Industrial Trust (MIT) and Mapletree Pan Asia Commercial Trust (MPACT), have delivered 10-year (refer to Footnote 1) total unitholder returns of 70.8 per cent, 112.4 per cent and 33.4 per cent respectively. Their assets span logistics parks, industrial spaces, data centres, as well as retail and office buildings across key global cities. These Reits are backed by stable rental income from well-located assets and a robust stream of growth opportunities. 'Our listed Reits have delivered attractive and long-term returns, supported by a disciplined strategy and the backing of Mapletree as their strong Sponsor,' says Mr Hiew. 'As a Sponsor, we provide access to high-quality assets, a clear pipeline for future growth and in-depth operational knowledge. These reasons reassure investors and stakeholders about the quality and viability of our Reits' growth,' he adds. Beyond listed vehicles, Mapletree currently manages nine private real estate funds and platforms with over S$20 billion in AUM, offering investors access to diverse investment opportunities across the globe. Since inception, it has launched 16 private funds with curated investment portfolios that meet investors' varying risk-return profiles across market cycles. Apart from being aligned with Mapletree's internal high conviction strategies, these funds also benefit from strong Sponsor participation, as Mapletree typically holds approximately a 20-40 per cent stake in each of the funds. A key example of this is the Mapletree US & EU Logistics Private Trust (MUSEL), which was launched in March 2019. At inception, MUSEL is a fully invested income yielding portfolio comprising 262 logistics assets across 26 states in the United States (US) and 20 cities in seven European countries, with a total investment value of ~S$6.1 billion, raising a total of ~S$2.4 billion in equity. More recently in April 2024, Mapletree successfully closed its 16th private fund amid a challenging backdrop of rising interest rates. Mapletree Japan Investment Country Private Trust (MAJIC) is the Group's second Japan logistics development fund, targeting an AUM of ~S$1 billion (refer to Footnote 2) when fully deployed, and the third one focused on Japan. The strong reception of MAJIC by a diverse group of new and returning investors who have committed ~S$443 million (refer to Footnote 2) in equity, reflects the Group's track record in fund management and development capabilities. It also underscores Mapletree's ability to navigate different economic cycles while maintaining investor confidence. Building a global presence Mapletree's global expansion has followed a disciplined strategy of entering markets and sectors with structural growth potential. It now operates in 13 markets and has made strategic investments across logistics, office, data centre, student housing and other properties. 'Having 21 offices and boots on the ground across the globe allows us to keep abreast of the developments in key markets. Being embedded in local markets also increases our visibility for these transactions, whether managing operations, acquiring new assets or undertaking development projects,' explains Mr Hiew. 'We also pay close attention to the performance of different asset classes and the evolving demands. By anticipating trends and cementing our positions in markets with structural growth potential, we have built a resilient portfolio of around 950 properties across 13 markets today.' The logistics sector has seen robust growth, which Mapletree believes will continue to expand. With rising demand from e-commerce and resilient supply chains, logistics now forms the largest sector in the Group's AUM, spanning over 700 properties. As at March 31, 2025, AUM for Mapletree's logistics asset class surpassed S$33.7 billion, positioning the Group to actively pursue growth opportunities in the US, Europe and Asia Pacific over the next five years. Most recently, Mapletree deepened its logistics footprint in Europe with the acquisitions of its first two logistics assets in the UK and 10 warehouses in Spain. In addition, Mapletree was recognised as the Logistics Investor of the Year (Asia Pacific) at the 2024 PERE awards. In Ho Chi Minh City, Vietnam, Mapletree built Saigon South Place, a 4.4-hectare integrated mixed-use development comprising shopping mall SC VivoCity, Grade A office building Mapletree Business Centre, Oakwood Residence Saigon & RichLane Residences. SC VivoCity is also the first shopping mall in Vietnam to achieve the US Green Building Council's LEED Gold certification. In Reading, the UK, Green Park clearly demonstrates the Group's office strategy. Spread across 195 acres, the leading business park offers Grade A office space and is home to multinational corporations across defence, technology, telecoms, pharmaceuticals and healthcare. In addition, Green Park is a biodiversity sanctuary, sheltering over 60 bird species. It proudly celebrated 10 years of recognition with the Wildlife Trusts' Biodiversity award, highlighting Mapletree's commitment to creating green spaces within its assets. The student housing sector is another area where Mapletree has built scale. Its portfolio includes 82 purpose-built student accommodation (PBSA) assets across 43 cities in the UK, US, Germany and Canada, offering nearly 29,000 beds. Assets such as the 453-bed Westwood Student Mews in Coventry represents Mapletree's first student housing development in the UK, while the 513-bed The Chestnut at University City in Philadelphia marks Mapletree's first student housing development project in the US. These developments highlight Mapletree's capability to develop and manage high-quality, well-located PBSA offerings. In April 2024, Mapletree completed a ~S$1.7 billion (refer to Footnote 3) strategic acquisition comprising a portfolio of 31 student housing assets across the UK and Germany, along with the award-winning Student Castle operating platform. This deal catapulted Mapletree from the seventh to the fourth-largest student housing owner in the UK as at March 31, 2025, and established in-house operating capabilities that are essential for scaling the Group's student housing business. The Student Castle brand has successfully developed and refurbished 15 assets over 15 years, including two heritage-enhancing developments in Bath and Durham, and two award-winning projects in Oxford and York. The data centre segment has gained momentum too. Through developments, joint ventures and acquisitions, the Group has grown its data centre presence, now spanning across Singapore, the US, Japan and Hong Kong SAR. In 2021, MIT acquired 29 US-based data centres across 18 states and gained exposure to new established markets such as Chicago, Los Angeles and Houston. Earlier in 2019, Mapletree and MIT acquired a ~S$1.9 billion portfolio from Digital Realty, and entered a co-investment in hyperscale data centres. Positioned for the next phase Having entered its fourth Five-Year Plan in Financial Year 2024/2025, Mapletree's growth strategy remains focused on four core sectors: logistics, student housing, office and data centre. These asset classes continue to show long-term resilience and structural demand across key global markets. In logistics, the Group is actively expanding its footprint in the US and Europe, while deepening its presence in fast-growing Asian markets such as India, Malaysia and Vietnam. To support this momentum, Mapletree is planning new fund platforms, including a logistics development fund targeting emerging Asia, where institutional-grade warehousing remains limited. Additional fund strategies are being explored for logistics opportunities in Europe and the US, supporting broader expansion efforts in key markets. At the same time, student housing remains another scalable growth engine. Buoyed by continued demand for quality higher education and increasing international student mobility, Mapletree is evaluating opportunities to strengthen its portfolio across the UK, including syndicating a UK-focused student housing fund and expanding into new markets such as Australasia and continental Europe. Its ability to develop and manage student accommodation facilities in-house ensures quality and reliable services to students. 'Our logistics and student housing portfolios have grown significantly as they are underpinned by strong, long-term demand drivers. We maintain a positive outlook on these sectors and will continue to leverage our in-house operating and development capabilities to grow our footprint,' says Mr Hiew. He adds: 'Asian territories like Singapore, Hong Kong SAR and Japan are gaining popularity due to their affordable yet globally recognised institutions. We are closely monitoring student mobility and assessing these destinations as potential additions to our global portfolio.' With digital infrastructure requirements rising globally, the Group sees strong upside in the data centre sector. Mapletree will continue to explore new opportunities to expand its data centre footprint in established core markets in Europe, where investor appetite remains strong, and rapidly emerging markets such as Milan and Madrid which present strong potential for returns. Within Asia Pacific, Mapletree will focus on mature markets like Japan and emerging markets like South Korea. Mapletree's office sector strategy will centre on India and Vietnam in the short- to medium-term, where hybrid work trends have had less impact and demand for high-quality offices remains strong. These markets present favourable rental growth prospects and long-term investment potential. Branching out globally While international growth is a key focus, Mapletree continues to enhance its home ground advantage. It remains committed to strengthening its presence in Singapore's Greater Southern Waterfront, leveraging its earlier success at HarbourFront Precinct. Building on this foundation, the Group will also continue to structure new private funds that generate sustainable returns for investors. This commitment to growing at home and abroad reflects Mapletree's evolution over the past two decades. What began as a local real estate business now spans continents, sectors and investor classes, with a growth story that is still unfolding. 1 From April 1, 2015 to March 31, 2025 2 Based on exchange rate as at fund inception 3 Based on exchange rate as at March 31, 2024
Business Times
06-08-2025
- Business Times
Growing value across markets
WHEN VivoCity opened its doors in 2006, it redefined what a waterfront retail destination could be. Built on a bold wave-inspired design, the mall quickly became a landmark of Singapore's southern coast, drawing more than 13 million visitors in its first three months alone. Behind the transformation was Mapletree, then a young real estate company formed only a few years earlier. That milestone project set the tone for what would become the company's hallmark: Creating value by reimagining space. The former 24-hectare HarbourFront Precinct was once home to ageing office buildings, underused exhibition halls and vacant plots. 'Transforming the HarbourFront Precinct into a thriving waterfront business and retail destination has been one of our most ambitious undertakings to date,' says Mr Hiew Yoon Khong, Group Chief Executive Officer, Mapletree Investments. 'Breathing new life into the area required physical redevelopment and a bold reimagination of its potential.' Since then, HarbourFront Precinct has continued to thrive, attracting a growing base of office and retail tenants. Today, its success – anchored by VivoCity, HarbourFront Centre, HarbourFront Towers One and Two, Bank of America HarbourFront, St James Power Station and The Reef at King's Dock – highlights Mapletree's vision for large-scale transformation. As at March 31, 2025, Mapletree is a leading global real estate company with S$80.3 billion in assets under management (AUM), of which S$60.3 billion are third-party managed. Its business model integrates four key roles of developer, investor, capital manager and property manager, fuelling its expansion into 13 markets across Asia Pacific, the United Kingdom (UK), Europe and North America. Transforming precincts Mapletree's approach to real estate transformation extends beyond individual assets to entire precincts. Following the successful revitalisation of HarbourFront Precinct, an equally ambitious transformation reshaped the Alexandra Precinct, reinforcing Mapletree's track record of delivering consistently attractive real estate investments. Located along the Alexandra and Telok Blangah corridor, the site was reimagined over multiple phases. The low-yielding Alexandra Distripark was redeveloped into Mapletree Business City (MBC) I, comprising an office tower and three business park buildings. Meanwhile, an asset enhancement initiative transformed the retail podium of PSA Building (now known as mTower) into Alexandra Retail Centre (ARC). In the final phase, The Comtech was redeveloped into MBC II, a 30-storey, best-in-class business park and the tallest of its kind in Singapore. Combined, MBC, mTower and ARC have turned the Alexandra Precinct into a thriving business hub, complete with Grade A specifications and easy MRT access. These efforts reflect Mapletree's broader strategy of rejuvenating entire precincts. It transformed the former World Trade Centre into VivoCity, and redeveloped Alexandra Distripark and The Comtech into Mapletree Business City. Today, these two precincts are established destinations for global businesses and retailers. Proven growth through Reits and private funds Mapletree's capital management franchise has played a major role in its growth story. Its three listed Reits, Mapletree Logistics Trust (MLT), Mapletree Industrial Trust (MIT) and Mapletree Pan Asia Commercial Trust (MPACT), have delivered 10-year (refer to Footnote 1) total unitholder returns of 70.8 per cent, 112.4 per cent and 33.4 per cent respectively. Their assets span logistics parks, industrial spaces, data centres, as well as retail and office buildings across key global cities. These Reits are backed by stable rental income from well-located assets and a robust stream of growth opportunities. 'Our listed Reits have delivered attractive and long-term returns, supported by a disciplined strategy and the backing of Mapletree as their strong Sponsor,' says Mr Hiew. 'As a Sponsor, we provide access to high-quality assets, a clear pipeline for future growth and in-depth operational knowledge. These reasons reassure investors and stakeholders about the quality and viability of our Reits' growth,' he adds. Beyond listed vehicles, Mapletree currently manages nine private real estate funds and platforms with over S$20 billion in AUM, offering investors access to diverse investment opportunities across the globe. Since inception, it has launched 16 private funds with curated investment portfolios that meet investors' varying risk-return profiles across market cycles. Apart from being aligned with Mapletree's internal high conviction strategies, these funds also benefit from strong Sponsor participation, as Mapletree typically holds approximately a 20-40 per cent stake in each of the funds. A key example of this is the Mapletree US & EU Logistics Private Trust (MUSEL), which was launched in March 2019. At inception, MUSEL is a fully invested income yielding portfolio comprising 262 logistics assets across 26 states in the United States (US) and 20 cities in seven European countries, with a total investment value of ~S$6.1 billion, raising a total of ~S$2.4 billion in equity. More recently in April 2024, Mapletree successfully closed its 16th private fund amid a challenging backdrop of rising interest rates. Mapletree Japan Investment Country Private Trust (MAJIC) is the Group's second Japan logistics development fund, targeting an AUM of ~S$1 billion (refer to Footnote 2) when fully deployed, and the third one focused on Japan. The strong reception of MAJIC by a diverse group of new and returning investors who have committed ~S$443 million (refer to Footnote 2) in equity, reflects the Group's track record in fund management and development capabilities. It also underscores Mapletree's ability to navigate different economic cycles while maintaining investor confidence. Building a global presence Mapletree's global expansion has followed a disciplined strategy of entering markets and sectors with structural growth potential. It now operates in 13 markets and has made strategic investments across logistics, office, data centre, student housing and other properties. 'Having 21 offices and boots on the ground across the globe allows us to keep abreast of the developments in key markets. Being embedded in local markets also increases our visibility for these transactions, whether managing operations, acquiring new assets or undertaking development projects,' explains Mr Hiew. 'We also pay close attention to the performance of different asset classes and the evolving demands. By anticipating trends and cementing our positions in markets with structural growth potential, we have built a resilient portfolio of around 950 properties across 13 markets today.' The logistics sector has seen robust growth, which Mapletree believes will continue to expand. With rising demand from e-commerce and resilient supply chains, logistics now forms the largest sector in the Group's AUM, spanning over 700 properties. As at March 31, 2025, AUM for Mapletree's logistics asset class surpassed S$33.7 billion, positioning the Group to actively pursue growth opportunities in the US, Europe and Asia Pacific over the next five years. Most recently, Mapletree deepened its logistics footprint in Europe with the acquisitions of its first two logistics assets in the UK and 10 warehouses in Spain. In addition, Mapletree was recognised as the Logistics Investor of the Year (Asia Pacific) at the 2024 PERE awards. In Ho Chi Minh City, Vietnam, Mapletree built Saigon South Place, a 4.4-hectare integrated mixed-use development comprising shopping mall SC VivoCity, Grade A office building Mapletree Business Centre, Oakwood Residence Saigon & RichLane Residences. SC VivoCity is also the first shopping mall in Vietnam to achieve the US Green Building Council's LEED Gold certification. In Reading, the UK, Green Park clearly demonstrates the Group's office strategy. Spread across 195 acres, the leading business park offers Grade A office space and is home to multinational corporations across defence, technology, telecoms, pharmaceuticals and healthcare. In addition, Green Park is a biodiversity sanctuary, sheltering over 60 bird species. It proudly celebrated 10 years of recognition with the Wildlife Trusts' Biodiversity award, highlighting Mapletree's commitment to creating green spaces within its assets. The student housing sector is another area where Mapletree has built scale. Its portfolio includes 82 purpose-built student accommodation (PBSA) assets across 43 cities in the UK, US, Germany and Canada, offering nearly 29,000 beds. Assets such as the 453-bed Westwood Student Mews in Coventry represents Mapletree's first student housing development in the UK, while the 513-bed The Chestnut at University City in Philadelphia marks Mapletree's first student housing development project in the US. These developments highlight Mapletree's capability to develop and manage high-quality, well-located PBSA offerings. In April 2024, Mapletree completed a ~S$1.7 billion (refer to Footnote 3) strategic acquisition comprising a portfolio of 31 student housing assets across the UK and Germany, along with the award-winning Student Castle operating platform. This deal catapulted Mapletree from the seventh to the fourth-largest student housing owner in the UK as at March 31, 2025, and established in-house operating capabilities that are essential for scaling the Group's student housing business. The Student Castle brand has successfully developed and refurbished 15 assets over 15 years, including two heritage-enhancing developments in Bath and Durham, and two award-winning projects in Oxford and York. The data centre segment has gained momentum too. Through developments, joint ventures and acquisitions, the Group has grown its data centre presence, now spanning across Singapore, the US, Japan and Hong Kong SAR. In 2021, MIT acquired 29 US-based data centres across 18 states and gained exposure to new established markets such as Chicago, Los Angeles and Houston. Earlier in 2019, Mapletree and MIT acquired a ~S$1.9 billion portfolio from Digital Realty, and entered a co-investment in hyperscale data centres. Positioned for the next phase Having entered its fourth Five-Year Plan in Financial Year 2024/2025, Mapletree's growth strategy remains focused on four core sectors: logistics, student housing, office and data centre. These asset classes continue to show long-term resilience and structural demand across key global markets. In logistics, the Group is actively expanding its footprint in the US and Europe, while deepening its presence in fast-growing Asian markets such as India, Malaysia and Vietnam. To support this momentum, Mapletree is planning new fund platforms, including a logistics development fund targeting emerging Asia, where institutional-grade warehousing remains limited. Additional fund strategies are being explored for logistics opportunities in Europe and the US, supporting broader expansion efforts in key markets. At the same time, student housing remains another scalable growth engine. Buoyed by continued demand for quality higher education and increasing international student mobility, Mapletree is evaluating opportunities to strengthen its portfolio across the UK, including syndicating a UK-focused student housing fund and expanding into new markets such as Australasia and continental Europe. Its ability to develop and manage student accommodation facilities in-house ensures quality and reliable services to students. 'Our logistics and student housing portfolios have grown significantly as they are underpinned by strong, long-term demand drivers. We maintain a positive outlook on these sectors and will continue to leverage our in-house operating and development capabilities to grow our footprint,' says Mr Hiew. He adds: 'Asian territories like Singapore, Hong Kong SAR and Japan are gaining popularity due to their affordable yet globally recognised institutions. We are closely monitoring student mobility and assessing these destinations as potential additions to our global portfolio.' With digital infrastructure requirements rising globally, the Group sees strong upside in the data centre sector. Mapletree will continue to explore new opportunities to expand its data centre footprint in established core markets in Europe, where investor appetite remains strong, and rapidly emerging markets such as Milan and Madrid which present strong potential for returns. Within Asia Pacific, Mapletree will focus on mature markets like Japan and emerging markets like South Korea. Mapletree's office sector strategy will centre on India and Vietnam in the short- to medium-term, where hybrid work trends have had less impact and demand for high-quality offices remains strong. These markets present favourable rental growth prospects and long-term investment potential. Branching out globally While international growth is a key focus, Mapletree continues to enhance its home ground advantage. It remains committed to strengthening its presence in Singapore's Greater Southern Waterfront, leveraging its earlier success at HarbourFront Precinct. Building on this foundation, the Group will also continue to structure new private funds that generate sustainable returns for investors. This commitment to growing at home and abroad reflects Mapletree's evolution over the past two decades. What began as a local real estate business now spans continents, sectors and investor classes, with a growth story that is still unfolding. 1 From April 1, 2015 to March 31, 2025 2 Based on exchange rate as at fund inception 3 Based on exchange rate as at March 31, 2024
CNA
04-08-2025
- CNA
Arts tenants at Tanjong Pagar Distripark face uncertain future as lease nears expiry
SINGAPORE: A vibrant arts cluster at Tanjong Pagar Distripark may soon need to relocate, as the building's lease expiry date draws close amid plans for the area's redevelopment. This comes even as the number of arts groups at the warehouse space has more than quadrupled from four in 2021 to 18 this year. Footfall has also jumped 20 per cent since 2022. Artists say the building's high ceilings and expansive spaces give them greater freedom to be imaginative in both the creation and presentation of their works. CNA understands that the current lease for Tanjong Pagar Distripark will expire in 2027, and landlord Mapletree is in discussions with the authorities to explore a possible extension. Meanwhile, housing plans for the surrounding area are progressing as part of the Greater Southern Waterfront development. Mapletree said it will continue exploring ways to enhance the spaces and offerings at the distripark, with the aim of strengthening its role as a vibrant hub for arts and culture. BUSTLING ARTS HUB Since last year, indie gallery INSTINC has observed a growing number of arts groups joining the cluster at Tanjong Pagar Distripark. It has also recorded a 10-fold increase in visitors compared to its previous location at Clarke Quay. 'I think the move here was also mainly because of the Singapore Art Museum (SAM) and also the rest of the art galleries,' said Ms Yeo Shih Yun, artist and founder of INSTINC, referring to the museum's move there in 2022. 'We have a lot of good responses from the artists, both locally and overseas. So we have hosted 20 exhibitions, and we have welcomed 11 artists in residence from all over the world, including Brazil, Poland, Switzerland, Indonesia, France, Japan and India.' Footfall at the SAM has risen by a fifth since its move to Tanjong Pagar Distripark three years ago. The museum has collaborated with the National Arts Council to utilise the space during major events such as the Singapore Art Week. It also holds exhibitions by both local and foreign artists. 'We're happy to see this entire space transformed into a much wider arts district … not just with artists of all disciplines,' said SAM's chief operating officer Michelle Goh. 'With that, people will also come, our public will also come, because they will then see a larger diversity of art forms, larger diversity of presentations that we, ourselves, are also excited to witness.' She said the distripark allows artists to showcase their works beyond the constraints of traditional gallery settings. 'Singapore Art Museum loves bringing art to unexpected places and spaces, and also helping artists realise large-scale installations and projects which are multimedia in nature,' she added. 'So to us, (Tanjong Pagar Distripark), in terms of its warehouse space, is ideal in terms of realising such projects.' Performing arts groups are also gaining ground at the site. Tamil theatre company AGAM Theatre Lab has reported a 50 per cent increase in revenue since moving in this April. Being part of the cluster has also enabled it to collaborate with neighbouring galleries. Its founder Subramanian Ganesh said the experience has been positive, noting that new audiences initially drawn to visual arts has started attending theatre performances, leading to sold-out shows. 'We have done like three productions so far since we came here, and all the runs have sold out. So it's great,' added the theatre practitioner. 'I think it's creating a new opportunity for cross collaboration (and) new audiences.' On the distripark being an ideal location for the arts community, he noted that finding space in the Central Business District (CBD) is challenging due to high costs, while industrial areas are not ideal as they are less accessible to the public. GOOD ACCESSIBILITY Ms Ida Ng, CEO of art logistics firm Art Move at Helu-trans Group, said more people have been coming to visit its dedicated gallery space. It has more than doubled its showcases since 2022 due to rising demand. 'This place has become like a very chill place for the youngsters, so we can see there's a transformation, and it's definitely attracting a crowd that we have never expected,' she added. Ms Ng said no other places can truly replace Tanjong Pagar Distripark, highlighting its prime location and close proximity to the CBD. 'I would like to hope for this extension of the lease itself, because it's still a big question mark for all of us right now,' she said. 'We have a very, very big space. If I have to relocate somewhere else, I'm afraid that I will not be able to find somewhere so convenient and with such good accessibility.'
