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Straits Times
a day ago
- Business
- Straits Times
Mapletree Investments returns to profit, hits record assets under management of $80.3 billion
Mapletree Investments manages three Singapore-listed real estate investment trusts and nine private equity real estate funds. PHOTO: ST FILE Mapletree Investments returns to profit, hits record assets under management of $80.3 billion SINGAPORE - Temasek's Mapletree Investments reversed a loss from the previous year to turn a profit of $227.2 million for the full-year ended March 31, on the back of narrowed overall revaluation losses. This was while its assets under management (AUM) hit a record $80.3 billion, 3.6 per cent higher than $77.5 billion reported in the same period the year before, the company said in a statement on June 3. Revenue for the period was $2.2 billion, lower than the year before due to the deconsolidation of Mapletree Logistics Trust (MLT), one of three Singapore-listed real estate investment trusts managed by the group. Excluding the impact of the deconsolidation, the group's revenue was 1.2 per cent higher than in the previous financial year. Recurring profit after tax and minority interests was $637.4 million for the full year. Separately, the company recorded total net proceeds of $897 million from divestment of non-core assets, other divestments to MLT and the syndication of Mapletree Japan Investment Country Private Trust. The group's projects under development increased to $5.5 billion, from $3.7 billion previously. Mr Hiew Yoon Khong, group chief executive officer, said the company had deepened its focus on its core sectors for this financial year. These include logistics, student housing, office and data centres. This was done through prioritising operational performance, investing selectively in specific markets with growth potential, and embarking on more development projects for higher returns, he added. 'These strategic priorities underpinned Mapletree's resilient FY24/25 performance, and will continue to guide the group in fostering sustainable growth.' Logistics and accommodation Mapletree Investments manages three Singapore-listed real estate investment trusts and nine private equity real estate funds. In logistics, the group continued to acquire quality logistics assets and embarked on new logistics development initiatives across the Asia-Pacific. In Europe, it entered the United Kingdom logistics market by acquiring Derby DC1 and Verda Park. It also deepened its presence in Spain by acquiring a portfolio of 10 logistics assets. As at March 31, 2025, the group's logistics portfolio in Europe and the United Kingdom stood at $2.2 billion. The group is also currently marketing a new logistics development fund, focusing on Malaysia, India and Vietnam, where 'institutional-grade logistics products are undersupplied', it said. The Mapletree Emerging Growth Asia Logistics Development Fund (Mega), will comprise development assets with a total AUM of US$1.8 billion (S$2.3 billion), and is targeted to close this year. In student housing, the group completed a £1 billion (S$1.74 billion) acquisition of a portfolio of 31 UK and Germany student housing assets. This move sent Mapletree to fourth position among the largest student-housing owners in the UK as at March 31, from seventh place. Offices and data centres As for the office sector, Mapletree continued to pour investments into the India and Vietnam markets to ride the demand for quality offices. In India, the group acquired a land parcel in Bengaluru for a greenfield office-development project called Global Business City in FY24/25. When completed, it will house office spaces with a net lettable area of 743,224 sq m on a plot 153,780 sq m in size. Iin Vietnam, Mapletree acquired a land parcel in Hanoi to develop a 92,000 sq m, Grade-A mixed-use office project with retail amenities. In the data centre sector, Mapletree Industrial Trust acquired a freehold, mixed-use facility in Japan, with a redevelopment opportunity to turn it into a data centre. Meanwhile, the group's first data centre development, in Fanling, Hong Kong, is set to complete in the second half of this year. 'Mapletree will continue to explore new opportunities to expand its data centre footprint in established core markets in Europe, where investor appetite remains strong,' it said. It will also explore emerging markets such as London, Milan and Madrid, which present 'strong potential for returns'. In the Asia-Pacific, the group will focus on mature and high-potential markets such as Japan and Korea. Said Mr Hiew: 'We will continue to prioritise enhancing operational performance for our existing assets, maintaining a selective investment approach in markets with growth potential, creating greater value through development projects... all the while deepening collaborations with like-minded capital partners on new funds and syndication.' THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
2 days ago
- Business
- Business Times
Temasek's Mapletree Investments returns to profit, hits record AUM of S$80.3 billion in FY2025
[SINGAPORE] Temasek's Mapletree Investments reversed a loss from the previous year to turn a profit of S$227.2 million for the full-year ended Mar 31, on the back of narrowed overall revaluation losses. This was while its assets under management (AUM) hit a record S$80.3 billion, 3.6 per cent higher than S$77.5 billion reported in the same period the year before, the company said in a statement on Tuesday (Jun 3). Revenue for the period was S$2.2 billion, lower than the year before due to the deconsolidation of Mapletree Logistics Trust (MLT), one of three Singapore-listed real estate investment trusts managed by the group. Excluding the impact of the deconsolidation, the group's revenue was 1.2 per cent higher than in the previous financial year. Recurring profit after tax and minority interests was S$637.4 million for the full year. Separately, the company recorded total net proceeds of S$897 million from divestment of non-core assets, other divestments to MLT and the syndication of Mapletree Japan Investment Country Private Trust. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The group's projects under development increased to S$5.5 billion, from S$3.7 billion previously. Hiew Yoon Khong, group chief executive officer, said the company had deepened its focus on its core sectors for this FY. These include logistics, student housing, office and data centres. This was done through prioritising operational performance, investing selectively in specific markets with growth potential, and embarking on more development projects for higher returns, he added. 'These strategic priorities underpinned Mapletree's resilient FY24/25 performance, and will continue to guide the group in fostering sustainable growth.' Logistics and accommodation Mapletree Investments manages three Singapore-listed real estate investment trusts and nine private equity real estate funds. In logistics, the group continued to acquire quality logistics assets and embarked on new logistics development initiatives across the Asia-Pacific. In Europe, it entered the United Kingdom logistics market by acquiring Derby DC1 and Verda Park. It also deepened its presence in Spain by acquiring a portfolio of 10 logistics assets. As at Mar 31, 2025, the group's logistics portfolio in Europe and the UK stood at S$2.2 billion. The group is also currently marketing a new logistics development fund, focusing on Malaysia, India and Vietnam, where 'institutional-grade logistics products are undersupplied', it said. The Mapletree Emerging Growth Asia Logistics Development Fund (Mega), will comprise development assets with a total AUM of US$1.8 billion, and is targeted to close this year. In student housing, the group completed a £1 billion (S$1.7 billion) acquisition of a portfolio of 31 UK and Germany student housing assets. This move sent Mapletree to fourth position among the largest student-housing owners in the UK as at Mar 31, from seventh place. Offices and data centres As for the office sector, Mapletree continued to pour investments into the India and Vietnam markets to ride the demand for quality offices. In India, the group acquired a land parcel in Bengaluru for a greenfield office-development project called Global Business City in FY24/25. When completed, it will house office spaces with a net lettable area of 743,224 square metres (sq m) on a plot 153,780 sq m in size. Over in Vietnam, Mapletree acquired a land parcel in Hanoi to develop a 92,000 sq m, Grade-A mixed-use office project with retail amenities. In the data centre sector, Mapletree Industrial Trust acquired a freehold, mixed-use facility in Japan, with a redevelopment opportunity to turn it into a data centre. Meanwhile, the group's first data centre development, in Fanling, Hong Kong, is set to complete in the second half of this year. 'Mapletree will continue to explore new opportunities to expand its data centre footprint in established core markets in Europe, where investor appetite remains strong,' it said. It will also explore emerging markets such as London, Milan and Madrid, which present 'strong potential for returns'. In the Asia-Pacific, the group will focus on mature and high-potential markets such as Japan and Korea. Said Hiew: 'We will continue to prioritise enhancing operational performance for our existing assets, maintaining a selective investment approach in markets with growth potential, creating greater value through development projects ... all the while deepening collaborations with like-minded capital partners on new funds and syndication.'
Business Times
11-05-2025
- Business
- Business Times
Industrial S-Reits report NPI growth, but managers are cautious on outlook
SINGAPORE real estate investment trusts (S-Reits) with exposure to the industrial sub-segment have mostly reported growth in net property income (NPI) in the quarter ended March. The resilient operating performance comes as industrial S-Reits report stable occupancies and positive rental reversions in the most recent quarter. However, the Reit managers are more cautious on the outlook – with greater emphasis on tenant retention and cost management – given the challenging macroeconomic environment affected by global tariffs and trade uncertainty. Of the seven S-Reits that focus on the industrial sub-sector, three reported full-year results in the latest earnings season, while the others provided updates on their first-quarter performance. Mapletree Industrial Trust 's (MINT) distribution per unit (DPU) for FY25 ended March, rose 1 per cent to S$0.1357, on the back of higher gross revenue and NPI. The growth was driven by revenue contributions from the Osaka Data Centre and an acquisition in Tokyo, in addition to new leases and lease renewals of Singapore properties. However, MINT's manager said that higher property operating expenses and elevated borrowing costs may continue to exert pressure on distributions. It will adopt cost-mitigating measures and focus on tenant retention to maintain a stable portfolio occupancy level. Mapletree Logistics Trust (MLT) reported stable operating performance with 96.2 per cent occupancy and 5.1 per cent positive rental reversions in its fourth quarter. However, NPI slipped 1.6 per cent amid lower revenue contributions from China, absence of contributions from divested properties and a weakening of regional currencies against the Singapore dollar. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up MLT's manager expects tenants to take a cautious approach to leasing and expansion amid global trade tensions, and its top priorities include ensuring tenant retention, portfolio resilience and cost management. It estimates that around 15 per cent of portfolio revenue comes from tenants that are engaged in export businesses. Elsewhere, Aims Apac Reit also reported stable portfolio occupancy and 20 per cent positive rental reversions for FY25. DPU grew 2.6 per cent to S$0.096 for the full year. The manager noted that the trust's healthy balance sheet with gearing of 28.9 per cent provides ample headroom to fund future growth initiatives and new acquisitions. Similarly, ESR Reit posted S$82.5 million in NPI for Q1 2025, a 31.3 per cent increase on year, mainly due to full-quarter contributions from acquired properties, completion of asset enhancement initiatives (AEIs) and higher contributions from existing properties. Distributable income (DI) increased 7 per cent on year to S$44.2 million in Q1 2025. The manager expects NPI and DI to increase in FY25, given full-year contributions from completed acquisitions and AEIs, and positive rental reversions. Sabana Industrial Reit reported 15.3 per cent positive rental reversion in Q1, continuing on four successive years of double-digit positive rental reversion. NPI rose 22 per cent to S$16 million, led by higher gross revenue. The Reit's manager noted that performance is expected to be challenged by disruptions in global trade and significant cost pressures from the potential imposition of US tariffs, and it remains focused on optimising portfolio occupancy. Daiwa House Logistics Trust (DHLT) reported a 2.7 per cent increase in NPI for its overall portfolio in Singapore dollar terms during Q1, mainly due to the acquisition of D Project Tan Duc 2, partially offset by weaker Japanese yen and lower contribution from Japan. DHLT's manager noted that trade tariffs have resulted in economic uncertainty globally, and it is monitoring the potential impact. Less than 10 per cent of DHLT's Japan tenants by gross rental income are involved in exporting of goods, while the property in Vietnam is anchored on a long 20-year lease that expires in 2043. Phillip Securities analysts noted last month that S-Reits in the industrial sub-sector may face a medium impact from higher tariffs, as manufacturing may decline, especially for tenants with cross-border activities. However, they added that reshoring or near shoring could boost local industrial demand. The analysts remain overweight on S-Reits as the sector is relatively resilient in a downturn, given that tenants are contractually required to pay rent. They noted that the sector could start benefiting from interest rate savings in 2025 and 2026. SGX RESEARCH The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the monthly S-Reits & Property Trusts Chartbook.
Business Times
04-05-2025
- Business
- Business Times
Straco chair Wu Hsioh Kwang elevates his stake
[singapore] Over the four trading sessions from Apr 25 to 30, institutions were net buyers of Singapore stocks, with net institutional inflow of S$56.4 million, reversing the preceding five sessions' institutional outflow of S$14 million. This brings the net institutional outflow for the 2025 year to Apr 30 to S$1.73 billion. Institutional flows The stocks with the highest net institutional inflow were OCBC , Singapore Airlines , Sembcorp Industries , Singtel , Singapore Technologies Engineering , Singapore Exchange , Keppel , Keppel DC Reit , Jardine Matheson Holdings and Hongkong Land Holdings . DBS , iFast Corporation , Mapletree Logistics Trust (MLT), UOB , ComfortDelGro Corporation , Wilmar International , Frasers Centrepoint Trust , ESR-Reit , Frasers Logistics & Commercial Trust and Seatrium led the net institutional outflow over the four sessions. From a sector perspective, industrials and utilities experienced the highest net institutional inflow, and financial services and technology recorded the most net institutional outflow. Share buybacks In the four sessions to Apr 30, 15 primary-listed companies conducted buybacks with a total consideration of S$5.1 million. Director transactions In the four trading sessions between Apr 25 and 30, nearly 80 director interests and substantial shareholdings were filed for more than 40 primary-listed stocks. Directors or chief executive officers filed 20 acquisitions and no disposals; substantial shareholders filed four acquisitions and two disposals. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This included director or CEO acquisitions in Aspial Lifestyle , CDW Holding , ESR-Reit, iFast Corporation, Keppel, MLT, MegaChem , Sheffield Green , Straco Corporation , Tat Seng Packaging Group , Union Steel Holdings and UOB-Kay Hian Holdings (UOBKH). Mapletree Logistics Trust On Apr 25, Mapletree Logistics Trust Management executive director and CEO Jean Kam acquired 100,000 units of MLT at S$1.14 a unit. This increased her interest to 179,800 units. Before the acquisition, MLT provided its Q4 FY2025 results, in which revenue decreased by 0.8 per cent from the year before to S$179.6 million, mainly due to lower contributions from China, divested properties and currency depreciation. This was partially offset by stronger performance in Singapore, Australia and Hong Kong, along with recent acquisitions. Consequently, net property income fell by 1.6 per cent to S$152.8 million. Kam highlighted that the focus for FY2026 would be on tenant retention, cost management and proactive capital management to counteract macroeconomic uncertainties, even as it continues its rejuvenation strategy. She added the real estate investment trust's redevelopment project at 5A Joo Koon Circle had committed 46 per cent of its lettable space ahead of receiving its Temporary Occupation Permit in May 2025, with another 30 per cent in active negotiation. Straco Corporation On Apr 25, Straco executive chairman Wu Hsioh Kwang acquired 16,545,000 shares in a married deal at S$0.40 apiece. With a consideration of S$6,618,000, this increased his direct interest from 1.04 per cent to 2.97 per cent. He also maintains a 55.02 per cent deemed interest through Straco Holding, Straco (HK) and his spouse and non-executive director Chua Soh Har. This brings his total interest to 57.99 per cent. Wu founded Straco, and has been instrumental in driving its growth since inception. Appointed as executive chairman in March 2003, he leads the group's strategic vision and overall management, while guiding its developing growth strategies. The group has been one of the first few foreign-owned companies that built up a significant presence and influence in China's tourism industry. Straco's main operating assets include the Singapore Flyer, Shanghai Ocean Aquarium, Underwater World Xiamen and Lintong Lixing Cable Car. It also holds the development rights to Chao Yuan Ge, a historical site situated at the alighting point for the Lintong Lixing Cable Car. Additionally, it has secured exclusive permission from the State Administration of Cultural Heritage of China to exhibit relics unearthed from the Chao Yuan Ge site on Lishan Mountain. Among the attractions, the Shanghai Ocean Aquarium is the group's flagship attraction; it is sited adjacent to the Oriental Pearl Tower and well positioned to serve visitors in Shanghai's financial district of Lujiazui in the Pudong New Area. For its FY2024 (ended Dec 31), Straco reported revenue of S$81.5 million, down 0.8 per cent from FY2023, attributed to its two China aquariums that pulled in fewer visitors amid a challenging economic and operating environment. This was partially offset by the Singapore Flyer achieving a 15 per cent increase in revenue and a more than 60 per cent surge in net profit, compared to FY2023. Overall attributable net profit for Straco in FY2024 was up 6 per cent to S$27.2 million. The group's financial position also remained robust, with a net cash holding of S$181 million as at the end of 2024. It plans to utilise this cash for ongoing asset enhancements, and is open to exploring collaborations and opportunities for mergers and acquisitions. Wu recently announced a positive economic outlook for 2025 in both the China and Singapore tourism markets. He noted China is aiming for a gross domestic product growth of around 5 per cent in 2025, which is expected to benefit the tourism industry as the economy shifts towards consumption-driven growth. He also expects that stimulus support and structural reforms will help stabilise industries that have struggled in recent years, boosting consumer confidence. Wu said the Singapore Flyer remains a popular attraction, drawing visitors from major markets such as mainland China, Indonesia and India. He added the Singapore Tourism Board projects international visitor arrivals to Singapore to come in at between 17 million and 18.5 million in 2025, which would represent a growth of 3 to 12 per cent, compared to 2024. UOB-Kay Hian Holdings On Apr 29, UOBKH chairman and managing director Wee Ee Chao acquired 788,360 shares at S$1.80 apiece. This increased his deemed interest from 35.27 per cent to 35.35 per cent. He has gradually increased his deemed interest in the regional financial-services group from 29.49 per cent at the end of 2019. ESR-Reit On Apr 25, ESR-Reit Management (S) independent non-executive director Nagaraj Sivaram acquired 936,000 units of ESR-Reit at S$0.21 a unit. This almost doubled his direct interest from 0.013 per cent to 0.025 per cent. The acquisition followed ESR-Reit's Q1 FY2025 business update, which reported increases of 24 per cent in revenue and 31 per cent in net property income from the corresponding period of the year before. This was mainly attributable to contributions from ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14, which were both acquired in November 2024. IFast Corporation On Apr 28, iFast non-executive non-independent director Lim Wee Kian acquired 80,000 shares at an average price of S$6.50 a share. With a consideration of S$520,407, this increased his total interest in the wealth-management fintech platform from 6.45 to 6.47 per cent. His preceding acquisitions on the open market were in March 2024 for 25,000 shares, at an average price of S$6.89 a share, and in October 2022, when he bought 57,000 shares at S$3.79 a share. Lim is also the CEO of DBS Digital Exchange, a subsidiary of DBS. He joined DBS in August 2004 and previously served as the regional head of foreign exchange. Before DBS, he worked at various investment banks, specialising in trading foreign exchange and interest rate products. Lim's acquisition follows on from iFast reporting its Q1 FY2025 financials after the Apr 25 close. The group's Q1 net profit rose 31.2 per cent from the year-ago period to S$19.04 million, propelled by a 24.4 per cent rise in revenue to S$106.92 million. The group's assets under administration (AUA) reached a record high of S$25.68 billion, with net inflows of S$938 million despite market volatility. iFast expects to continue to grow the AUA of its core wealth-management platform business, which will drive further growth in both revenues and profitability. It also added that iFast Global Bank is expected to build upon its progress and achieve a full year of profitability in 2025. It also expects further growth of the ePension division as onboarding rates continue to progress and the ORSO (Occupational Retirement Schemes Ordinance) pension business starts to contribute. Union Steel Holdings On Apr 28, Union Steel executive director Ang Yew Chye acquired 134,600 shares at an average price of S$0.53 a share. This increased his total interest in the metals, scaffolding and engineering company from 12.26 per cent to 12.37 per cent. This closely followed his acquisition of 45,000 shares at S$0.51 a share on Apr 21. The co-founder increased his direct interest from 12.08 per cent when Union Steel reported its H1 FY2025 (ended Dec 31) results on Feb 12. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit
Business Times
27-04-2025
- Business
- Business Times
S-Reits rebound from early April sell-off
[SINGAPORE] Real estate investment trusts in Singapore (S-Reits) have rebounded strongly over the past two weeks, in line with the broader recovery in the Singapore market following the sell-off in early April. As at Thursday's (Apr 24) close, the iEdge S-Reit index has climbed 5.9 per cent since Apr 11, with all 30 constituents ending flat or higher. S-Reits with international exposure, as well as those holding hospitality assets, ranked among the top performers. Over the past two weeks, the top 10 performers in the iEdge S-Reit index mostly saw net institutional inflows, with these counters receiving a combined S$23.3 million in net institutional inflows from Apr 14 to 24. However, institutional and retail investors were net sellers of the broader S-Reits sector over the same period. From Apr 14 to 24, institutional investors net sold S$36.6 million in S-Reits, bringing their total net outflows for the sector to S$465.1 million for the year-to-date. Meanwhile, retail investors net sold S$64.4 million over the same period, reversing net buying activity earlier this month. For the year-to-date, retail investors remain net buyers of the S-Reits sector, with total net inflows of S$261.9 million. CapitaLand China Trust (CLCT) ranked among the top three iEdge S-Reit index constituents over the past two weeks, with its units rising over 11 per cent from Apr 14 to 24. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up CLCT's first-quarter business update on Apr 24 showed that it maintained high occupancy for its retail portfolio of 97.7 per cent, with positive rental reversions of 0.5 per cent. The Reit's business parks also had stable occupancy of 83.7 per cent, while logistics parks saw 95.7 per cent occupancy. The CEO of CLCT's manager noted in a recent SGX kopi-C interview that CLCT's malls mainly serve China's middle-income consumers, and the tenants have little dependence on US-imported products. He added that although US tariffs have introduced volatility to capital markets, the direct impact on CLCT's operations remains minimal. Elsewhere, Mapletree Logistics Trust's (MLT) full-year results, released on Apr 23, showed stable operating performance with 96.2 per cent occupancy as at end-March, and positive rental reversion of 5.1 per cent for Q4. The Reit recorded positive rental reversions in all markets except China. MLT's manager noted that the diversified portfolio mitigated headwinds from higher borrowing costs and China weakness. MLT's manager added that the changing trade policy landscape is unprecedented and evolving, and tenants are expected to take a cautious approach to leasing and expansion in the short term. However, the majority of MLT's tenants are serving local domestic consumption, accounting for around 85 per cent of portfolio revenue as at its Q4. MLT's units rebounded 7.4 per cent from Apr 14 to 24, ranking it among the top 10 index performers. Similarly, Suntec Reit units also gained 7.4 per cent over the same period. The Reit, which also announced its Q1 business update on Apr 24, reported improved distributable income (DI) for the period ended March, rising 4.3 per cent on year to S$45.9 million. Distribution per unit was also 3.4 per cent higher year on year for Q1. The manager noted that DI was improved due to lower financing costs as well as better operating performance, with all properties – except for 55 Currie Street, Adelaide – registering stronger operating performance. Some 13 S-Reits have already released their financial results or business updates for the financial period ended March. Another 12 S-Reits are expected to release their latest filings this week, including STI constituents CapitaLand Ascendas Reit , Mapletree Industrial Trus t, and Frasers Centrepoint Trus t. SGX RESEARCH The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the S-Reits & Property Trusts Chartbook.
