Mapletree Investments (Unlisted Parent)

[greengiraffe]

Mapletree starts work on new biz park tower

It also plans to expand into US, Europe on weak Asia outlook
Published on May 17, 2014 1:34 AM


By Melissa Tan

THE Alexandra area could soon boast the tallest business park in Singapore.

Property firm Mapletree Investments is now building a 30-storey business park tower there and plans to expand into more sectors of real estate, it said yesterday as it posted its report card for the year.

The unlisted company also aims to venture into Europe and the United States, partly due to a weak outlook for Asia, group chief executive Hiew Yoon Khong said in a statement.

Mapletree, a unit of Temasek Holdings, is known for developments such as the VivoCity mall at Harbourfront and its flagship Mapletree Business City in Pasir Panjang.

It said yesterday that it has started on Mapletree Business City's second phase, which includes the 30-storey tower, due for completion in 2016.

Mapletree Business City II will stand on the site of The Comtech at Alexandra Terrace, right next to the existing Mapletree Business City. Its development will cost an estimated $700 million.

Besides the 30-storey tower, Mapletree Business City II will also include three podium buildings ranging from five to eight storeys over a total site area of 108,000 sq m.

The development's gross floor area will be 124,800 sq m.

The new business park tower is part of the group's "ongoing efforts to rejuvenate and transform the Alexandra precinct", it said yesterday.

Mapletree is poised to undergo a transformation as it seeks its fortunes in new markets.

Mr Hiew said yesterday that Mapletree would "begin expanding beyond Asia into regions such as Europe and the US, and into new real estate sectors, to further diversify earnings".

"While... the outlook for Asian markets remains stable, it is not expected to be robust," he noted.

The group earned $859.4 million for the 12 months to March 31, down 7.8 per cent from the year before.

Revenue for the period came in at $548.6 million, 20 per cent lower than the $686.3 million it notched up the preceding year.

Mapletree said the revenue decline was due mainly to the deconsolidation of the Festival Walk mall in Hong Kong and the Mapletree Anson office building in Tanjong Pagar.

It spun off Festival Walk to the Mapletree Greater China Commercial Trust and sold Mapletree Anson to Mapletree Commercial Trust.

The group grew its total assets under management to $24.6 billion, up 13 per cent from $21.8 billion the preceding year.

Its low debt levels also put it in a position for more acquisitions in the near future, it added.

Mapletree has already made some recent purchases in sectors away from its previous mainstay, which was industrial and commercial property.

It said last month that it was buying a 49 per cent stake in Oakwood Asia Pacific, the Asia arm of US-based serviced apartment operator Oakwood Worldwide, for an undisclosed sum.

It plans to open more than 100 corporate and serviced apartment properties in the next five years as part of its US$4 billion (S$5 billion) foray into the booming serviced apartment business.

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Background story

MAPLETREE BUSINESS CITY II: Includes a 30-storey tower and three podium buildings.

LOCATION: On the site of The Comtech at Alexandra Terrace, next to the existing Mapletree Business City.

SIZE: Gross floor area of 124,800 sq m.

COST: Estimated $700 million.

[opmi]

As long as don't expand into Sg resi. Temasek linked companies should go earn money overseas and bring back the money back to Sg. Don't whole day crowd out singapore private companies.

[Dividend Warrior]

As long as don't expand into Sg resi. Temasek linked companies should go earn money overseas and bring back the money back to Sg. Don't whole day crowd out singapore private companies.

No worries. Those huge matured sovereign wealth funds invest mostly outside domestic markets because the governments do not want to overheat the local economy. I believe Temasek is doing the same.

[weijian]

When market chatter reached its feverish peak around MAS's efforts to "Make Spore Equities Great Again", some 3-4 listed entities were bandied as candidates to be part of that "socialization" push - Mapletree Investments, Surbana Jurong, PSA International and Changi Airport Group. Now, the first of this trio/quartet is getting ready.

IIRC, based on my last brief look into its annual report, Mapletree Investments looks like Capitaland before the latter split into Development and Investment. The final capital/corporate structure before it eventually makes a share offer is still a TBD.

Temasek’s Mapletree Investments headed for SGX IPO in 2027: sources

[SINGAPORE] Temasek-owned property giant Mapletree Investments could be headed for an initial public offering in 2027, sources said, amid market chatter of preparations for a listing. The group is said to have appointed bankers and advisers for an issue that could take place as soon as early 2027.

Informed sources pointed to the unravelling of plans for a merger between listed CapitaLand Investments (CLI) and privately held Mapletree Investments, both sprawling groups with multiple real estate investment trusts (Reits) to their names, and both parented by Temasek. Plans for the merger did not materialise, with several no-go factors cited including concerns about valuation, disagreements over restructuring, and weak business performance in areas on both sides, especially in China.

Mapletree’s three Singapore-listed Reits –  Mapletree Pan Asia Commercial Trust  : N2IU +1.77%,  Mapletree Logistics Trust  : M44U +2.8% and  Mapletree Industrial Trust  : ME8U 0% – had a combined market capitalisation of about S$16.7 billion as at Oct 30. The group also holds 11 private equity real estate funds – invested across Asia-Pacific, Europe and North American markets and in sectors ranging from student housing, offices and malls, to high-tech logistics and data centres. The proposed listed entity could resemble CLI, analysts said, albeit with a more streamlined structure, possibly comprising Mapletree’s fund management business and stakes in its private funds and listed Reits.

In its latest financial year ended March, net profit rose 25.7 per cent to S$285.6 million, mainly due to lower asset revaluation losses. Revenue was flat at about S$2.2 billion, while recurring profit after tax and minority interests increased 2.7 per cent to S$622.8 billion, supported by lower net finance costs and resilient operations.

AUM totalled S$76.2 billion as at end-March this year. Mapletree has generated an average return of about 10 per cent on invested equity over the last 20 years, it said. Third-party managed assets stood at S$55.7 billion as at Mar 31, 2026, accounting for 73 per cent of total AUM. This compares with FY2024/25, when third-party managed assets accounted for 75 per cent, or S$60.3 billion, of total AUM (S$80.3 billion). The decline was due to strategic divestments and monetisation programmes under the group’s private funds and Reits.

https://www.businesstimes.com.sg/propert...27-sources