N2IU.SI
SGX50SESMapletree Pan Asia Commercial Trust
Real Estate · REIT - Office · Singapore
Mapletree Pan Asia Commercial Trust is a real estate investment trust positioned to be the proxy to key gateway markets of Asia. Listed on the Singapore Exchange Securities Limited on 27 April 2011, it made its public market debut as Mapletree Commercial Trust and was subsequently renamed MPACT on 3 August 2022 following the merger with Mapletree North Asia Commercial Trust. Its principal investment objective is to invest on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, as well as real estate-related assets, in the key gateway markets of Asia (including but not limited to Singapore, Hong Kong, China, Japan and South Korea). Mapletree Pan Asia Commercial Trust was incorporated in 2005 in Singapore.
www.mapletreepact.com ↗Shares trade at a premium 25.8× trailing earnings, easing to 16.4× on forward estimates. Profitability shows a net margin of 30.3% and return on equity of 2.8%. Leverage is high at 8.8× net debt/EBITDA. Revenue grew -5.9% year-on-year. It yields 6.2% in dividends. The mean analyst target of SGD1.52 sits 17.9% above the current price (no rating, 15 analysts).
business model
Mapletree Pan Asia Commercial Trust (MPACT) is a commercial REIT sponsored by Mapletree Investments (Temasek-owned), formed from the 2022 merger of Mapletree Commercial Trust and Mapletree North Asia Commercial Trust. It owns retail and office/business-park properties across Singapore, Hong Kong, mainland China, Japan and South Korea, and distributes at least 90% of taxable income to unitholders as a Singapore REIT. Rental income from a mix of flagship retail and office assets funds distributions.
revenue segments
Key assets include VivoCity and Mapletree Business City in Singapore (its largest and most valuable holdings) and Festival Walk in Hong Kong, plus office and business-park assets in China, Japan and South Korea. Income splits between retail and office/business-park components, with Singapore providing the most stable core.
key dependencies
Distributions depend on Singapore retail and office occupancy and reversions, on Hong Kong retail performance at Festival Walk, and on North Asian office demand. Significant currency exposure (HKD, RMB, JPY, KRW) and interest rates affect distributions and valuations, and the Mapletree sponsor pipeline supports growth. Chinese and Hong Kong economic conditions are important swing factors.
competitors
It competes with CapitaLand Integrated Commercial Trust, Suntec REIT, Frasers Centrepoint Trust and Keppel REIT in Singapore, and with regional commercial landlords in Hong Kong, China, Japan and Korea for tenants and acquisitions.
moat
Its moat centres on irreplaceable flagship assets like VivoCity (a dominant destination mall) and Mapletree Business City, backed by a strong Temasek-linked sponsor. These core Singapore assets provide resilient, high-quality income.
risks
Overseas exposure, especially Festival Walk in Hong Kong and Chinese offices, has weighed on performance and adds currency and market risk. Higher interest rates raise financing costs and pressure valuations and distributions, and office demand faces structural headwinds; lease expiries and refinancing are ongoing risks.
Financials & metrics
as of 04 Jul 2026Tap any metric for an explanation.● provider● computedN/A not available from source
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.