The sale forms part of Link Reit’s ongoing portfolio optimisation strategy, which aims to recycle assets where appropriate in order to create value for unitholders. John Saunders, executive director and chief investment officer of Link Reit’s manager, said the REIT is continuing to focus on its core strength of retail malls in the Asia-Pacific and is keen to increase its exposure in Singapore.

Asset recycling remains an integral part of the portfolio strategy. Saunders noted that Link Reit regularly screens its assets to assess whether they have maximised near-term value, with a decision to hold being effectively a decision to buy again at today’s price. Since acquiring Swing By @ Thomson Plaza from NTUC unit Marcatus Co-op in 2022, the property has performed well, supported by targeted asset-management initiatives.

The disposal is expected to be completed in the second quarter of 2026. After the sale, Link Reit’s Singapore portfolio will consist of AMK Hub and Jurong Point — two suburban malls with strong catchment areas and established tenant bases.

Swing By @ Thomson Plaza is a multi-concept retail and dining enclave within the mall, with a remaining tenure of 49 years. The space has a net lettable area of 10,206 square metres, taking up about 56% of the total space in the mall. It houses more than 60 tenants, including food court Koufu, casual dining restaurant chain Aston Specialities, and Japanese retail chain Daiso.

The deal represents a significant return for Link Reit. At $250 million, it is about 45% higher than the purchase price of $172.5 million, while the 23% premium to book value confirms the underlying strength of well-managed suburban retail assets in Singapore. Savills and Cushman & Wakefield brokered the transaction.

For the buyer, Jack Investment, the acquisition adds to an existing Singapore retail portfolio that includes Leisure Park Kallang. The Thomson Plaza space offers a stable tenant mix in a well-established residential catchment, with MRT connectivity via Upper Thomson station on the Thomson-East Coast Line providing consistent footfall.

The transaction underscores continued institutional appetite for well-located suburban retail assets in Singapore. Link Reit’s Singapore retail portfolio registered an occupancy rate of 99.8% and posted a positive rental reversion of 12.9% in the first half — metrics that reflect the resilience of neighbourhood retail in a market where suburban malls benefit from captive residential populations and essential services tenancy.

Link Reit’s manager noted in its H1 earnings report that it has been actively managing and optimising the Reit’s portfolio, while expanding its real estate investment management capabilities. The REIT continues to explore investment opportunities in Singapore and Australia, while looking for divestment and recycling opportunities.

Link Reit was reported in June 2025 to be considering a Reit listing in Singapore that would include some of its properties outside China and Hong Kong — a move that, if executed, could reshape the competitive landscape for Singapore-listed retail REITs and provide local investors with access to a broader Pan-Asian retail portfolio.