SINGAPORE - Hong Kong-listed Link Real Estate Investment Trust (Reit) is selling its retail space on the first and third levels of Thomson Plaza for $250 million.

The buyers are Jack Investment, which owns Leisure Park Kallang, and Pangjwee Development.

The divestment of Swing By @ Thomson Plaza is priced at a 23 per cent premium to the property’s most recent book valuation of $202.6 million, said Link Reit’s manager on April 8.

It is also about 45 per cent higher than the Reit’s purchase price of $172.5 million.

The sale forms part of Link Reit’s ongoing portfolio 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 that the Reit is continuing to “focus on its core strength of retail malls in Asia-Pacific and is keen to increase its exposure in Singapore”.

Still, asset recycling “remains an integral part” of its portfolio optimisation strategy, he added. “We regularly screen our assets to assess whether we believe we have maximised near-term value with a decision to hold being effectively a decision to buy again at today’s price.”

Mr Saunders said that since Link Reit’s acquisition of Swing By @ Thomson Plaza from NTUC unit Mercatus Co-op in 2022, the property has “performed well”, supported by “targeted asset-management initiatives”.

The transaction 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.

Swing By @ Thomson Plaza has a net lettable area of 10,206 square metres, taking up about 56 per cent 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.

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