Some time ago I said that I had essentially given up on Mapletree Pan Asia Commercial Trust – or MPACT (SGX: N2IU). At the time, the decision felt justified. Festival Walk’s performance continued to deteriorate, Hong Kong’s retail sector remained unpredictable and Mapletree Business City began to show the first signs of stress just as concerns increased around Singapore’s business parks. When you combine these factors, MPACT started to look less like a diversified commercial REIT and more like a trust that relied heavily on a single standout asset. And that asset was of course VivoCity. A lot has happened since then – not in the headlines, but quietly, quarter after quarter. The renovations are completed. Foot traffic patterns have normalized. The lease negotiations shifted. And over the eight quarters, the underlying performance of MPACT’s key properties has evolved in a way that deserves a fresh, dispassionate assessment. This video is about responsibility. If the data has changed meaningfully, my opinion should be willing to change as well. And if that is not the case, then that original skepticism deserves to stand. So today I want to review the past eight quarters of performance of MPACT’s three key assets – VivoCity, Festival Walk and Mapletree Business City – and assess whether the trust’s risk-reward profile looks different than when I last did my deep dive. As always, I would like to remind you that this video is for informational purposes only and not financial advice. Always do your own research and consult a licensed financial advisor before making any investment decisions. I own some of the REITs discussed, but what works for me may not work for you. Let’s get started….
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