Mapletree Pan Asia Commercial Trust should explore merger or sale of Festival Walk to become more Singapore-centric

SINGAPORE’S largest mall, VivoCity, with over a million square feet of lettable area, is much loved by shoppers. However, the mall’s owner – Mapletree Pan Asia Commercial Trust (MPACT) – receives little affection from investors.

In terms of trading price relative to book value, MPACT is performing the worst among the seven real estate investment trusts (Reits) that are members of the benchmark Straits Times Index (STI).

As at May 6, MPACT, which owns properties used primarily for office and/or retail purposes, traded at a 32 per cent discount to its end-March 2025 net asset value (NAV) per unit of S$1.78.