Hong Kong’s Link Reit in talks to acquire around 50% stake in Income Insurance’s Eastpoint Mall
The mall sits on a site with a 99-year leasehold tenure that started in 1993, leaving about 66 years on its lease
[SINGAPORE] A deal is being hammered out that could end with Hong Kong-listed Link Real Estate Investment Trust (Reit) acquiring a stake of around 50 per cent of Eastpoint Mall from Income Insurance, sources told The Business Times.
Located next to Simei MRT station, Eastpoint Mall is a six-storey shopping centre with one basement level.
Managed by Frasers Property, the mall has 150 units and houses tenants such as enrichment centre Mind Stretcher, F&B offerings BreadTalk and Saizeriya, and supermarket FairPrice.
The mall has a net lettable area of about 208,000 square feet and sits on a site with a 99-year leasehold tenure that started in 1993, so there are about 66 years left on its lease.
The suburban shopping mall is understood to have an indicative value in the range of S$450 million to S$500 million.
Eastpoint Mall is wholly owned by Income Insurance, formerly known as NTUC Income Insurance Co-operative.
The mall is part of the group’s property portfolio which includes stakes in Parkway Parade. Income Insurance also owns office buildings such as Income Centre and industrial properties.
CapitaLand Investment (CLI) in April 2026 announced that it had secured a S$2.4 billion mandate to manage the insurer’s real estate portfolio in Singapore. The asset manager is also tasked with identifying new investment opportunities in the Asia-Pacific.
The insurer’s 2025 annual report indicated that it had S$1.08 billion in directly held commercial properties, generating S$62.6 million in annual rental income, along with 50 per cent stakes in two joint ventures.
The joint ventures are Street Square, which holds the Square 2 mall in Novena, and Parkway Parade Partnership, which owns the Parkway Parade retail and commercial complex in Marine Parade.
The potential acquisition of Eastpoint Mall would expand Link Reit’s exposure to Singapore’s suburban retail market, where it owns Jurong Point and manages AMK Hub on behalf of Mercatus Co-operative, the real estate investment arm of NTUC Enterprise Co-operative.
The proposed deal comes as Link Reit continues to recycle capital from its portfolio; it now aims to focus on its core businesses of owning and actively managing shopping malls and car parks in the Asia-Pacific.
On Oct 30, Link Reit announced that it was selling its entire interest in 700 Nathan Road, a commercial property in Hong Kong’s Mong Kok district, for HK$2.3 billion (US$290 million).
The property, which houses the T.O.P This is Our Place shopping mall, was deemed non-core, given that the bulk of its income comes from office assets.
Link Reit said proceeds from the disposal could be used for unit buybacks, working capital or reinvestment in its core property portfolio.
In April this year, Link Reit said it would sell its retail space at Thomson Plaza in Singapore for S$250 million to an entity linked to prominent Hainanese businessman Han Chee Juan, chairman of Jack Investment, a private real estate investment and property development firm.
The sale of Swing By @ Thomson Plaza, a multi-concept retail and dining enclave occupying the first and third levels of the mall, was priced at a 23 per cent premium to its book valuation of S$202.6 million. It was also about 45 per cent higher than the S$172.5 million that Link Reit paid to acquire the property in 2022.
At the time, Link Reit said it was keen to increase its exposure to Singapore, even as it continued to recycle assets to unlock value for its unitholders.
