Temasek’s Mapletree Investments headed for SGX IPO in 2027: sources

[SINGAPORE] Temasek-owned property giant Mapletree Investments could be headed for an initial public offering in 2027, sources said, amid market chatter of preparations for a listing.

The group is said to have appointed bankers and advisers for an issue that could take place as soon as early 2027.

Asked to comment, a Mapletree spokesperson said: “As a matter of policy, we do not comment on market rumours. Any material information, should it arise, will be communicated through the appropriate channels.”

Informed sources pointed to the unravelling of plans for a merger between listed CapitaLand Investments (CLI) and privately held Mapletree Investments, both sprawling groups with multiple real estate investment trusts (Reits) to their names, and both parented by Temasek.

The state investor owns a 54 per cent stake in CLI, and wholly owns Mapletree Investments.

The long-rumoured combination would have given Mapletree Investments a route to the public markets and created one of Asia’s largest real estate asset management groups, with more than US$150 billion in assets under management (AUM), according to earlier reports.

Plans for the merger did not materialise, with several no-go factors cited including concerns about valuation, disagreements over restructuring, and weak business performance in areas on both sides, especially in China.

As chatter on the merger died down earlier this year and with both sides silent on the question, the focus has turned to talk of preparations for a Mapletree listing.

Market talk has thrown up a possible market capitalisation of around S$5 billion for the listed entity, although the figure remains unverified and could change depending on the eventual listing structure.

Mapletree’s three Singapore-listed Reits – Mapletree Pan Asia Commercial Trust , Mapletree Logistics Trust and Mapletree Industrial Trust – had a combined market capitalisation of about S$16.7 billion as at Oct 30.

The group also holds 11 private equity real estate funds – invested across Asia-Pacific, Europe and North American markets and in sectors ranging from student housing, offices and malls, to high-tech logistics and data centres.

The proposed listed entity could resemble CLI, analysts said, albeit with a more streamlined structure, possibly comprising Mapletree’s fund management business and stakes in its private funds and listed Reits.

Sources cited several possible rationales for a standalone listing of Mapletree, including allowing Temasek to monetise part of its investment and redeploy capital elsewhere.

Another possible consideration is the push to revitalise Singapore’s equity market and attract larger listings to the Singapore Exchange.

Nevertheless, a sizeable listing could prove challenging amid higher interest rates and competition for investor capital from sectors such as artificial intelligence, which have attracted significant investment flows.

The potential IPO was raised during Mapletree Pan Asia Commercial Trust’s (MPACT) results briefing on Friday (Oct 30), when an analyst referred to the sponsor’s “potential listing next year”.

He questioned whether MPACT should consider a more radical change in its strategy, including splitting the Reit into separate Singapore and overseas vehicles to unlock value for unitholders.

Sharon Lim, CEO of MPACT’s manager, said questions on broader strategy should be redirected to the group.

Mapletree Investments, helmed by long-time chieftain Hiew Yoon Khong, began life some 25 years ago as a holding company for PSA Corporation’s non-port properties.

In its latest financial year ended March, net profit rose 25.7 per cent to S$285.6 million, mainly due to lower asset revaluation losses. Revenue was flat at about S$2.2 billion, while recurring profit after tax and minority interests increased 2.7 per cent to S$622.8 billion, supported by lower net finance costs and resilient operations.

AUM totalled S$76.2 billion as at end-March this year. Mapletree has generated an average return of about 10 per cent on invested equity over the last 20 years, it said.

Third-party managed assets stood at S$55.7 billion as at Mar 31, 2026, accounting for 73 per cent of total AUM.

This compares with FY2024/25, when third-party managed assets accounted for 75 per cent, or S$60.3 billion, of total AUM (S$80.3 billion). The decline was due to strategic divestments and monetisation programmes under the group’s private funds and Reits.