Mapletree Commercial Trust Share Price 2026: MPACT (N2IU) DPU, Yield & Portfolio Analysis

Singapore’s largest diversified commercial REIT — VivoCity, Mapletree Business City & 18 Asia-Pacific properties

Mapletree Commercial Trust (MCT), now merged into Mapletree Pan Asia Commercial Trust (MPACT, SGX: N2IU), is Singapore’s largest diversified commercial REIT. As at April 2026, MPACT trades at approximately S$1.17–S$1.22, offering a distribution yield of around 6.2% based on its FY2024 DPU of 8.57 Singapore cents. The REIT owns 18 properties across Singapore, Japan, South Korea, Australia, and China, with flagship Singapore assets including VivoCity, Mapletree Business City (MBC), and Mapletree Anson.

Not financial advice. All figures are for educational reference only. Data as at April 2026 unless noted.

Table of Contents

What Is MPACT / Mapletree Commercial Trust?

Mapletree Pan Asia Commercial Trust (MPACT) was formed in August 2022 when Mapletree Commercial Trust (MCT) merged with Mapletree North Asia Commercial Trust (MNACT). The combined entity, trading on the Singapore Exchange under the ticker N2IU, became one of the largest REITs in Singapore by asset under management.

For many Singapore investors, MPACT is still commonly searched as “Mapletree Commercial Trust share price” — a habit from the pre-merger era when MCT was a pure-play Singapore commercial REIT. The merger expanded MPACT’s footprint across Asia-Pacific but also introduced additional complexity: exchange rate exposure across five currencies (SGD, JPY, KRW, AUD, CNY), higher gearing, and a more heterogeneous portfolio.

MPACT is sponsored by Mapletree Investments, one of Singapore’s leading real estate developers and capital managers, which provides pipeline acquisition potential and management expertise.

Key Facts at a Glance

Source: Mapletree Pan Asia Commercial Trust, SGX, April 2026

MPACT Share Price History & Current Trading Range (2026)

As at April 2026, MPACT (N2IU) is trading in the range of approximately S$1.17 to S$1.28. This represents a significant discount to its pre-merger era highs when MCT traded above S$2.00 per unit — adjusted for the merger ratio, MPACT units reflect the combined entity’s expanded but more diluted portfolio.

The REIT has faced meaningful headwinds since the 2022 merger: global interest rate hikes compressed valuations across the REIT sector, while MPACT’s North Asia assets (Japan, South Korea, China) introduced additional currency and macro risk. Singapore investors tracking the “Mapletree Commercial Trust share price” today are effectively tracking a fundamentally different, more geographically diverse REIT than the pure-play Singapore commercial REIT of the MCT era.

Price Range Summary (Approximate)

Source: SGX, Bloomberg (indicative ranges), April 2026

At the current price of approximately S$1.20, MPACT trades at a meaningful discount to its net asset value (NAV) of around S$1.50–S$1.55 per unit — a price-to-book ratio of roughly 0.77x, which is typical for large commercial REITs in a higher-rate environment. When rates eventually normalise further, this NAV discount could narrow, providing capital appreciation alongside the distribution yield.

DPU History: MCT & MPACT (FY2020–FY2024)

MPACT’s distribution per unit (DPU) has declined modestly since the merger, from peak MCT-era payouts of around 9.56 Singapore cents to the FY2024 figure of 8.57 cents. The decline reflects higher financing costs from elevated interest rates, as well as currency headwinds from North Asia assets — particularly the Japanese yen and South Korean won, both of which weakened against the SGD in recent years.

Source: Mapletree Pan Asia Commercial Trust Annual Reports, SGX filings, April 2026. FY2023–FY2024 are MPACT consolidated figures.

The FY2024 DPU decline of 8.1% was the most significant drop and reflected three overlapping pressures: higher borrowing costs (MPACT’s weighted average cost of debt rose to approximately 3.6%), weaker JPY and KRW reducing translated income from North Asia properties, and softer office occupancy at Mapletree Business City II following lease expiries. Singapore investors considering passive income from Singapore REITs should model a conservative DPU scenario of 8.0–8.6 cents for FY2025, with recovery dependent on rate easing and North Asia currency stabilisation.

Distribution Yield & How to Calculate It

At a share price of S$1.20 and a FY2024 DPU of 8.57 Singapore cents, MPACT’s trailing distribution yield works out to approximately 7.14% on a trailing basis. However, most brokers and analyst reports quote a forward yield of around 6.0–6.5% based on projected FY2025 DPU of around 8.00–8.20 cents.

The formula for calculating REIT distribution yield is straightforward:

Distribution Yield = (Annual DPU ÷ Current Unit Price) × 100

Example: If MPACT trades at S$1.20 and FY2025 DPU is estimated at 8.10 cents:
Yield = (0.0810 ÷ 1.20) × 100 = 6.75%

You can use the Singapore REITs Dividend Yield Calculator to model different DPU and price scenarios instantly. This is particularly useful for building a passive income portfolio where you want to target a specific monthly distribution income amount.

Note that MPACT distributes semi-annually — in September and March each year — rather than quarterly like some other S-REITs. Investors who prefer quarterly income should factor this cadence into their cash flow planning using the retirement planning calculator.

Portfolio Overview: Singapore & Asia-Pacific Properties

MPACT’s 18-property portfolio spans Singapore, Japan, South Korea, China, and Australia, with a total assets under management (AUM) of approximately S$17 billion as at March 2024. Singapore remains the dominant contributor to net property income (NPI), accounting for roughly 65% of total NPI — a key reason why MPACT’s Singapore operations are closely watched by local investors.

Singapore Properties (Core Portfolio)

The Singapore portfolio is the engine of MPACT’s distributions. VivoCity — Singapore’s largest suburban mall by NLA — consistently delivers high occupancy (above 99%) and positive rental reversions, making it the REIT’s crown jewel. Mapletree Business City (MBC) provides stable office income from long-lease tenants including large multinational corporations. Mapletree Anson is a Grade A office building in the central business district.

Source: MPACT FY2024 Annual Report, SGX filings, April 2026

North Asia & Australia Properties

Post-merger, MPACT added 14 overseas properties from the former MNACT portfolio, including Festival Walk (a premier mall in Hong Kong), Japan office and retail assets, and South Korean commercial properties. These assets have underperformed expectations due to the sustained weakness of the JPY and KRW against SGD, Hong Kong retail headwinds, and geopolitical sensitivity around China-linked assets. Festival Walk in Hong Kong, while profitable, has seen softer traffic recovery compared to Singapore malls.

For investors focused on the best S-REITs in Singapore 2026, MPACT’s overseas exposure is a key differentiator — it offers geographic diversification but introduces FX and macro risks that pure-play Singapore REITs like Frasers Centrepoint Trust do not carry.

Key Financials: Gearing, ICR & NAV

Understanding a REIT’s balance sheet health is as important as its yield. Three metrics matter most for Singapore REIT investors: aggregate leverage (gearing ratio), interest coverage ratio (ICR), and net asset value (NAV) per unit.

Source: MPACT FY2024 Annual Report, MAS property fund guidelines, April 2026

MPACT’s gearing of ~40.3% is comfortable relative to the 45% MAS regulatory cap, giving it approximately S$700–800 million of debt headroom before hitting the limit. The ICR of 2.8x, while healthy versus the regulatory minimum of 1.5x, has compressed from historical levels above 3.5x during the low-rate MCT era. If rates remain elevated, ICR pressure continues to be a factor to monitor. Use the S-REIT Gearing Ratio & ICR Calculator to stress-test different interest rate scenarios against MPACT’s financials.

Peer Yield Comparison: MPACT vs Singapore Commercial REITs

How does MPACT stack up against its commercial REIT peers in Singapore? The table below compares distribution yields as at April 2026 across the main SGX-listed commercial and diversified REITs.

Source: SGX, company investor relations pages, April 2026. Yields are indicative based on trailing DPU and prevailing prices.

MPACT’s ~6.2% yield positions it in the middle of the commercial REIT yield spectrum — higher than CICT and Frasers CT (which trade at premium valuations given their pure-play SG focus), but lower than Suntec and Lendlease (which carry higher overseas exposure and face their own headwinds). For investors who want exposure to Singapore’s best retail asset (VivoCity) combined with Asia-Pacific diversification, MPACT represents a reasonable risk-adjusted entry point at current prices. To build a portfolio with multiple S-REIT positions, consider opening a brokerage account via FSMOne referral code or investing via a robo-advisor using our Syfe referral code and sign-up bonus.

2026 Outlook: Interest Rates, Occupancy & DPU Risks

MPACT’s near-term performance will be shaped by three key variables: global interest rate trajectory, Singapore office and retail leasing conditions, and North Asia currency movements.

Interest Rate Sensitivity

As at April 2026, approximately 75–80% of MPACT’s debt is on fixed rates, providing near-term insulation from rate movements. However, with average debt maturity of ~3.6 years, refinancing risk will become material in FY2026–FY2027 if rates have not fallen sufficiently. Each 50 basis point reduction in refinancing rates would add approximately 0.2–0.3 Singapore cents to DPU — a meaningful uplift for income-focused unitholders. The US Federal Reserve’s rate path is therefore a key macro catalyst to watch. You can track the broader implications for your Singapore retirement income plan using the Singapore retirement planning calculator.

Singapore Operations: Resilient Core

VivoCity remains one of Singapore’s strongest retail assets, benefiting from its HarbourFront waterfront location, proximity to Sentosa, and strong tenant diversification. Occupancy has consistently held above 99% and rental reversions have been positive. The Singapore office portfolio at MBC and Mapletree Anson is showing signs of stabilisation after the post-COVID hybrid work adjustment period, with renewed demand from tech, financial services, and pharma sector tenants.

North Asia: The Swing Factor

The performance wildcard for MPACT in 2026 is its North Asia portfolio. If the Japanese yen strengthens toward 130–135 JPY/SGD (from current levels near 110–115), this could add 0.3–0.5 Singapore cents to DPU through improved translation of Japanese NPI. Conversely, further yen weakness would extend the drag. South Korea and China assets face their own macro headwinds — investors should monitor MPACT’s quarterly business updates for NPI figures by geography. For comparison with other geographically diversified REITs, see our best S-REITs in Singapore 2026 guide.

Key Risks to Monitor

Investors should be aware of several risk factors: office lease expiry risk at MBC II (large block expiries can create occupancy dips), FX translation risk from JPY/KRW/HKD/CNY exposure, potential property devaluation risk if cap rates expand, and any further macro deterioration in Hong Kong or North Asia markets affecting Festival Walk. These risks are real but arguably priced into the current 0.77x P/NAV discount.

How to Buy MPACT in Singapore

MPACT (N2IU) is listed on the Singapore Exchange (SGX) and can be purchased through any SGX-registered brokerage. Singapore investors have three main routes:

1. Direct brokerage purchase via SGX
Buy MPACT units directly through a brokerage like DBS Vickers, OCBC Securities, or FSMOne (one of the lowest-cost platforms for SGX REIT investing). Minimum purchase is typically 1 lot = 1,000 units (approximately S$1,200 at current prices). FSMOne charges a competitive 0.08% commission with a minimum of S$10 per trade, making it cost-effective for lot purchases.

2. REIT-focused robo-advisor
Platforms like Syfe REIT+ provide managed exposure to a basket of Singapore REITs including MPACT, with automatic rebalancing and dividend reinvestment. This is ideal for investors who want S-REIT income without managing individual stock positions. The Syfe referral code on our page includes a sign-up bonus for new accounts.

3. Using CPF Investment Scheme (CPFIS)
MPACT is CPF-OA investable under the CPFIS scheme, meaning Singapore Citizens can use their CPF Ordinary Account savings to purchase MPACT units. Given CPF OA earns 2.5% guaranteed interest, purchasing MPACT at 6%+ yield via CPFIS makes sense only if you believe the risk-adjusted returns outweigh the CPF floor rate — assess this carefully with a CPF investment strategy framework before committing OA funds.

Frequently Asked Questions

Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice. Past performance of MPACT or any REIT does not guarantee future results. Distribution yields and DPU figures are subject to change. Always conduct your own due diligence and consult a MAS-licensed financial adviser before making investment decisions. Data as at April 2026.