Mapletree Pan Asia Commercial Trust (MPACT) Share Price & Investor Guide 2026

SGX: N2IU | DPU History, ~6% Yield & Full Portfolio Analysis

Mapletree Pan Asia Commercial Trust (MPACT, SGX: N2IU) is Singapore’s largest diversified commercial S-REIT, with a portfolio of 18 properties across Singapore, China, Japan, South Korea, and Australia. As at Q4 FY2024/25, MPACT trades at approximately S$1.18 per unit, offering a forward distribution yield of around 6.1% — making it one of the higher-yielding commercial REITs on the SGX. The trust was formed in 2022 through the merger of Mapletree Commercial Trust and Mapletree North Asia Commercial Trust.

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

Table of Contents

What Is Mapletree Pan Asia Commercial Trust?

Mapletree Pan Asia Commercial Trust (MPACT) is a Singapore-listed real estate investment trust managed by Mapletree Commercial Trust Management Ltd, a wholly-owned subsidiary of Mapletree Investments Pte Ltd — itself a real estate subsidiary of Temasek Holdings.

MPACT was formed on 3 August 2022 through a merger between Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT). The merger created a pan-Asian commercial REIT with a diversified portfolio spanning retail, office, and business park assets across five countries.

Key facts about MPACT:

• SGX Ticker: N2IU
• GICS Sector: Real Estate / Retail & Office REITs
• Sponsor: Mapletree Investments (Temasek-backed)
• Distribution frequency: Semi-annual (half-yearly DPU payouts)
• Financial year end: 31 March
• Listing date: 27 April 2011 (as MCT; rebranded to MPACT post-merger Aug 2022)

The Temasek-backed sponsor provides strong acquisition pipeline visibility and financial backing — a key trust signal for long-term investors seeking a reliable dividend stream from an investment-grade commercial REIT.

MPACT Share Price 2026

As at May 2026, MPACT’s unit price is approximately S$1.18, having traded in the range of S$1.08–S$1.37 over the past 12 months. The unit price has been under pressure from elevated interest rates in 2024–2025, which raised borrowing costs and compressed distribution yields relative to risk-free rates.

MPACT’s 52-week trading range and key price reference points for Singapore investors:

Source: SGX, Mapletree MPACT investor relations, estimated May 2026. Price-to-NAV based on reported book NAV per unit ~S$1.64.

At a P/NAV of approximately 0.72x, MPACT is trading at a significant discount to its book net asset value. This has historically been a buying signal for patient income investors, though investors should note that NAV discounts can persist or widen when macro conditions (rate environment, occupancy trends, FX) are unfavourable.

For context on how MPACT’s yield compares to other S-REITs in the diversified commercial space, see our guide to the best S-REITs in Singapore 2026.

DPU History & Dividend Yield

MPACT distributes income on a semi-annual basis. The distribution per unit (DPU) has been under pressure since the 2022 merger, partly due to higher financing costs and the dilutive effect of the rights issue used to fund the merger consideration. Below is a summary of MPACT’s DPU history by financial year (ending 31 March):

Source: Mapletree MPACT Annual Reports FY2023, FY2024; FY2025 estimated based on H1 FY2025 DPU of 3.47¢ × 2 (indicative only).

The DPU decline from ~9.6¢ in FY2022/23 to an estimated ~7.2¢ in FY2024/25 reflects two main headwinds: (1) higher interest expenses as MPACT’s borrowings repriced upward in the high-rate environment, and (2) softer net property income from its China and North Asia assets. The Singapore assets — particularly VivoCity — have remained strong and continued to deliver positive rental reversions.

To track how MPACT’s distribution yield compares to Singapore government bonds and T-bills, try the S-REIT Yield vs SGS Bond Spread Calculator.

Portfolio Overview: 18 Properties Across 5 Markets

MPACT’s portfolio spans Singapore, China (Hong Kong and mainland), Japan, South Korea, and Australia. This geographic diversification is both a strength and a risk factor — it provides income diversification but also exposes unitholders to foreign currency fluctuations.

Source: Mapletree MPACT FY2024 Annual Report. AUM percentages are approximate by valuation weighting.

VivoCity — the crown jewel: MPACT’s single largest asset is VivoCity, Singapore’s largest retail mall by net lettable area, located at HarbourFront. VivoCity consistently delivers high occupancy (above 99%) and positive rental reversions — making it the most valuable stabiliser in the portfolio.

Festival Walk headwind: The Hong Kong asset Festival Walk has faced twin pressures from social unrest (2019) and the slow recovery of Hong Kong retail traffic. While occupancy has stabilised in 2024–2025, the HKD-denominated income faces FX translation risk when converted to SGD for distribution.

For investors who prefer a pure-play Singapore retail REIT exposure without North Asia risk, compare MPACT to other Singapore-focused REITs using our S-REIT Total Return Calculator.

Key Financials: Gearing, ICR & NAV

MPACT’s balance sheet health is a key consideration for income investors, given the REIT’s exposure to foreign-currency borrowings and the higher-for-longer interest rate environment. The MAS regulatory gearing limit for S-REITs is 50% (or up to 60% if the REIT maintains an interest coverage ratio of at least 2.5x).

Key balance sheet metrics as at FY2024/25 (estimated):

• Aggregate leverage (gearing ratio): ~39.5% — comfortably within the 50% MAS limit, providing debt headroom for future acquisitions
• Interest coverage ratio (ICR): ~2.8x — above the 2.5x threshold, meaning MPACT retains the option to gear up to 60% if needed
• Weighted average debt maturity: ~3.2 years
• Proportion of fixed-rate debt: ~70% — reducing near-term rate sensitivity
• Net asset value (NAV) per unit: ~S$1.64
• Price-to-NAV: ~0.72x (significant discount to book value)

The ~39.5% gearing gives MPACT approximately S$1.8 billion of additional debt capacity before reaching the 50% limit — meaningful firepower for the Mapletree sponsor to inject assets into the trust. To model MPACT’s gearing ratio alongside its ICR using your own assumptions, use the S-REIT Gearing Ratio & ICR Calculator.

Pros & Cons for Singapore Investors

Reasons to consider MPACT:

• ~6.1% forward yield at current prices — competitive among investment-grade commercial S-REITs
• VivoCity anchor — consistently high occupancy, positive rental reversions, strong footfall
• Temasek-backed sponsor — strong balance sheet support and acquisition pipeline
• Trading at ~0.72x NAV — meaningful discount to book value, potential capital upside if rates moderate
• ~70% fixed-rate debt — near-term income is partially insulated from rate movements
• Geographic diversification — exposure to Japan, Korea, and HK markets alongside Singapore

Risks to weigh:

• DPU compression — full-year DPU has fallen from ~9.6¢ to ~7.2¢ in three years
• North Asia headwinds — Festival Walk (HK) and Japan/Korea assets face macro uncertainty and FX translation drag
• China exposure — Sandhill Plaza in Shanghai adds mainland China risk
• Semi-annual distributions — income investors who prefer quarterly cash flow may find this less convenient
• Interest rate sensitivity — when 30% of debt matures and reprices, DPU could face further pressure if rates remain elevated

For passive income investors comfortable with the North Asia exposure and rate risk, MPACT offers a compelling combination of yield and capital upside from its NAV discount. Compare yields and total returns across the S-REIT universe in our article on passive income investing in Singapore 2026.

How to Buy MPACT in Singapore

MPACT units are listed on the Singapore Exchange (SGX) and can be purchased through any SGX-connected brokerage account. Singapore investors can also buy MPACT using CPF Ordinary Account (OA) funds through the CPF Investment Scheme (CPFIS), subject to CPF Board eligibility rules.

Brokers commonly used by Singapore investors to buy S-REITs:

• Syfe Trade — competitive commissions, fractional shares available; see Syfe referral code and sign-up bonus
• FSMOne — low-cost online broker with CPF linkage; see FSMOne referral code
• Endowus — if you prefer a fund-of-REITs approach rather than direct SGX purchase; see Endowus referral code

Minimum investment: MPACT is traded in board lots of 100 units. At S$1.18 per unit, one board lot costs approximately S$118 — one of the most accessible entry points among large-cap S-REITs.

CPF eligibility: MPACT is CPF Investment Scheme (CPFIS)-approved. Singapore investors can use CPF OA funds to purchase MPACT units. However, investing CPF OA savings in REITs carries market risk. Read our CPF investment strategy guide before using CPFIS for REIT investing.

For long-term retirement planning with MPACT as part of your income portfolio, use our Singapore retirement calculator to model dividend income scenarios.

Frequently Asked Questions About MPACT

Disclaimer: This article is for educational and informational purposes only and does not constitute financial advice. The Kopi Notes may earn referral fees from broker links on this page. Always do your own research and consult a licensed financial adviser before making investment decisions. REIT distributions are not guaranteed and unit prices may fall below your purchase price.