Mapletree Anson: Complete Guide to 60 Anson Road & What the S$775M Divestment Means for MPACT Investors (2026)

Mapletree Anson is one of Singapore’s most recognisable Grade A office buildings, standing 19 storeys tall at 60 Anson Road in the Tanjong Pagar CBD. For years it was a flagship asset inside Mapletree Pan Asia Commercial Trust (MPACT, SGX: N2IU) — until its landmark S$775 million divestment to PAG in July 2024. This guide covers everything Singapore investors need to know: building specs, why MPACT sold it, what the proceeds did for the trust’s balance sheet, and how MPACT is performing today. Not financial advice. Data as at May 2026.

Table of Contents

What Is Mapletree Anson?

Mapletree Anson is a 19-storey premium Grade A office building located at 60 Anson Road, Singapore 079914, in the heart of the Tanjong Pagar Central Business District. Completed in July 2009 by Mapletree Investments Pte Ltd, it was purpose-built to institutional Grade A specifications and quickly became one of the most sought-after office addresses in Singapore.

The building was originally acquired by Mapletree Commercial Trust (now MPACT following its merger with Mapletree North Asia Commercial Trust in 2022), and it remained a core Singapore office asset within the trust’s portfolio for over a decade. In July 2024, MPACT completed the divestment of Mapletree Anson to PAG, a leading Asia-focused alternative asset manager, for S$775 million — one of the largest single-asset commercial real estate transactions in Singapore that year.

For investors searching “Mapletree Anson,” understanding the building’s history, quality, and the strategic rationale behind its sale provides important context for evaluating MPACT as an S-REIT investment today.

Building Specifications & Key Features

Mapletree Anson is widely regarded as one of Singapore’s finest Grade A office buildings, combining large column-free floor plates with a premium central core design. Here are the key specifications:

The building’s centre-core design houses all utilities including high-speed elevators, spare risers, and ample restroom facilities, maximising the usable office space on each floor. Its BCA Green Mark Platinum certification — among the first in Singapore to achieve this accolade — reflects both its environmental credentials and the quality of its mechanical and electrical infrastructure.

Location and Connectivity

Mapletree Anson sits at the heart of Tanjong Pagar, Singapore’s most prestigious and rapidly evolving CBD sub-market. The location offers exceptional connectivity and a growing ecosystem of amenities.

MRT Access: A 2-minute walk from Tanjong Pagar MRT Station (East-West Line, EW15), one of the busiest interchange stations in the CBD. The station connects directly to City Hall, Raffles Place, and Outram Park (for Circle Line access).

Road Connectivity: Excellent access to major arterial roads including Shenton Way, Anson Road, and key expressways via the Keppel Road corridor.

Nearby Landmarks: The building is within walking distance of Marina Bay, Guoco Tower, Tanjong Pagar Plaza, and the upcoming Greater Southern Waterfront development — a long-term catalyst for the district’s transformation into a live-work-play precinct.

Amenities: The immediate vicinity offers a broad mix of food & beverage options, hotels (such as the Sofitel Singapore City Centre), and the Tanjong Pagar Community Club. The area has become a popular destination for multinational corporations (MNCs) seeking premium office space outside the traditional Raffles Place core.

Tanjong Pagar’s transformation into a premier Grade A office corridor — anchored by Guoco Tower, Frasers Tower, and now the upcoming projects near the Greater Southern Waterfront — has increased the scarcity value of buildings like Mapletree Anson. This was a key driver of MPACT’s ability to secure a S$775 million sale price at a S$10 million premium to independent valuation.

Mapletree Anson Inside MPACT

Mapletree Pan Asia Commercial Trust (SGX: N2IU) is Singapore’s fourth-largest S-REIT by assets under management, with a diversified portfolio spanning Singapore, Hong Kong, China, Japan, and South Korea. Its Singapore assets — which include VivoCity, Mapletree Business City (MBC), and Bank of America HarbourFront — form the backbone of the trust’s income.

Mapletree Anson was part of the original Mapletree Commercial Trust (MCT) portfolio when MCT was listed on SGX in 2011. Following the merger of MCT and Mapletree North Asia Commercial Trust (MNACT) in 2022 to form MPACT, Mapletree Anson continued as a Singapore office asset contributing stable rental income to the enlarged trust.

Prior to divestment, the building contributed approximately S$30–35 million in annual net property income (NPI) to MPACT, representing roughly 5–6% of total NPI. At 100% committed occupancy, it was one of the best-performing office assets in the Singapore market — which made it an attractive divestment candidate at a premium valuation.

If you are evaluating MPACT as an S-REIT investment, you can read our in-depth Mapletree Pan Asia Commercial Trust investor guide for full DPU history, yield analysis, and portfolio breakdown. You can also use our S-REIT dividend yield calculator to model different MPACT entry prices and yields.

The S$775 Million Divestment to PAG (2024)

On 30 May 2024, MPACT announced the proposed divestment of Mapletree Anson to PAG Real Estate Partners Fund III (PREP III), a fund managed by PAG — one of Asia’s largest alternative asset managers with over US$55 billion in assets under management. The transaction was completed on 31 July 2024.

Key Transaction Metrics

Why Did MPACT Sell Mapletree Anson?

The divestment was strategically motivated by MPACT’s desire to reduce leverage and strengthen its balance sheet amid a high interest rate environment. At the time of announcement, MPACT’s aggregate leverage stood at 40.5% — elevated compared to peers and limiting its debt headroom under MAS regulatory caps.

By channelling the S$762 million in net proceeds toward debt repayment, MPACT was able to reduce aggregate leverage to approximately 37.6% immediately following completion. This meaningfully expanded MPACT’s financial flexibility and reduced its finance expenses.

The timing was also considered opportunistic. Mapletree Anson was at 100% committed occupancy with a strong tenant profile, making it an exceptionally attractive asset for institutional buyers. Selling at peak occupancy allowed MPACT to extract full value — a S$10 million premium to independent valuation — before any potential softening in Singapore office rents.

MPACT Management’s CEO described the divestment as an “accretive transaction” that strengthens the trust’s capital structure while enabling greater focus on its Singapore retail and business park assets, particularly VivoCity and MBC.

Impact on MPACT: Balance Sheet & DPU

The divestment of Mapletree Anson — combined with two other divestments in FY25/26 (TS Ikebukuro, ABAS Shin-Yokohama, and Festival Walk Tower) — had a significant and positive impact on MPACT’s financial metrics. Here is how the trust’s key balance sheet indicators shifted over FY25/26:

While the removal of Mapletree Anson’s rental income reduces gross revenue on an absolute basis, the reduction in finance expenses and debt servicing costs partially offsets the income loss. MPACT’s FY25/26 full-year DPU came in at 7.97 Singapore cents — only marginally below the previous year’s 8.02 cents, and largely impacted by a one-off tax charge of S$8.3 million related to the Festival Walk Tower divestment. Stripping out this one-off, underlying DPU would have been 8.11 cents, up 1.1% year-on-year.

This underlying DPU growth, achieved despite losing the income from Mapletree Anson, reflects the strength of MPACT’s remaining Singapore assets — particularly VivoCity — and the beneficial impact of lower finance expenses post-divestment.

MPACT Portfolio Today (FY25/26 Results)

Following the divestment of Mapletree Anson and several overseas assets, MPACT’s portfolio has become more Singapore-centric and financially resilient. Here is a snapshot of the current portfolio composition and key metrics as of FY25/26 (year ending March 2026):

Portfolio Overview

Key Singapore Assets

VivoCity remains MPACT’s anchor asset, delivering 7.6% full-year NPI growth, 45.4 million shopper visits (up 3.6% YoY), and S$1.1 billion in tenant sales. The completed Basement 2 AEI added 14,000 sq ft of new retail space with an ROI exceeding 10%. VivoCity’s rental reversion of 14.1% in FY26 signals continued strong retailer demand.

Mapletree Business City (MBC) continues to perform as a key business park and office asset in Singapore. Top-ten tenant renewals were secured during FY26, extending income visibility. The overall office/business park segment WALE stands at 2.9 years.

Bank of America HarbourFront provides long-lease income stability with Bank of America as its anchor tenant, contributing predictable NPI to the Singapore portfolio.

Overseas Portfolio Challenges

Overseas assets (Hong Kong, China, Japan) continue to face headwinds. Festival Walk in Hong Kong maintained 100% occupancy but saw a slight 0.8% dip in full-year tenant sales before a 6.0% rebound in Q4 FY26. China’s portfolio faces softer market rents, while Japan was impacted by Fujitsu’s lease expiry at Makuhari. A stronger Singapore dollar also caused a S$301.1 million FX translation loss on overseas asset valuations — though this is a non-cash impact on NAV rather than operating income.

MPACT Yield, Share Price & Valuation (May 2026)

As at May 2026, MPACT (SGX: N2IU) trades at approximately S$1.28 per unit, representing a meaningful discount to its NAV of S$1.73 per unit — a price-to-book ratio of around 0.74x. This discount is common among S-REITs with overseas exposure and reflects the market’s concerns about China, Japan, and FX headwinds.

At a ~6.2% trailing yield and a 0.74x price-to-book ratio, MPACT offers an income yield that is competitive among Singapore commercial REITs. For Singapore investors using CPF OA funds via the CPFIS scheme, MPACT may also be eligible (check with your broker). You can use our S-REIT yield vs SGS bond spread calculator to compare MPACT’s yield against risk-free rates and assess whether the spread is adequate compensation for the risks.

For a broader view of how MPACT compares to other S-REITs, see our best S-REITs Singapore 2026 comparison.

Should Singapore Investors Consider MPACT?

Following the divestment of Mapletree Anson and MPACT’s portfolio rebalancing, here is a balanced assessment of the key investment considerations:

Strengths

Strong Singapore Core: Singapore now represents 61% of AUM and 66% of NPI. VivoCity, MBC, and Bank of America HarbourFront provide resilient, recurring income from high-quality assets in supply-constrained markets.

Improved Balance Sheet: Post-divestment leverage of 36.5% and a cost of debt of 3.16% p.a. provide financial flexibility for future acquisitions or distributions. 95% of distributable income is generated in or hedged into SGD, minimising currency risk.

Attractive Yield at Discount to NAV: At ~0.74x price-to-book and ~6.2% trailing yield, MPACT trades at a significant discount to its intrinsic value, which provides a margin of safety for long-term income investors.

VivoCity AEI Upside: The completed Basement 2 AEI is already generating an ROI above 10%. Festival Walk’s upcoming F&B cluster reconfiguration (expected completion 2Q FY26/27) projects a nearly 50% ROI, potentially boosting DPU from FY27.

Risks

Overseas Headwinds Persist: China’s commercial property market remains soft. Japan faces occupancy pressure following the Fujitsu lease expiry. FX movements will continue to affect NAV on a translation basis.

DPU Decline Year-on-Year: FY25/26 reported DPU of 7.97 cents is slightly below FY24/25’s 8.02 cents, partly due to the absence of Mapletree Anson’s income. Investors relying on year-on-year DPU growth may need patience.

Interest Rate Sensitivity: While MPACT has reduced leverage and cost of debt, a sustained higher-for-longer interest rate environment could continue to pressure distributions.

This is not financial advice. Always conduct your own due diligence and consult a licensed financial adviser before making investment decisions. If you use CPF funds, verify CPFIS eligibility with your broker.

For Singapore investors building a dividend portfolio, MPACT can be evaluated alongside other high-yield S-REITs using our dividend portfolio yield calculator. You may also want to explore our Syfe referral code for a platform that allows fractional REIT investing with no minimum investment — ideal for dollar-cost averaging into MPACT.

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