SG Property Intelligence

Research evidence excerpt

SG Property Intelligence

J P M O R G A N Asia Pacific Equity Research

17 June 2026

HKL has been picked as preferred bidder for S$5.7bn

Marina One

Singapore/ASEAN Property and

REITs

HKL (covered by Karl Chan) has been picked as preferred bidder for Marina AC Terence M Khi

One in a potential S$5.7 bn deal, with exclusive talks and due diligence expected

(65) 6882-1518

soon, while a CLI bid reportedly fell short. If completed, the acquisition would expand terence.ml.khi@jpmorgan.com

HKL’s recently launched Singapore Central Private Real Estate Fund (SCPREF) AC Mervin Song, CFA

portfolio by nearly 70% and lift exposure to about 4.62m sq ft of Marina Bay prime (65) 6882-7829

commercial space. The implied price is about S$2,822 psf, around 11% below the mervin.song@jpmorgan.com

S$3,180 psf paid for Asia Square 2, and the asset offers 1.88m sq ft of office plus J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

140,000 sq ft retail with 84 years left on a 99-year lease. Management had previously Morgan Broking (Hong Kong) Limited

highlighted positive transaction conditions including the low cost of debt and “true

positive carry” available in Singapore. (Source: Mingtiandi) JPM view: We estimate

3.9-4.5% reversionary yield for Marina One based on S$2,822 psf, current rents at

S$12-13.50 psf, and office NPI margins at 77-78%.

Companies

Jardine Matheson – Revealing the 2030 playbook. The long-anticipated Investor

Day finally took place in Hong Kong on 16 June. Overall, we think the 5 key targets

for 2030 (9%+ TSR; 5% DPS growth p.a.; US$4bn recycling; additional PATAM

of US$0.2bn; US$0.5bn buyback) are mostly in line with our expectations, although

we note that some investors had higher expectations (e.g.