SG Property Intelligence: MINT and SUN takeaways

Research evidence excerpt

SG Property Intelligence: MINT and SUN takeaways

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

27 July 2026

SG Property Intelligence

MINT and SUN takeaways

Mapletree Industrial Trust – 1Q27 briefing takeaways – Backfilling Singapore/ASEAN Property and

underway but higher cost of debt guidance adds downside risks. Key REITs

highlights from MINT’s 1Q27 results briefing (link) include: (1) leasing updates Terence M Khi AC

on the US portfolio, (2) Singapore portfolio outlook, (3) divestment and (65) 6882-1518

acquisition plans, (4) cost of debt guidance, and (5) NPI margin commentary. terence.ml.khi@jpmorgan.com

Overall, MINT has made progress in backfilling some vacated space, but higher- Mervin Song, CFA AC

than-expected debt cost guidance and continued FX headwinds create downside (65) 6882-7829

risk to DPU estimates, with earnings still expected to remain on a downtrend. Link mervin.song@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

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

Morgan Broking (Hong Kong) Limited

Suntec REIT – 2Q26 takeaways – asset recycling opportunities. Key highlights

from SUN’s 2Q26 results (link) briefing include: 1) asset recycling opportunities,

2) capital management following the perp redemption, 3) leasing momentum, 4)

strategic review expectations, and 5) the outlook for Singapore office and retail

reversions. Link (Source: J.P. Morgan)

Singapore’s central bank tightened policy again by raising the appreciation

rate of its S$NEER policy band very slightly, while keeping the band’s width and

center unchanged, to pre-empt rising imported inflation as Middle East tensions

keep energy prices elevated. MAS flagged that external price pressures are likely