SG Property Intelligence

Research evidence excerpt

SG Property Intelligence

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

28 July 2026

Keppel Ltd: Exceeds expectations with monetisation of

10 legacy rigs

Keppel Ltd: Exceeds expectations with monetisation of 10 legacy rigs. KEP Singapore/ASEAN Property and

announced the monetisation of six operational rigs into a new private fund, Keppel REITs

Offshore Fund (KOF), for ~S$1.2bn. The transaction includes ~US$478m (~S Terence M Khi AC

$611m) of cash consideration funded by accounts managed by Apollo, with KEP (65) 6882-1518

taking a 50% stake in KOF via an in-kind contribution. KEP also intends to terence.ml.khi@jpmorgan.com

progressively complete and potentially divest a further four rigs to KOF in 2027– Mervin Song, CFA AC

2028, with expected cash proceeds of ~S$988m (~S$1.3bn) and KEP and Apollo (65) 6882-7829

each holding a 50% stake in these rigs. Three additional uncompleted rigs are mervin.song@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

excluded from the transactions. Link (Source: J.P. Morgan) J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Frasers Centrepoint Trust – 3Q26 First Take: High occupancies and lower

COD; asset recycling/AEI in focus. FCT’s 3Q26 saw lower cost of debt (COD),

down 20 bps to 3.0%. Retail occupancy remained high at 99.6% (-20 bps QoQ).

We are positive on Metro’s planned exit from Causeway Point (CWP) (c.54,000 sq

ft,~13% of NLA and ~8.3% of mall GRI). We believe recovering department store

space creates an opportunity to introduce higher-rent specialty retail and F&B

concepts in CWP’s upcoming AEI. While FCT’s S$467m (8.4% premium to

valuation and 4.6% exit NPI yield) divestment of White Sands reduces pro-forma

FY25 DPU by ~1.9%, this brings gearing down 3.5 pts to 36.5%, and opens