SG Property Intelligence CLAS disposes The Robertson House for S$360m

研报英文原文证据摘录

SG Property Intelligence CLAS disposes The Robertson House for S$360m

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

29 May 2026

SG Property Intelligence

CLAS disposes The Robertson House for S$360m

Singapore/ASEAN Property and

REITs

CLAS disposes The Robertson House by The Crest Collection in Singapore for AC Terence M Khi

S$360m, 4% above book value and an exit yield of 2.3%. The net proceeds from the

(65) 6882-1518

divestment are S$341.7m and CLAS will recognise a net gain of approximately S terence.ml.khi@jpmorgan.com

$38.1m. The transaction is expected to be completed in 3Q26. Post divestment, AC Mervin Song, CFA

proforma FY25 DPU based on CLAS’ estimates is expected to fall 3.1% to 5.91 Scts (65) 6882-7829

from 6.1 Scts. JPM view: The divestment was a surprise but the disposal at ~S$1.1m mervin.song@jpmorgan.com

per key and an exit yield of 2.3% demonstrates CLSA's disciplined capital allocation. J.P. Morgan Securities Singapore Private Limited/

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

We anticipate that the proceeds from the divestment will be deployed into higher Morgan Broking (Hong Kong) Limited

yielding assets and various AEIs. We anticipate any loss of income to be mitigated by

the distribution of divestment gains to maintain a stable annual DPU of around 6.1

Scts. (Source: CapitaLand Ascott Trust, J.P. Morgan)

Companies

Link REIT - First Take: DPU decline mildly better than feared FY26 DPU fell 7%

Y/Y to HK$2.531, 1% above our estimate. Revenue and NPI dropped 2%/4% Y/Y

due to negative rental reversion. In FY25, DPU benefitted from one-off items such as

reversal of deferred tax, M&A expenses and the long-term incentive scheme (net

positive impact ~HK$100mn); excluding the one-off items, FY26 DPU would have

been down ~5% Y/Y.