Bought in 2023 for $172.5m, sold for $250m — Thomson Plaza retail block deal explained

A 109,854 sq ft retail space at Thomson Plaza has been sold for $250 million, in a deal jointly brokered by Cushman & Wakefield and Savills. 

The retail space, named Swing By @ Thomson Plaza, is a multi-concept retail section within the Upper Thomson Road shopping mall.

The sale price translates to approximately $2,276 psf based on the property’s net lettable area (NLA) of 109,854 sq ft, and represents a 23per cent premium to the property’s most recent book valuation of $202.6 million.

The buyers are Jack Investment and Pangjwee Development, according to an announcement by Link REIT who sold the retail space. 

The transaction is expected to complete in the second quarter of 2026.

Jack Investment’s primary asset is Leisure Park Kallang, an entertainment and retail centre at Stadium Walk near the Singapore Sports Hub, which it acquired in 2003 and subsequently redeveloped in 2006.

Link REIT, a Hong Kong-listed real estate investment trust, acquired Swing By @ Thomson Plaza for $172.5 million, or approximately $1,568 psf based on the NLA, in March 2023.

The acquisition was part of a combined $2.16 billion deal that also included Jurong Point, one of Singapore’s largest suburban malls, which it purchased for $1.99 billion. 

The two assets together marked Link REIT’s entry into the Singapore market and its first major investment in Southeast Asia.

The divestment of the retail space at Thomson Plaza for $250 million represents a 45 per cent gain on the $172.5 million acquisition cost in roughly two and a half years.

In a statement accompanying the news of the divestment, Link REIT said the sale is a “portfolio optimisation strategy” which aims to recycle assets, where appropriate, in order to create value for unitholders. 

The Reit says that it remains keen to increase its real estate exposure in Singapore.

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A mall revived by the MRT

The retail space at Thomson Plaza accounts for roughly half of the shopping mall total NLA. 

Other established tenants in the mall include FairPrice Finest, Koufu, and Daiso.

Thomson Plaza is a popular mall for residents living in and around Shunfu, Sin Ming, and the surrounding landed housing estates. 

The mall was recently connected to Upper Thomson MRT Station, which opened in August 2021 as part of the second stage of the Thomson-East Coast Line.

That new public transport link has been a turning point for the mall’s performance. 

Prior to the MRT access, the property had experienced periods of relatively lower footfall, mainly patronised by residents of the immediate area, but the direct MRT access introduced a broader commuter catchment and helped stabilise occupancy at around 93.5 per cent.

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How does the price compare?

The transaction of this retail space comes amid a relatively more heightened investment activity in Singapore’s suburban retail market, though pricing across the segment has varied considerably depending on location, scale, and tenure.

Prominent transactions include the acquisition of The Clementi Mall for $809 million, or approximately $4,100 psf on its NLA of 195,772 sq ft, by The Elegant Group in December 2025.

The sale price of The Clementi Mall reflects the mall’s positioning in a densely populated residential precinct adjacent to Clementi MRT station on the East-West Line and upcoming Cross Island Line, as well as its proximity to the National University of Singapore.

Meanwhile, Bukit Panjang Plaza was sold by CapitaLand Integrated Commercial Trust to Hines for $428 million in a deal announced in January 2026. The retail property fetched $2,602 psf on its NLA of 164,500 sq ft.

Frasers Centrepoint Trust also divested Changi City Point for $338 million, or $1,620 psf on its NLA of approximately 208,453 sq ft, to The Elegant Group in 2023. 

It’s worth noting that its $psf sale price is lower than the amount for Swing By @ Thomson Plaza despite its larger scale.

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Singapore’s suburban retail appeal

“We are extremely proud to have brokered this transaction on behalf of Link REIT. Singapore continues to stand out as a preferred safe-haven market, attracting strong and sustained investor interest,” says Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield.

He is confident the positive momentum that has been exhibited in Singapore’s suburban retail property market will translate into further investment transactions in the months ahead.

The deal is among a list of suburban retail transactions concluded or announced in Singapore over the past 12 months, reflecting sustained institutional and private investor interest in malls with strong MRT connectivity and resilient tenant mixes.

According to Knight Frank’s Singapore Retail Market Update for 4Q2025, suburban prime retail rents continued to trend upward in the final quarter of 2025, while suburban mall vacancy rates remained low.

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Frequently asked questions

When is the transaction for the Thomson Plaza retail space expected to complete?

The transaction is expected to complete in the second quarter of 2026.

What was the sale price of the Thomson Plaza retail space, and how does it compare to the original purchase price?

The retail space was sold for $250 million, representing a 45 per cent gain on the original purchase price of $172.5 million.

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