Link Asset Management to Buy 50.1% of Singapore's Eastpoint Mall From Income Insurance for S$239.5 Million
Link Asset Management Limited, the manager of Link Real Estate Investment Trust (Link REIT; Hong Kong stock code: 823), will acquire a 50.1% interest in Eastpoint Mall in Singapore from Income Insurance Limited for S$239.5 million, the companies announced Nov. 10. Income Insurance will retain the remaining 49.9%, and Link will serve as the mall's asset manager and property manager.
The transaction is structured as a partnership between the two owners. Link will work with Income Insurance, as advised by CapitaLand Investment (CLI), to execute the deal and develop an asset enhancement strategy for the property. Completion is expected in the first quarter of 2027.
Deal Terms and Property Details for Eastpoint Mall
Eastpoint Mall is a suburban retail property at 3 Simei Street 6 in eastern Singapore, directly connected to Simei MRT station. The mall has approximately 214,000 square feet of net lettable area.
The S$239.5 million consideration for the 50.1% interest implies a value of roughly S$478.0 million for the whole property, assuming a pro-rata valuation, or approximately S$2,234 per square foot.
Link will fund the acquisition through internal resources and debt facilities. JLL (Jones Lang LaSalle) advised Link on the transaction as real estate broker.
Income Insurance Recycles Capital Through Partial Sale
For Income Insurance, the transaction is a strategic decision to optimize its property portfolio in line with its core return objectives and long-term sustainability goals. Following the advice of its real estate investment manager, CapitaLand Investment, which was appointed in April 2026, the sale allows the insurer to recycle capital to where it can best serve policyholders over the long term.
David Chua, Chief Investment Officer of Income Insurance, said: "Eastpoint Mall has long served as an important retail and community landmark in the eastern part of Singapore and Income is pleased to continue our interests in its next phase of growth. Through our retained significant stake, we will collaborate with Link to support the rejuvenation of Eastpoint Mall and its surrounding community. This reflects our focus on creating long-term value for our policyholders while continuing to serve our customers and Singaporeans."
Income Insurance is a composite insurer offering life, health and general insurance, founded in 1970.
Link Plans Phased Asset Enhancement
After closing, Link and Income Insurance will work together to transition the mall's asset management and operations. The partners also plan a phased asset enhancement initiative, with works expected to begin in 2027. Eastpoint Mall will remain open during the work.
John Saunders, Link's Executive Director and Chief Investment Officer, said: "We are primarily focused on the divestment of non-core assets, however, this is a compelling and capital efficient investment which underscores Link's focus on its core strengths in owning and actively managing retail assets across Asia Pacific."
Ellina Chia, Link's Head of Singapore Regional Centre, said: "We are delighted to be partnering with Income Insurance and further growing our retail asset management business. We see opportunities to unlock further value through active asset management and targeted asset enhancement initiatives which will strengthen Eastpoint Mall's positioning and relevance within the local community."
Once the deal closes, Link will manage three retail assets in Singapore: Eastpoint Mall, Jurong Point and AMK Hub. Link provides asset and property management services for AMK Hub, which is owned by Mercatus.
Singapore Suburban Retail Market Context
Link's existing Singapore suburban retail holdings have posted strong operating results. Jurong Point and Swing By @ Thomson Plaza recorded 98.2% occupancy and 12.3% positive rental reversion in Link's fiscal year 2025/26 results, while third-party-owned AMK Hub achieved near-full occupancy.
Singapore's suburban retail segment had an overall vacancy rate of 5.7% in the first quarter of 2026, below the islandwide rate of 6.3%. Suburban net absorption was 118,000 square feet, compared with 108,000 square feet of net supply. Prime suburban rents were S$33.36 per square foot per month in the quarter, up 0.2% from the prior quarter. A separate measure of average passing rents for prime suburban malls stood at S$14.90 per square foot per month in the second quarter of 2026, unchanged from the prior quarter; the two figures reflect different property baskets and rent definitions.
Supply is limited in the near term. Approximately 309,000 square feet of retail net lettable area is scheduled for completion in Singapore during 2026, below the recent five-year average. About 1.53 million square feet of suburban retail supply is planned or under construction.
Link REIT Financial Backdrop
Link's international portfolio generated HK$1.867 billion in revenue and HK$1.236 billion in net property income in fiscal 2025/26, increases of 4.8% and 2.7% year over year. Across the whole portfolio, revenue fell 2.0% to HK$13.938 billion from HK$14.223 billion in fiscal 2024/25.
Link focuses on owning and actively managing malls and car parks in Hong Kong, tier-one cities of the Chinese Mainland, Singapore and Australia, and says it is developing capital partnerships in which it may co-own or manage third-party capital.