Should I buy Mapletree North Asia Commercial Trust stock in 2025?
Is it the right time to buy Mapletree North Asia Commercial Trust?
ScoreMapletree Pan Asia Commercial Trust (MPACT), the successor to Mapletree North Asia Commercial Trust, currently trades on the SGX at approximately SGD 1.25 with a robust average daily trading volume of about 9 million units. This leading REIT boasts a diversified portfolio of 17 high-quality commercial properties spanning Singapore, Hong Kong, China, Japan, and South Korea. Recent headlines include the strategic divestment of Mapletree Anson, intended to enhance portfolio agility and resilience, alongside efforts to address a slight dip in occupancy (now 89.6%) and a decrease in distributions per unit tied to elevated interest rates. Despite these manageable pressures, investor sentiment remains constructive, powered by expectations of improved investment volumes in Asian real estate and MPACT’s strong execution capabilities. The trust’s 6.4% yield, low price-to-book ratio of 0.69, and market cap of SGD 6.6 billion underline its substantial appeal, especially in a climate where defensive income and geographic diversification are valued. Most notably, the consensus target price stands at SGD 1.63, as agreed by more than 10 national and international banks, reflecting broad optimism on future performance. For investors seeking stable exposure to Asia’s commercial property markets, MPACT stands out as a compelling consideration within the REIT sector.
- ✅Attractive 6.4% dividend yield, outpacing most local peers.
- ✅Diversified premium portfolio across five strategic Asian gateway markets.
- ✅Strong operational scale with SGD 16 billion in assets under management.
- ✅Backed by Mapletree Investments, a reputable and experienced sponsor.
- ✅Consensus target price suggests meaningful upside from current levels.
- ❌Occupancy rate of 89.6% remains below some leading Singapore REITs.
- ❌Recent DPU reduction reflects sensitivity to higher interest rates.
Score- ✅Attractive 6.4% dividend yield, outpacing most local peers.
- ✅Diversified premium portfolio across five strategic Asian gateway markets.
- ✅Strong operational scale with SGD 16 billion in assets under management.
- ✅Backed by Mapletree Investments, a reputable and experienced sponsor.
- ✅Consensus target price suggests meaningful upside from current levels.
Is it the right time to buy Mapletree North Asia Commercial Trust?
- ✅Attractive 6.4% dividend yield, outpacing most local peers.
- ✅Diversified premium portfolio across five strategic Asian gateway markets.
- ✅Strong operational scale with SGD 16 billion in assets under management.
- ✅Backed by Mapletree Investments, a reputable and experienced sponsor.
- ✅Consensus target price suggests meaningful upside from current levels.
- ❌Occupancy rate of 89.6% remains below some leading Singapore REITs.
- ❌Recent DPU reduction reflects sensitivity to higher interest rates.
Score- ✅Attractive 6.4% dividend yield, outpacing most local peers.
- ✅Diversified premium portfolio across five strategic Asian gateway markets.
- ✅Strong operational scale with SGD 16 billion in assets under management.
- ✅Backed by Mapletree Investments, a reputable and experienced sponsor.
- ✅Consensus target price suggests meaningful upside from current levels.
- What Is Mapletree North Asia Commercial Trust
- Mapletree North Asia Commercial Trust Stock Price
- Our Full Analysis of the Mapletree North Asia Commercial Trust Stock
- How to buy Mapletree North Asia Commercial Trust stock in Singapore?
- Our 7 tips for buying Mapletree North Asia Commercial Trust stock
- The latest news about Mapletree North Asia Commercial Trust
- FAQ
- On the same topic
Why trust HelloSafe ?
At HelloSafe, our expert has been tracking the performance of Mapletree North Asia Commercial Trust for over three years. Every month, hundreds of thousands of users in Singapore trust us to analyse market trends and identify the best investment opportunities. Our analyses are provided for informational purposes and do not constitute investment advice. In accordance with our ethical charter, we have never been, and will never be, compensated by Mapletree North Asia Commercial Trust.
What Is Mapletree North Asia Commercial Trust
| Indicator | Value | Analysis |
|---|---|---|
| 🏳️ Nationality | Singapore | Singapore-based REIT, offering key gateway exposure in Asia-Pacific markets. |
| 💼 Market | Singapore Exchange (SGX) | Listed and actively traded on SGX under the ticker N2IU. |
| 🏛️ ISIN code | SG1T56930848 | This is the current ISIN for Mapletree Pan Asia Commercial Trust (MPACT). |
| 👤 CEO | Mapletree Investments Pte Ltd (Manager) | Managed by Mapletree, ensuring professional oversight and corporate governance. |
| 🏢 Market cap | SGD 6.64 billion | Large-cap REIT status; trading near SGD 1.25 per unit as of July 2025. |
| 📈 Revenue | SGD 917.7 million (TTM) | Revenue declined 4.9% YoY, reflecting softer office markets in some regions. |
| 💹 EBITDA | SGD 584.2 million (TTM, net profit) | Profitability strong, but margin under pressure from rate hikes and weaker rents. |
| 📊 P/E Ratio (Price/Earnings) | 11.36 (TTM), 15.75 (forward) | Fairly valued; room for upside but pressured by lower distributions and occupancy. |
Mapletree North Asia Commercial Trust Stock Price
The price of Mapletree North Asia Commercial Trust stock is rising this week. Currently trading at SGD 1.25, the stock dipped by 0.79% over the last 24 hours, but has gained 5.04% over the week. Market capitalisation stands at SGD 6.64 billion, with an average three-month trading volume of 8.99 million units. The P/E ratio is 11.36, the dividend yield is at 6.37%, and the stock’s beta is 0.73, reflecting below-market volatility. With its robust fundamentals and attractive yield, this REIT remains a compelling option for investors seeking steady returns in the Singapore market.
Our Full Analysis of the Mapletree North Asia Commercial Trust Stock
We have thoroughly reviewed Mapletree North Asia Commercial Trust's most recent financials and analysed its stock performance over the last three years. By leveraging a combination of detailed financial indicators, forward-looking technical signals, comprehensive market data, and sector peer comparisons—filtered through our proprietary analytical framework—this report provides a holistic view of the stock’s current standing. So, why might Mapletree North Asia Commercial Trust stock once again become a strategic entry point into the Asian commercial real estate sector in 2025?
Recent performance and market context
Mapletree North Asia Commercial Trust has delivered a resilient price performance in the face of considerable market volatility. Over the past year, the stock has steadily appreciated by 1.63%, closing at SGD 1.25 as of 7 July 2025—comfortably within the mid-range of its 52-week band (SGD 1.09–1.54). The recent weekly jump of 5.04% underscores a bullish shift in sentiment, fuelled by renewed optimism in the Asian REIT space and tailwinds from the easing of global interest rates.
Recent positive events have further strengthened investor confidence: notably, a strategic asset sale (Mapletree Anson) that has reinforced balance sheet resilience and allowed management to redeploy capital into growth opportunities. Sector-wide, the uptrend in commercial real estate demand across gateway Asian cities is manifesting in improved investor appetite and healthy transaction volumes. The macro environment favours well-capitalised REITs; expected stability in interest rates and economic reopening in North Asia sets a robust baseline for continued appreciation and increases the intrinsic attractiveness of this stock.
Technical analysis
Technically, Mapletree North Asia Commercial Trust exhibits multiple signs of latent strength. The 14-day RSI stands at 63.5—positioned in the neutral-to-mildly overbought zone, yet far from extremes, indicating additional upside possibility before overextension becomes a concern. The stock remains closely aligned with its key moving averages: near its daily and 20–50-day averages, reflecting technical stability during its latest rebound.
- MACD has begun to tick upward, suggesting developing momentum.
- Recent price action has respected the SGD 1.24–1.27 bracket, forming a strong local support base.
- The breakout above the key SGD 1.20 level in mid-2025 has reversed a multi-month downtrend, with a healthy retracement confirming new support.
Short- and medium-term momentum is reinforced by above-average volume on “green” days, indicating that buyers are assertive at current levels. With a consensus price target of SGD 1.51 (+21% upside from current prices) from leading brokerage analysts, technical structure distinctly favours the emergence of a new bullish phase.
Fundamental analysis
Fundamentals present a compelling case for Mapletree North Asia Commercial Trust:
- Revenue & Profitability: For FY2024/25, revenue stood at SGD 917.7M. Despite a modest -4.85% decline from the prior year (mainly due to challenging rental cycles), net profit increased 1.08% to SGD 584.18M—delivering an impressive net margin of 64.16%.
- Valuation: Trading at just 0.69x book value and 11.36x trailing earnings (with a forward P/E of 15.75), the stock appears undervalued both relative to regional peers and its asset quality.
- Dividend and Yield: With an attractive annual dividend yield of 6.37% (SGD 0.08 DPS), the stock excels as a stable income generator, making it a standout in an uncertain rate environment.
- Structural strengths: The expansive, geographically balanced portfolio (17 properties across Singapore, Hong Kong, China, Japan, and South Korea) ensures resilience against regional risks and cyclical slowdowns. Management’s proven agility in capital recycling and asset enhancement provides a durable competitive advantage.
- Brand & Sponsorship: Supported by Mapletree Investments, one of Asia’s most reputable property managers, the Trust benefits from best-in-class governance and operational efficiency.
These core fundamentals are setting a strong foundation for the next leg of appreciation.
Volume and liquidity
Sustained liquidity has been a critical indicator of enduring market confidence. The Trust boasts an average three-month trading volume of nearly 9 million units—a testament to its relevance among institutional and retail investors alike. The stable share float (with over 5.27 billion units outstanding) promotes an orderly market environment and allows for dynamic valuation adjustments as positive catalysts unfold.
Catalysts and positive outlook
Several factors converge to create a distinctly bullish outlook for Mapletree North Asia Commercial Trust:
- Strategic asset rotation: Proactive sales like Mapletree Anson free up capital for targeted acquisitions or organic portfolio upgrades, supporting DPU (distribution per unit) resilience.
- ESG leadership: Ongoing enhancement of ESG credentials—including energy-efficiency upgrades and community impact initiatives—position the Trust to capture both capital inflows and premium valuations as sustainability becomes ever more central.
- Favorable regional context: Asia’s commercial real estate sector is poised for 5–10% growth in transaction volumes in 2025, outpacing global peers amid post-pandemic recovery and shifting investment flows.
- Merger-driven scale: The 2022 merger that resulted in today’s MPACT created one of the region’s top-10 REITs—delivering scale, improved financing flexibility, and portfolio diversification.
- Regulatory and sector tailwinds: Stability in Singapore’s taxation policy for REITs, plus broad-based initiatives to support real estate innovation, further amplify the outlook.
- Analyst consensus: Both DBS and Maybank Research maintain a “Buy” recommendation, with upside targets from SGD 1.30–1.50, backed by a strong “buy” consensus across the Street.
These catalysts position Mapletree North Asia Commercial Trust at the intersection of renewed sector momentum and company-specific value creation.
Investment strategies
There are convincing rationales to consider Mapletree North Asia Commercial Trust for both tactical and strategic positioning:
- Short-term: Recent upward momentum, the establishment of strong technical support, and proximity to the 52-week mid-range enable risk-defined trading—aiming for a 5–10% appreciation into the next quarterly earnings cycle.
- Medium-term: Anticipate further DPU stabilisation, positive rental reversions, and further NAV uplift as portfolio optimization continues.
- Long-term: The Trust’s strong sponsor, exposure to Asia’s macro-growth corridors, and superior risk-adjusted yield (relative to peers) favour a long-term accumulation approach for wealth creation.
There is also an ideal setup for entry: the recent technical recovery from multi-month lows and confirmation of a new higher support (SGD 1.24–1.27 range) grant comfort for those looking to initiate or build positions ahead of catalysts such as quarterly earnings, asset announcements, or sector upgrades.
Is it the right time to buy Mapletree North Asia Commercial Trust?
In summary, Mapletree North Asia Commercial Trust is underpinned by durable structural strengths and forward-thinking management, all at an attractive valuation. Its 2025 outlook is buoyed by robust sector tailwinds, diversified income streams, and tangible momentum on both the technical and fundamental fronts. A resilient balance sheet, high dividend yield, and strong liquidity make the Trust an appealing blend of growth and stability.
Given the confluence of technical upward momentum, healthy fundamentals, and multiple bullish catalysts on the horizon, Mapletree North Asia Commercial Trust seems to represent an excellent opportunity for investors seeking to benefit from the next wave of value creation in Asian commercial real estate. With upside potential clearly evident and positive sector dynamics building, it is a moment that merits serious consideration for a place in any forward-looking, income-oriented portfolio.
How to buy Mapletree North Asia Commercial Trust stock in Singapore?
Buying Mapletree North Asia Commercial Trust (now part of Mapletree Pan Asia Commercial Trust) stock online via a regulated broker in Singapore is quick, secure, and accessible. Investors can choose between spot buying, where you hold the physical shares and receive dividends, or trading via CFDs (Contracts for Difference), which allows you to speculate on price movements with added flexibility and leverage. Whether you seek ownership or active trading opportunities, both paths offer transparency—details on leading Singapore brokers can be found in our comprehensive comparator further down the page.
Spot buying
A cash or spot purchase of Mapletree North Asia Commercial Trust stock (now trading as Mapletree Pan Asia Commercial Trust: N2IU.SI) means you directly buy and own the shares in your brokerage account. This entitles you to dividends and voting rights at shareholder meetings. Typical fees include a fixed commission for each order, usually between S$5–S$20 for most local brokers, plus modest platform charges.
Gain Scenario: Mapletree North Asia Commercial Trust
If the Mapletree North Asia Commercial Trust share price is S$1.25, you can buy around 795 shares with a S$1,000 stake, including a brokerage fee of around S$5.
✔️ Gain scenario:
If the share price rises by 10%, your shares are now worth S$1,100.
Result: +S$100 gross gain, i.e. +10% on your investment.
Trading via CFD
CFD (Contract for Difference) trading on Mapletree North Asia Commercial Trust shares lets you speculate on price changes without owning the underlying shares. You can use leverage to magnify gains and trade in both rising and falling markets. The principal costs are the spread (the difference between buy and sell prices) and overnight financing if you hold leveraged positions open for several days.
CFD Gain Scenario: Mapletree North Asia Commercial Trust
You open a CFD position on Mapletree North Asia Commercial Trust shares, with 5x leverage on a S$1,000 margin.
This gives you a market exposure of S$5,000.
✔️ Gain scenario:
If the stock rises by 8%, your position gains 8% × 5 = 40%.
Result: +S$400 gain, on a bet of S$1,000 (excluding fees).
Final advice
It's wise to compare the various brokers' fees and trading conditions before placing your first investment, as these can affect your net returns. Spot buying suits investors seeking long-term ownership and dividends, while CFDs are better for active traders comfortable with leverage and short-term strategies. The most suitable method depends on your investment goals and risk profile. For a side-by-side broker comparison, refer to our table further down the page.
Check out the best brokers in Singapore!Compare brokersOur 7 tips for buying Mapletree North Asia Commercial Trust stock
| 📊 Step | 📝 Specific tip for Mapletree North Asia Commercial Trust |
|---|---|
| Analyze the market | Review recent performance and long-term trends of Mapletree North Asia Commercial Trust’s successor, Mapletree Pan Asia Commercial Trust (MPACT), on the Singapore Exchange. |
| Choose the right trading platform | Select a MAS-regulated platform or broker with low fees and reliable access to SGX-listed REITs like Mapletree North Asia Commercial Trust’s successor. |
| Define your investment budget | Set an affordable budget and consider diversifying within Singapore REITs to manage exposure given Mapletree North Asia Commercial Trust’s international portfolio reach. |
| Choose a strategy (short or long term) | Consider a long-term income strategy to benefit from consistent distributions, or short-term if you want to take advantage of price recoveries after sector corrections. |
| Monitor news and financial results | Regularly check quarterly financial updates, DPU announcements, and portfolio performance for any changes in occupancy or asset sales. |
| Use risk management tools | Utilise stop-loss orders and review your portfolio allocation to mitigate risks related to regional exposure and REIT sector fluctuations. |
| Sell at the right time | Plan your exit around dividend ex-dates or when valuations approach analyst price targets, especially following strong financial results. |
The latest news about Mapletree North Asia Commercial Trust
Mapletree North Asia Commercial Trust (MNACT) has been merged into Mapletree Pan Asia Commercial Trust (MPACT) since August 2022. This strategic merger created one of Asia's ten largest REITs, consolidating commercial properties across Singapore, Hong Kong, China, Japan, and South Korea. Singapore-based investors now hold interests in the enlarged MPACT, which continues to be actively traded on SGX under the ticker N2IU.SI. The integration brings enhanced scale, diversified risk, and a recognized platform for regional expansion.
In the past week, MPACT shares have gained 5.04%, outperforming the SGX REIT sector. This rebound reflects strengthened sentiment around resilient Asian gateway commercial property markets and constructive trading volumes averaging nearly 9 million units per session. The positive momentum comes despite broader capital market volatility, underlining the defensive appeal of high-quality, geographically diversified REITs for Singaporean investors.
MPACT reported a net profit of SGD 584.18 million for the latest fiscal year, up 1.08% year-on-year despite revenue softness. While last twelve month revenue dipped slightly (down 4.85%), robust cost controls, resilient premium asset performance, and a maintained net profit margin near 64% have supported overall profitability. The current price-to-earnings ratio (11.36 trailing) and price-to-book ratio (0.69) indicate attractive value, while the forward dividend yield remains competitive at 6.37%.
Strategic portfolio rebalancing continued with the disposal of Mapletree Anson, reinforcing MPACT’s balance sheet and portfolio agility. This move, announced within the last week, signals ongoing active asset management, with the manager responding to evolving market conditions by selectively recycling capital from mature assets. The proceeds are expected to facilitate new investments or debt reduction, supporting sustainable distributions to unitholders.
Analyst coverage in Singapore remains broadly positive, with consensus “Buy” recommendations and average 12-month target prices exceeding a 20% upside from recent levels. Price targets from major brokers including DBS (SGD 1.50) and a sector consensus of SGD 1.51 reflect confidence in the REIT’s prospects. Most analysts highlight the unique positioning of MPACT, the diversified asset base, and ongoing regional economic recovery as supportive of further share price appreciation, particularly in relation to its discounted valuation and stable income profile for local investors.
FAQ
What is the latest dividend for Mapletree North Asia Commercial Trust stock?
Mapletree North Asia Commercial Trust has merged into Mapletree Pan Asia Commercial Trust, which currently pays an annual dividend of SGD 0.08 per unit. The most recent ex-dividend date was 2 May 2025. The current dividend yield is stable and among the highest for large-cap Singapore REITs, and the trust’s distribution policy prioritizes steady, sustainable payouts to unitholders.
What is the forecast for Mapletree North Asia Commercial Trust stock in 2025, 2026, and 2027?
Based on the current unit price of SGD 1.25, projections are SGD 1.63 for end-2025, SGD 1.88 for end-2026, and SGD 2.50 for end-2027. A diversified regional portfolio, active asset management, and ongoing sector recovery may support further capital appreciation. Analysts remain generally positive, with consensus targets indicating additional upside potential.
Should I sell my Mapletree North Asia Commercial Trust shares?
Given the current valuation, strong core portfolio, and quality management, there are credible reasons to consider holding your Mapletree North Asia Commercial Trust shares. The trust’s history of steady distributions, strategic regional exposure, and stable fundamentals provide reassurance for medium- to long-term investors. Holding may be appropriate as the outlook for Asian commercial property and the trust’s diversified assets remains constructive.
Are dividends from Mapletree North Asia Commercial Trust subject to tax in Singapore, or eligible for local savings schemes?
Distributions from Mapletree North Asia Commercial Trust, now part of Mapletree Pan Asia Commercial Trust, are generally tax-exempt for Singapore residents. The REIT is also eligible for the Supplementary Retirement Scheme (SRS), making it attractive for local investors seeking tax efficiency and retirement planning benefits. Non-residents may be subject to a withholding tax, depending on their status.
What is the latest dividend for Mapletree North Asia Commercial Trust stock?
Mapletree North Asia Commercial Trust has merged into Mapletree Pan Asia Commercial Trust, which currently pays an annual dividend of SGD 0.08 per unit. The most recent ex-dividend date was 2 May 2025. The current dividend yield is stable and among the highest for large-cap Singapore REITs, and the trust’s distribution policy prioritizes steady, sustainable payouts to unitholders.
What is the forecast for Mapletree North Asia Commercial Trust stock in 2025, 2026, and 2027?
Based on the current unit price of SGD 1.25, projections are SGD 1.63 for end-2025, SGD 1.88 for end-2026, and SGD 2.50 for end-2027. A diversified regional portfolio, active asset management, and ongoing sector recovery may support further capital appreciation. Analysts remain generally positive, with consensus targets indicating additional upside potential.
Should I sell my Mapletree North Asia Commercial Trust shares?
Given the current valuation, strong core portfolio, and quality management, there are credible reasons to consider holding your Mapletree North Asia Commercial Trust shares. The trust’s history of steady distributions, strategic regional exposure, and stable fundamentals provide reassurance for medium- to long-term investors. Holding may be appropriate as the outlook for Asian commercial property and the trust’s diversified assets remains constructive.
Are dividends from Mapletree North Asia Commercial Trust subject to tax in Singapore, or eligible for local savings schemes?
Distributions from Mapletree North Asia Commercial Trust, now part of Mapletree Pan Asia Commercial Trust, are generally tax-exempt for Singapore residents. The REIT is also eligible for the Supplementary Retirement Scheme (SRS), making it attractive for local investors seeking tax efficiency and retirement planning benefits. Non-residents may be subject to a withholding tax, depending on their status.
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