Marking 25 Years of Growth

From local roots to global reach, Mapletree celebrates a quarter-century of excellence in real estate development, investment, capital and property management.

(from 5 in Singapore in 2000)

(from S$2.3B in 2003)

(from S$0.7B in FY05/06)

(from S$2.5B in FY05/06)

Recurring Fee Income

Figures are as at 31 March 2026.


In Financial Year 2025/2026 (FY25/26), the Group focused on building a global logistics platform through an accelerated development strategy, expanding selectively in core sectors, delivering sustainable earnings through operational excellence and bolstering financial resilience through proactive capital management.

Figures are as at 31 March 2026.

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Mr Edmund Cheng

Message from the Chairman

In 2025, as we celebrated our 25th anniversary, we proudly recognised 15 years of commitment to making a positive impact and giving back to the community.

From our beginnings in 2000, we have grown from a modest Singapore portfolio into a key global real estate investment player with assets across 13 markets. The Group has built a strong track record over the past quarter century grounded in disciplined investment, prudent capital management and a long-term view to create value for its stakeholders. Mapletree continues to build depth and scale in areas where we possess clear competitive advantages and strong market conviction.


Our four core sectors – logistics, office, student housing and data centre – continue to be a key focus. Among these sectors, logistics remains a key pillar of our strategy, accounting for ~43% of our overall assets under management. We continue to build Mapletree’s global logistics platform through an accelerated development strategy.

Mapletree views sustainability holistically. In FY25/26, we completed a Group-wide Net Zero Study, which allowed us to define interim emissions reduction targets on our path to net zero by 2050. We translated these targets into practical action plans for each business unit, focusing on energy efficiency, embodied carbon and renewable energy. As at 31 March 2026, we have also planted ~62,000 trees across 13 markets, reaching 62% of our 100,000-tree target by 2030.

In addition to environment, we also consider economic, social and governance pillars, which are interrelated. In 2025, we proudly recognised 15 years of commitment to making a positive impact and giving back to the community with Letters to the Next Generation, a publication that reflects the people, partnerships and values that have shaped our journey. In FY25/26, we have also committed S$2.5 million to Corporate Social Responsibility initiatives, positively impacting more than 80,000 individuals across our markets.

Overall, Mapletree delivered stable financial performance, advanced our development pipeline and aligned our business with a strong commitment to contribute meaningfully across our markets.


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Mr Hiew Yoon Khong

Message from the Group CEO

We are positioning Mapletree for the next phase of growth, supported by our global logistics platform, particularly through development, proactive capital management, as well as a continued focus on our core sectors of logistics, office, student housing and data centre.

Mapletree was established 25 years ago and has evolved from a Singapore-centric company into a global real estate platform with over 880 assets and S$76.2 billion in assets under management across 13 markets globally. Through each market cycle, we have continually emerged with a stronger platform than before. The past year was no exception.

Throughout FY25/26, we continued to execute our business strategy with discipline and prudence. Alongside tactical responses to evolving market conditions, we also advanced strategic priorities across our logistics, office, student housing and data centre platforms. In addition, we progressed planned capital recycling and syndication programmes and continued to grow our fee-based businesses.

This FY, the Group focused on building Mapletree’s global logistics platform through an accelerated development strategy. We successfully completed 13 development projects – 10 of which were in logistics. We also awarded contracts for 15 new projects, of which 12 were logistics. As at 31 March 2026, our projects under development stood at S$5.4 billion, with most being logistics developments (S$2.6 billion).

In addition, the Group adopted proactive capital management strategies to bolster our financial resilience and unlock value for investors. Our private funds made notable progress, including acquiring a logistics land site and a logistics development under Mapletree Japan Investment Country Private Trust; divesting 10% of our stakes in assets under India Real Estate Investment Platform; and Mapletree US & EU Logistics Private Trust successfully exiting ~US$1.5 billion (S$1.9 billion) of logistics assets in the US since June 2025, delivering returns in line with its 12% internal rate of return target.


While the global operating environment continues to evolve, with macroeconomic events reshaping how we invest, develop and operate, we remain focused on the long term. We are positioning Mapletree for the next phase of growth, supported by our global logistics platform, particularly through development, proactive capital management, as well as a continued focus on our core sectors of logistics, office, student housing and data centre.

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Our Global Presence

Mapletree owns and manages real estate assets across 13 markets. The Group’s total assets under management (AUM) stands at S$76.2 billion. Asia accounted for 65.0% of the Group’s AUM, while the other developed markets of Australia, Canada, Europe, the United Kingdom and the United States contributed 35.0% of its AUM. The Group’s three real estate investment trusts and nine private real estate funds have a combined AUM of S$55.7 billion.

Highlights of the Year

  • Across FY25/26

  • Mar 2026
  • Feb 2026
  • Jan 2026
  • Dec 2025
  • Nov 2025
  • Oct 2025
  • Sep 2025
  • Aug 2025
  • Jul 2025
  • Jun 2025
  • May 2025
  • Apr 2025
  • Mapletree completed six logistics parks in China with a total net lettable area of ~600,000 square metres, all held on the Group’s balance sheet.

    Mapletree’s private funds1 monetised over S$2.5 billion of assets in various markets in FY25/26. Notably, Mapletree US & EU Logistics Private Trust (MUSEL) successfully exited ~US$1.5 billion (S$1.9 billion)2 of logistics assets in the United States since June 2025, delivering returns in line with its 12% internal rate of return target.

    1 Includes MUSEL, Mapletree US Logistics Private Trust, Mapletree Australia Commercial Private Trust and Mapletree Global Student Accommodation Private Trust.
    2 Based on exchange rates as at 31 March 2026.

  • Mapletree Logistics Trust acquired a Grade A warehouse with 79,378 square metres (sqm) of net lettable area (NLA) in Mumbai, India for INR3,888 million (S$53.2 million)1.

    Mapletree acquired Oosterhout DC1, a newly completed logistics development with 30,341 sqm of NLA in Oosterhout (Gelderland), the Netherlands.

    Mapletree Japan Investment Country Private Trust completed the forward purchase of Chitose Kami-Osatsu Logistics Centre, a new logistics development with gross floor area of 46,577 sqm in the Hokkaido prefecture in Japan.

    To commemorate International Women’s Day, Mapletree organised week-long initiatives, which included a sharing session by Ms Tan Su Shan, Chief Executive Officer, DBS Bank Group and Ms Wendy Koh, Group Chief Financial Officer, Mapletree, a purple-themed mass walk and a bazaar featuring women-led businesses at Mapletree Business City.

    Mapletree Art with a Purpose – Phase 2 was launched with three new products featuring artworks by artists from Singapore and Vietnam. All proceeds are channelled towards charities and artists’ royalties.

    Mapletree launched its inaugural Mapletree Budding Entrepreneurs Challenge to support youths in addressing pressing social challenges through innovative solutions. Top four winning teams were awarded S$10,000 each in prize money and seed funding.

    1 Based on the illustrative exchange rate of S$1.00 = INR73.06.

  • Mapletree Japan Investment Country Private Trust acquired a land site to develop Mapletree Kitakami Kanegasaki Logistics Centre with gross floor area of ~64,000 square metres in the Tohoku region of Japan.

    Mapletree and TENG presented a refreshed Once Upon a Time 2026, a Lunar New Year concert curated for families and children. With over 1,900 attendees, the concert featured signature pieces and solo performances by the Mapletree-TENG scholars and premiered two new Mapletree commissions.

  • Mapletree successfully divested 10% of its stakes in its India commercial assets by bringing in another high-quality institutional investor.

    Mapletree and Mapletree Pan Asia Commercial Trust embarked on a new distributed district cooling system to enhance energy efficiency across five buildings in the HarbourFront Precinct in Singapore.

    With monetary and venue sponsorship from Mapletree, the Hong Kong Bird Watching Society held its Shui Hau Harvest Festival exhibition at Festival Walk in Hong Kong SAR, showcasing the effectiveness of wetland management in restoring farmland and enhancing biodiversity in Shui Hau.

  • Mapletree acquired Roosendaal DC1, a modern logistics facility with 34,852 square metres of net lettable area in Roosendaal, the Netherlands.

    Mapletree was ranked sixth in Guandian Organisation’s Top 10 Best Performing Logistics Real Estate Operators in China – its third consecutive year being named in this list.

    Mapletree Pan Asia Commercial Trust was included as a constituent in the FTSE4Good Developed Index and FTSE4Good Developed Asia Pacific Index.

    The Mapletree Young Composers Initiative 2025 awarded six original compositions a cash award of S$2,500 each after a rigorous judging process across the music schools in LASALLE College of the Arts and Nanyang Academy of Fine Arts.

    To promote community gardening and urban greening, the Group launched the Mapletree Edible Garden at the rooftop of ARC in Singapore. To date, over 50 staff and tenant volunteers have tended to the garden, with close to 60 kilogrammes of leafy greens and herbs harvested. A significant portion has been donated to NTUC Health Active Ageing Centre (Telok Blangah) and St Andrew’s Nursing Home (Queenstown).

  • Mapletree completed the construction of Mapletree Logistics Park Hoa Phu 2 which offers 98,124 square metres of net lettable area in Bac Ninh province, Vietnam.

    Mapletree Logistics Trust and Mapletree Pan Asia Commercial Trust (MPACT) received the Most Transparent Company Award (REITs and Business Trusts) (Joint Winner) and Shareholder Communications Excellence Award (REITs and Business Trusts) (Joint Winner), respectively, at the Securities Investors Association (Singapore) Investors’ Choice Awards 2025.

    Mapletree Industrial Trust was awarded the Highest Weighted Return on Equity over Three Years (REITs Category), and MPACT was named Overall Sector Winner (REITs category) by The Edge Singapore Billion Dollar Club 2025.

    The Reef at King’s Dock secured the Best Residential Project (Silver) at MPIM Asia Awards 2025 and Top Development (Central Category), Landscape Excellence and Innovation Excellence at EdgeProp Singapore Excellence Awards 2025.

    A private premiere was hosted for the top three short films of the Mapletree Young Filmmakers Initiative 2025 at VivoCity, Singapore. The event was attended by over 100 students, faculty members and film contributors. View the three films on Mapletree Arts in the City YouTube channel here.

    Mapletree donated S$250,000 to launch Mapletree Community Impact Programme with Singapore International Foundation to support skilled volunteerism on health projects in India and Vietnam. The programme is set to benefit more than 47,000 patients and caregivers by sharing professional knowledge and strengthening local healthcare capabilities with community-level initiatives.

    The 41st Singapore Bird Race, supported by Mapletree for the seventh consecutive year, saw a record number of over 460 participating birdwatchers and photographers and 120 youths and students observing 166 species of birds, including several globally threatened species.

  • Mapletree announced a new flagship commercial project with 123,000 square metres (sqm) of gross floor area, comprising 26 floors of Grade A office and five floors of upscale retail spaces in Singapore’s Greater Southern Waterfront.

    Mapletree secured the largest warehouse lease transaction in the Polish market in 2025 – 128,000 sqm of space across Piotrkow II DC1, DC2 and DC3 – reflecting the Group’s robust asset management capabilities.

    Mapletree’s Student Castle was awarded Best Booking Experience (United Kingdom and Ireland) at the Global Student Living Awards 2025.

    Mapletree secured Gold for Asia’s Best Sustainability Report (Private Company) and Asia’s Best Workplace Reporting categories at the 11th Asia Sustainability Reporting Awards 2025, underscoring its dedication to transparent and balanced disclosures.

    The third edition of An Evening with Mapletree brought together over 600 tenants, employees and residents from the Alexandra Precinct, along with their families, to celebrate the Mid- Autumn Festival through various cultural performances and community activities.

    Mapletree hosted a five-week exhibition in support of Chingay: Road to UNESCO at VivoCity and Alexandra Retail Centre, respectively.

  • Mapletree acquired a 152,324 square metres (sqm) land site at 1180 Corporate Center Drive East to develop a logistics facility with 39,044 sqm of net lettable area (NLA) in Pennsylvania, United States (US).

    Mapletree acquired a 118,856 sqm land site at 1035 W. Laraway Road to develop a logistics facility with 38,973 sqm of NLA in Chicago, US.

    Mapletree was ranked 20th in PERE’s APAC Fund Manager Guide 2025, which tracks third-party capital raised for Asia Pacific-focused funds.

    More than 1,000 employees across global offices clocked a total of 5,475 learning hours in the eighth edition of Mapletree Learning Fiesta.

    Partnering with The Urbanist Singapore, Mapletree organised Waves of Change: A Mapletree Maritime and Art Journey – which brought more than 30 attendees around art pieces and historical artefacts at Mapletree Business City, VivoCity and St James Power Station in Singapore.

  • Mapletree entered Australia’s student housing sector with the acquisition of a 1,398 square metres (sqm) land site along Wellington Street, Perth for a premier 835-bed development, scheduled for completion by 2027.

    Mapletree acquired a 182,109 sqm land parcel in Chakan, Pune, India for ~INR$2.1 billion (S$29.1 million)1 to build Grade A warehouses with 164,581 sqm of net lettable area.

    Mapletree celebrated its 25th anniversary with an award ceremony recognising long-serving employees. A special Mapletree 25 tumbler was unveiled to celebrate the event.

    Mapletree hosted over 135 private banking investors from the Bank of Singapore and DBS at its Mapletree Private Funds Investor Days. Held over two half-day sessions at Grand Hyatt Singapore, the event provided a platform for fund managers to present fund performance and plans going forward.

    The third edition of Mapletree Community Month raised nearly S$24,000 for its beneficiaries, recording over 550 volunteer and learning hours – a 50% increase from last year. A total of 284 employees and 200 tenants from 22 tenant companies participated in the 14 initiatives aligned to Mapletree’s four Corporate Social Responsibility pillars.

    Mapletree pledged a S$3 million endowed donation to National University of Singapore (NUS) to expand NUS’ Communities & Engagement Pillar courses attended by 4,000 students annually. These courses strengthen relationships between students, seniors and vulnerable families, enriching the lives of more than 60,000 beneficiaries.

    1 Based on exchange rates as at 31 March 2026.

  • Mapletree acquired a 19,439 square metres (sqm) land site in Yerawada, Pune, India to develop a Grade A office park with an estimated potential net lettable area of 167,225 sqm.

    Mapletree was recognised as a Building and Construction Authority Singapore Green Mark partner, an accolade celebrating exemplary leadership and unwavering commitment to environmental sustainability across its portfolio.

    More than 200 Mapletree staff gained insights into Singapore’s efforts to stay competitive amid geopolitical shifts in a closed-door dialogue with Mr Ong Ye Kung, Singapore’s Coordinating Minister for Social Policies and Minister for Health, held at Mapletree Business City.

    Mapletree formalised a Memorandum of Understanding with the University of the Arts Singapore to launch the Mapletree Young Composers Initiative and Mapletree Young Filmmakers Initiative, offering over S$30,000 in funding, professional mentorship and opportunities for student-led showcases.

    Mapletree launched its first commemorative book, Letters to the Next Generation, which chronicles its 15-year journey in Corporate Social Responsibility. In conjunction with the book launch, a special edition of Mapletree Arts in the City titled Singapore Townscapes in Symphony by the Asian Cultural Symphony Orchestra was presented to celebrate SG60.

    Mapletree and Singaporean photographer Melisa Teo presented the Two Rivers (Part II) exhibition at VivoCity, Singapore, which attracted more than 10,000 visitors. My Two Rivers: Young Artist Competition also drew close to 80 artworks from young creatives, with nine winners awarded a total of S$1,800 VivoCity eVouchers.

  • With support from Mapletree, TENG released its first-ever National Day medley music video, featuring 32 songs with filming conducted across five Mapletree properties. A concert Stories of an Island City was also held at VivoCity’s Amphitheatre to celebrate SG60.

    The seventh edition of the Mapletree Youth Futsal Camp concluded with a record turnout of 135 participants comprising children of Mapletree’s tenants, staff and beneficiaries. Due to strong demand, the camp was extended from three days in the previous edition to four.

  • Mapletree acquired a 118,629 square metres (sqm) land site in Shah Alam, Selangor, Malaysia for MYR295 million (S$96 million)1, to develop a modern logistics hub with 321,000 sqm of net lettable area (NLA) by 2H 2029.

    Mapletree acquired a 73,289 sqm land site at 3600 Houbolt Road to develop a logistics facility with 29,014 sqm of NLA in Chicago, United States.

    Mapletree Industrial Trust completed the final phase of fitting-out works at the Osaka Data Centre in Osaka, Japan.

    1 Based on exchange rates as at 31 March 2026.

  • Mapletree embarked on a new logistics development with net lettable area of 13,852 square metres (sqm) on a 33,184 sqm land site at 1360 Schiferl Road in Chicago, United States.

    In celebration of Earth Day, Mapletree organised a documentary screening of Wasted for 183 staff, tenants and partners at Mapletree Business City, Singapore, and supported the Eco-Treasure Hunt at Temasek Polytechnic, where staff and students engaged in sustainability-themed games.

    The Mapletree-TENG Scholarship 2025 awarded six youths a total of S$73,000 to support their musical aspirations. In its eighth year of partnership with The TENG Company (TENG), Mapletree has awarded a total of 38 scholarships to date.





We are committed to delivering long-term sustainable returns to shareholders while creating a climate-resilient portfolio, enhancing social value within our workplace and community, and upholding high ethical standards.

for Asia’s Best Sustainability Report (Private Company) and Asia’s Best Workplace Reporting at the 11th Asia Sustainability Reporting Awards

for India Commercial and Singapore Commercial, which was named Regional Sector Leader

for all modules assessed

for US Logistics, Commercial and Data Centre

green-certified new developments

Largest LEED-certified area in China and EDGE-certified warehouse portfolio in Southeast Asia

green and sustainable financing secured to date

onsite renewable energy capacity

achieving the Wildlife Trusts’ Biodiversity Benchmark award for Green Park, Reading, UK

committed to CSR initiatives in FY25/26

of staff volunteering across 90 events

planted across Mapletree assets and communities since FY23/24

female representation in Mapletree’s senior management

of employees received sustainability training

material incidences of non-compliance and validated incidences of money laundering, or any other kind of corruption

Mapletree believes in diversifying its sources of capital through private real estate funds and public-listed REITs, as well as growing its investor pool to support new fund platforms. In FY25/26, Mapletree’s private funds successfully monetised over S$2.5 billion of assets to unlock value and return capital to investors, while its Singapore-listed REITs continued to take active steps to rejuvenate their portfolios through strategic divestments and acquisitions.

Investor

Engagements

Private Funds

in Operation

Singapore-listed

REITs

Facilitating Open Communication

Crowd, Person, Audience

Mapletree Private Funds Investor Days for Private Banking Investors

In line with Mapletree’s commitment to enhancing investor engagement, reinforcing communication and strengthening relationships amid market uncertainty, Mapletree Private Funds Investor Days in August 2025 hosted over 135 private banking investors from the Bank of Singapore and DBS.

Held at Grand Hyatt Singapore over two half-day sessions, the event provided a platform for fund managers to present recent developments, market trends, fund performance and strategic plans going forward. It was an opportunity for investors to interact with and provide feedback to the fund managers.

Past Annual Reports

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