Anybody stay near to VivoCity? How you feel about investing this shopping center? We are looking at MapleTree Commercial Trust (MapletreeCom N2IU.SI) here. This REIT own 3 buildings (VivoCity 70%, Bank of America Merrill Lynch HarbourFront (MLHF) 11% and PSA Building 19%). This REIT is quiet special as it combines Retail REIT and Office REIT.

MapleTreeCom only has 2 years data for analysis. It is still fairly new. As shown below, the buildings are quite costly, total value of $3,831m, about twice of total FCT. But the property yields% is only 4.1%. The earning per share is 0.15, lower than FCT of 0.225. Although the net income is similar with FCT, the profitability of MapletreeCom is lower than FCT.

It may not be fare to compare FCT with MapleTreeCom as FCT is purely retail while MapleTreeCom is 70% retail and 30% office. The only tenant, Bank ...