新加坡地产情报：UOL Thomson Reserve 销售与定价超预期，Mapletree Investments 筹备明年潜在IPO

J.P. Morgan's Singapore/ASEAN property and REITs intelligence note. UOL's Thomson Reserve sold 1,143 of its 1,268 units (90.1%) at an average S$2,900 psf over the 30-31 October launch, exceeding our 60-70% take-up expectation, with pricing ~10% above our S$2,626 psf assumption; we believe the consortium will generate a 30% PBT margin (up from 22%), adding ~1% to UOL's RNAV. Mapletree Investments is reportedly preparing for a potential IPO early next year, separating fee-generating fund management activities into a listed ListCo while balance-sheet assets sit in an AssetCo. MPACT's 2Q27 takeaways point to MBC rental commencement as a near-term catalyst, a two-year VivoCity AEI pipeline, and continued China weakness. In ASEAN High-Conviction Picks, we add CICT SP in Singapore, replacing SGX SP. Seatrium secured an FPSO integration contract worth over S$200m from SBM Offshore, lifting FY26 YTD orders above S$1.45bn versus our S$7bn full-year forecast;