Mapletree North Asia Commercial Trust aims for 16 January re-opening of flagship property

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Mapletree North Asia Commercial Trust (MNACT) is looking to re-open its flagship property, Festival Walk, on 16 January.

This is being done ahead of the Lunar New Year festive season.

Festival Walk was severely damaged on 12 November in acts of vandalism linked to the Hong Kong protests.

Glass panels were smashed, while escalators were damaged beyond repair during the incident.

The property has been closed for business since.

Related: Insurers begin damage assessment on Mapletree North Asia Commercial Trust property

Festival Walk contributes about 60% to MNACT’s net property income (NPI) annually.

Images circulated online by Hong Kong media indicate that temporary steel railings have been installed to replace glass balustrades that were damaged in the incident.

"Some of the repair and replacement works are expected to continue within the mall after it re-opens", the REIT added in its statement on 10 January.

Since the incident, MNACT has accelrated efforts to geographicallty diversity its properties.

Related: Mapletree’s North Asia REIT accelerates income diversification with Tokyo acquisition

MNACT was last done on the Singapore Exchange at SGD1.17.

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