For this episode of REITspots, we head all the way to Sydney, Australia, to visit Keppel REIT's newest acquisition, Top Ryde City Shopping Centre! A local, family-oriented suburban shopping mall, Top Ryde City offers a vibrant mix of retail, dining, and entertainment options, catering to residents and visitors seeking both urban convenience and suburban charm.
I will also include relatable comparisons to Singapore malls, such as what shops can be compared with, so you can relate better. Did you know that Top Ryde City Shopping Centre (77,054 m² NLA) is larger than Northpoint City (49,332 m² NLA), but smaller than VivoCity (99,987 m2 NLA)?
Keppel REIT is one of Singapore’s largest and most established real estate investment trusts, listed on the Singapore Exchange (SGX) since 2006. The REIT focuses on owning and managing a diversified portfolio of Grade A commercial properties and mixed-use assets across key business and financial districts in Singapore, Australia, South Korea, and Japan. Its portfolio comprises landmark developments such as Marina Bay Financial Centre, One Raffles Quay, and Ocean Financial Centre in Singapore, as well as premium office towers in Sydney, Melbourne, Brisbane, Seoul, and Tokyo.
Keppel REIT's financial ratios, as of 19th Oct 2025.
On 8 October 2025, Keppel REIT announced the acquisition of a 75% interest in Top Ryde City Shopping Centre for A$393.8 million (approximately S$334.8 million). This strategic investment marks Keppel REIT’s first entry into the retail asset class, diversifying its portfolio beyond commercial office assets. The move leverages the mall’s high occupancy rate, robust foot traffic, and stable non-discretionary retail base.
The acquisition is expected to be DPU-accretive, enhancing Keppel REIT’s income resilience and portfolio balance. The REIT also plans to optimise the tenant mix, enhance customer experience, and integrate sustainability initiatives — aligning with its long-term strategy of building a high-quality, future-ready portfolio.
Top Ryde City Shopping Centre is a major retail and lifestyle hub strategically located in Ryde, New South Wales, Australia. It stands out as one of Sydney’s most prominent suburban shopping destinations, combining retail, dining, entertainment, and essential services under one roof. Its tenant mix caters primarily to local residents, families, and students, making it a community-focused destination with strong recurring footfall.
With 78,125 square metres of net lettable area, Top Ryde City comprises total 7 levels, including a central outdoor atrium that allows natural light throughout the complex.
Top Ryde City Shopping Centre Outside View
The central atrium. Both buildings are part of Top Ryde City Shopping Centre
Major Australian retail brands can be found here, including 2 major supermarkets in this mall, ALDI and Coles. There are also 2 Asian Supermarkets.
ALDI is the no-frills lower price grocer, comparable to... Giant? Beside it is a Chinese brands supermarket, similar to... Scarlett?
Woolworth's (Woolies) and Coles, the more atas Fairprice and Cold Storage equivalents.
Doesn't this look like Sheng Siong?
A mix of local and international brands lines the walkways — from Miniso and Hokkaido Baked Cheese Tart to specialty cafés and bakeries reminiscent of BreadTalk.
Miniso, Hokkaido Cheese Tart, nab bank (which on first glance looks eerily similar to our DBS)
Kid: Can we have Singapore's Breadtalk? Mom: But we have BreadTalk at home.
BreadTalk at home:
The food court offers an extensive range of cuisines — Thai, Korean, Middle Eastern, Indian, and Western — alongside familiar fast-food names like KFC, Subway, and Oporto, Australia’s homegrown Portuguese-inspired chain.
The Food Court. Out of frame is Daiso on the left.
O' The Coffee Club
There's also Kmart, which the Singapore equivalent is... idk. But they sell lots of cheap home/fashion stuff, and it's quite popular.
Will Top Ryde City be a Big W (hehe) for Keppel REIT? Big W is a local retail-chain department store.
Adding to the mall’s appeal are co-working hubs, a cinema, and a large Timezone arcade, which together make Top Ryde City more than a shopping destination — it’s a lifestyle centre for the community.
Indoor Swimming Pool and classes for young kids.
Timezone. Self explanatory. But Bumper cars and Bowling inside too?!
Coworking space.
Cinema
The site visit to Top Ryde City Shopping Centre underscored its position as a cornerstone of Sydney’s suburban retail landscape. The mall’s strong tenancy profile, integrated lifestyle offerings, and consistent footfall provide an ideal platform for Keppel REIT to diversify its income streams and reinforce its long-term stability.
This acquisition represents a significant strategic milestone for Keppel REIT as it expands beyond its core office portfolio and taps into the resilience of Australia’s suburban retail sector. With its focus on enhancing tenant experience and maintaining sustainability, the REIT continues to strengthen its reputation as a forward-looking, income-stable investment vehicle.
Kenny Loh is a distinguished Wealth Advisory Director specializing in holistic investment planning and estate management. He focuses on helping clients grow their investment capital, build passive income streams, and achieve financial freedom through strategic REIT investing.
Kenny is also an SGX Academy Trainer in S-REIT investing, a regular contributor on MoneyFM 89.3, and a Certified Financial Planner (CFP). With double master’s degrees in Business Administration and Electrical Engineering, Kenny combines technical insight with financial expertise to deliver tax-efficient, long-term wealth solutions.
Follow Kenny’s insights on his Telegram channel, #REITirement – S-REIT Singapore REIT Market Update and Retirement News.