Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>DayOne Data Centers' upcoming USD 20bn Nasdaq IPO signals a massive institutional capital rotation into liquid-cooled AI infrastructure, threatening legacy Asian data center REITs.</li>
<li>Suggest SHORT on Digital Core REIT. Its traditional air-cooled portfolio faces terminal cap-rate expansion and tenant churn as hyperscalers migrate to high-density facilities.</li>
<li>Monitor short-squeeze risks. Digital Core REIT trades at a steep discount to book value and could aggressively acquire AI-ready assets via its powerful sponsor pipeline.</li>
</ul>


DayOne Data Centers' upcoming USD 20bn Nasdaq IPO signals a massive institutional capital rotation into liquid-cooled AI infrastructure, threatening legacy Asian data center REITs.
Suggest SHORT on Digital Core REIT. Its traditional air-cooled portfolio faces terminal cap-rate expansion and tenant churn as hyperscalers migrate to high-density facilities.
Monitor short-squeeze risks. Digital Core REIT trades at a steep discount to book value and could aggressively acquire AI-ready assets via its powerful sponsor pipeline.


DayOne's USD 20bn IPO Triggers AI Capital Rotation: Short Digital Core REIT

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul><li>Corporate Monitor Ltd’s(CML) 4th report on the REIT sector concluded that overall performance of REITs is poor, as 15 of the 38 failed to return more money to unitholders than the equity they raised (i.e. Return OF Capital or R-OF-C), and only 10 provided a return ON capital (or R-ON-C).</li><li>Another 13 can be said to have provided a return if the increase in net asset value (NAV) is taken into consideration.</li><li>Even here, CML is of the view that their performance is lacklustre.</li></ul>

Corporate Monitor Ltd’s(CML) 4th report on the REIT sector concluded that overall performance of REITs is poor, as 15 of the 38 failed to return more money to unitholders than the equity they raised (i.e. Return OF Capital or R-OF-C), and only 10 provided a return ON capital (or R-ON-C).Another 13 can be said to have provided a return if the increase in net asset value (NAV) is taken into consideration.Even here, CML is of the view that their performance is lacklustre.

Singapore Reit and Business Trust Sector: What Really Caused the Poor Performance?

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

AIMS APAC REIT is a real estate investment trust that invests in and manages a diversified portfolio of income-producing industrial, logistics, and business park properties across the Asia-Pacific region. It provides leasing and rental services for assets used in warehousing, distribution, business park, light industrial, high-tech, and manufacturing activities. The company is headquartered in Singapore and was incorporated in 2006.

<ul><li>AIMS APAC REIT (“AA REIT”) is a Singapore-listed industrial REIT with a predominantly Singapore logistics and industrial portfolio, complemented by longer-duration Australian freehold assets.</li><li>Following the Senoko divestment and Hazelmere acquisition, the portfolio comprises 24 Singapore properties and four Australian interests, with earnings driven by leasing, rental reversion, asset enhancement and disciplined capital recycling.</li><li>Operating momentum strengthened in 1Q FY2027.</li></ul>

AIMS APAC REIT (“AA REIT”) is a Singapore-listed industrial REIT with a predominantly Singapore logistics and industrial portfolio, complemented by longer-duration Australian freehold assets.Following the Senoko divestment and Hazelmere acquisition, the portfolio comprises 24 Singapore properties and four Australian interests, with earnings driven by leasing, rental reversion, asset enhancement and disciplined capital recycling.Operating momentum strengthened in 1Q FY2027.

AIMS APAC REIT: Income Growth Intact; Capital Discipline Now Matters More

Starhill Global REIT is a Singapore-based real estate investment trust that invests in a portfolio of retail and office properties. It owns nine mid- to high-end assets across Singapore, Australia, Malaysia, Japan, and China, generating revenue primarily from leasing. The company was established in 2005 and is headquartered in Singapore.

<ul><li>Income resilience confirmed; execution is the next test. FY25/26 validates the DPU base, while selective recovery supports modest growth into FY26/27.</li><li>Starhill Global REIT is a Singapore-listed REIT with a portfolio of retail and office assets across Singapore, Australia, Malaysia, Japan and China.</li><li>Its key assets include interests in Wisma Atria and Ngee Ann City in Singapore, The Starhill and Lot 10 in Malaysia, and Myer Centre Adelaide in Australia.</li></ul>

Income resilience confirmed; execution is the next test. FY25/26 validates the DPU base, while selective recovery supports modest growth into FY26/27.Starhill Global REIT is a Singapore-listed REIT with a portfolio of retail and office assets across Singapore, Australia, Malaysia, Japan and China.Its key assets include interests in Wisma Atria and Ngee Ann City in Singapore, The Starhill and Lot 10 in Malaysia, and Myer Centre Adelaide in Australia.

Starhill Global REIT: Income Resilience Confirmed; Execution Is the Next Test

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

<ul><li>AIMS APAC REIT (AA REIT) is a Singapore real estate investment trust that invests in a portfolio of income-producing real estate properties located in Singapore and Australia.</li><li>The types of properties in their portfolio are logistics and warehouse, industrial, business parks and hi-tech.</li><li>As at 31 March 2026, AA REIT’s total assets under management is S$2.2 billion and comprises of 24 Singapore properties and 3 Australia properties. </li></ul>

AIMS APAC REIT (AA REIT) is a Singapore real estate investment trust that invests in a portfolio of income-producing real estate properties located in Singapore and Australia.The types of properties in their portfolio are logistics and warehouse, industrial, business parks and hi-tech.As at 31 March 2026, AA REIT’s total assets under management is S$2.2 billion and comprises of 24 Singapore properties and 3 Australia properties. 

Aims APAC REIT: Initiating Coverage (2 October 2026)

Singapore Real Estate Investment Trusts (REITs)