SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

10 in 10 with Cromwell European REIT - Unlocking value from logistics pivot

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<ul>
<li>
Of the REITs listed on SGX, the three REITs with 100% of their assets located in Europe are Cromwell European REIT (CEREIT), IREIT Global and Elite Commercial REIT (ECR), with the trio focused on commercial and/or industrial property segments. Between late July and mid-August, the trio reported their results for the first half ended 30 June 2020. 
	 </li>
	<li>
For 1H2020, CEREIT reported a DPU of EUR1.74 cents, down 14.7% YoY, while IREIT reported a DPU after retention of EUR1.82 cents, down 1.1% YoY.  ECR unveiled a DPU of GBP1.95 pence, up 1.0% from its IPO forecast for the period from 6 Feb 2020 (IPO date ) to 30 June 2020. 
	 </li>
	<li>As of 30 June 2020, the trio averaged an aggregate leverage ratio of 35.3%, with an average interest cover of 7.2 times. IREIT had the highest aggregate leverage of 39.0%, while ECR had the lowest aggregate leverage ratio of 32.6%. </li>
</ul>
 
Of the REITs listed on SGX, the three REITs with 100% of their assets located in Europe are Cromwell European REIT, IREIT Global and Elite Commercial REIT, with the trio focused on commercial and/or industrial property segments. <a href="https://www.cromwelleuropeanreit.com.sg/">Cromwell European REIT</a>’s (CEREIT) portfolio comprises 94 properties as at present date in or close to major gateway cities in Denmark, Finland, France, Germany, Italy, the Netherlands as well as Poland, used primarily for office, light industrial / logistics, and retail purposes. The portfolio has an appraised value of approximately €2.1 billion as at 31 March 2020. <a href="http://ireitglobal.listedcompany.com/">IREIT Global</a> (IREIT) has a portfolio of five freehold office properties in Germany, located in Berlin, Bonn, Darmstadt, Münster and Munich, and four freehold office properties in Spain, located in Madrid and Barcelona. The portfolio has an appraised value of €630.2 million. 
Listed on SGX in February this year, <a href="https://elitecreit.com/">Elite Commercial REIT</a> (ECR) is Singapore’s first and only UK-focused real estate investment trust. Elite’s portfolio comprises 97 commercial buildings, which are primarily occupied by the Department for Work and Pensions (DWP) for job centre, back office and call centre functions. About 40% of its portfolio by gross rental income is situated in London, the South and the Midlands. The portfolio is valued at about £319 million. 
Between late July and mid-August, the trio reported their results for the first half ended 30 June 2020. DPU Highlights 
For the six months ended 30 June 2020, CEREIT reported a distribution per unit (DPU) of EUR1.74 cents, down 14.7% YoY.  Net property income gained 6.6% to EUR57.7 million, while gross revenue rose 13.7% to EUR93.7 million, driven by contributions from properties acquired over the past year. Income from the new assets was, however, partially offset by EUR3.0 million of allowances made for uncollected rents due to COVID-19 and lower income from certain assets. 
For the six-month period, IREIT reported a DPU after retention of EUR1.82 cents, down 1.1% YoY. Net property income rose 1.4% to EUR15.7 million, due to higher gross revenue from the new lease at Münster South Building and positive effects from finalisation of prior year’s service charge reconciliation. Gross revenue increased 2.6% to EUR18.0 euros. 
From its listing date of 6 Feb 2020 to 30 June 2020, ECR unveiled a DPU of GBP1.95 pence, up 1.0% from its IPO forecast. Profit after tax jumped 7.0% vs its forecast to GBP3.9 million, as a result of higher revenue, lower operating expenses, finance costs and tax expenses, while revenue gained 0.3% to GBP9.3 million.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			DPU (cts/pence)
			</td>
			<td>
			YoY Chg (%)
			</td>
			<td>
			Net Property Income (mln)
			</td>
			<td>
			YoY Chg (%)
			</td>
			<td>
			Gross Revenue (mln)
			</td>
			<td>
			YoY Chg (%)
			</td>
		</tr>
<tr>
<td>
			CROMWELL EUROPEAN REIT (€)
			</td>
			<td>
			1.74
			</td>
			<td>
			-14.7
			</td>
			<td>
			57.7
			</td>
			<td>
			6.6
			</td>
			<td>
			93.7
			</td>
			<td>
			13.7
			</td>
		</tr>
<tr>
<td>
			IREIT GLOBAL (€)
			</td>
			<td>
			1.82
			</td>
			<td>
			-1.1
			</td>
			<td>
			15.7
			</td>
			<td>
			1.4
			</td>
			<td>
			18.0
			</td>
			<td>
			2.6
			</td>
		</tr>
<tr>
<td>
			ELITE COMMERCIAL REIT (£)#
			</td>
			<td>
			1.95
			</td>
			<td>
			1.0
			</td>
			<td>
			3.9*
			</td>
			<td>
			7.0^
			</td>
			<td>
			9.3
			</td>
			<td>
			0.3^
			</td>
		</tr>
</tbody></table>
Source: Company data

#Period under review covers 6 Feb 2020 listing date to 30 June 2020

^% change computed against IPO Forecast as ECR was listed in Feb 2020

*Profit after tax disclosed instead of net property income

 

Debt Profiles

 

As of 30 June 2020, the trio averaged an aggregate leverage ratio of 35.3%, with an average interest cover of 7.2 times. IREIT had the highest aggregate leverage ratio of 39.0% vs 39.3% as at 31 December 2019, while ECR had the lowest aggregate leverage ratio of 32.6%. No comparative data is available as ECR was listed in February 2020.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Aggregate Leverage Ratio (%) as at 30 June 2020
			</td>
			<td>
			Aggregate Leverage Ratio (%) as at 31 Dec 2019
			</td>
			<td>
			Interest Coverage Ratio (x) as at 30 June 2020
			</td>
			<td>
			Interest Coverage Ratio (x) as at 31 Dec 2019
			</td>
		</tr>
<tr>
<td>
			CROMWELL EUROPEAN REIT
			</td>
			<td>
			34.4
			</td>
			<td>
			34.5
			</td>
			<td>
			6.7
			</td>
			<td>
			6.7
			</td>
		</tr>
<tr>
<td>
			IREIT GLOBAL
			</td>
			<td>
			39.0
			</td>
			<td>
			39.3
			</td>
			<td>
			7.4
			</td>
			<td>
			8.7
			</td>
		</tr>
<tr>
<td>
			ELITE COMMERCIAL REIT
			</td>
			<td>
			32.6
			</td>
			<td>
			NA
			</td>
			<td>
			7.4
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			35.3
			</td>
			<td>
			 
			</td>
			<td>
			7.2
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: Company data

NA: Not available as ECR was listed in Feb 2020

 

Outlook 
Cromwell European REIT

<ul>
<li>In the European office sector, the uncertainty brought on by the COVID-19 pandemic has led to a small rise in vacancy rates across most European office markets
	<ul>
<li>Vacancy rates are still around historical lows, with CEREIT’s key Paris and Dutch market vacancies well below the average of 6.47%, based on data from CBRE</li>
		<li>Occupier demand is expected to be weak over the next 12 months due to the pandemic’s impact on corporate profits</li>
		<li>In the medium term, the effect of working from home on a large scale may also have an uncertain impact on the amount of office space that occupiers wish to lease, which may lead to a further increase of vacancy rates, albeit partially offset by the likely scaling back of speculative development</li>
	</ul>
</li>
	<li>In the European logistics sector, occupier demand for logistics properties has largely remained strong in 1H 2020, with online retailers and supermarket chains continuing to drive healthy take-up levels
	<ul>
<li>The high level of leasing activity thus far is expected to continue into the second half of the year, which will keep vacancy rates low at the current levels of ~4.1%, according to data from CBRE</li>
	</ul>
</li>
	<li>Prime rents are forecast to see positive growth over the next two years, supporting development activity, with a number of schemes set to be completed over the next 12 months
	<ul>
<li>Majority of these new spaces are expected to be leased quickly, meaning that a sharp rise in vacancy rates is not expected</li>
	</ul>
</li>
</ul>
<ul>
<li>The weight of capital from European and global investors is expected to keep prime yields stable over the next 12 months</li>
</ul>
<ul>
<li>The Manager is currently focusing on acquiring attractive assets in Germany and neighbouring markets, increasing CEREIT’s exposure to logistics properties, as well as the potential divestment of a number of office assets</li>
	<li>Key redevelopment opportunities continue to exist in Paris, Amsterdam, as well as Milan, and could allow the Manager to attract new high-quality tenant-customers and enhance CEREIT’s income streams over the long term.</li>
	<li>On 13 July 2020, CEREIT entered into an agreement with its sponsor Cromwell Property Group and Stratus Data Centres, a member of the EXS Capital Group, to appoint Stratus as Data Centre Development Manager and to potentially acquire 50% stakes in two data centre projects in London and Frankfurt, subject to various milestones.
	<ul>
<li>The sponsor is also partnering with Stratus to invest in and manage the rollout of a private data centre investment fund across Europe and Asia Pacific</li>
		<li>CEREIT has “first look” rights for 50% stakes in the fund’s European pipeline, providing it with possible opportunities to leverage the unprecedented demand for data centres to further generate stable income and deliver potential upside</li>
	</ul>
</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/8K8EAXZGE4GLIA5F/CEREIT_1H2020_Results_Media%20Release_14_Aug_2020.pdf">here</a> for the full results release.

 IREIT Global 

 Macro Economy

<ul>
<li>The COVID-19 pandemic and ongoing geopolitical tensions, particularly that between US and China, have taken a toll on the business activity in Europe, with major economies in the region expected to fall into recession in 2020</li>
	<li>This has led to a number of measures taken by the EU, including the approval of the historic €750 billion pandemic recovery fund and new budget of nearly €1.1 trillion over seven years to support the European economy</li>
</ul>
Real Estate Market

<ul>
<li>Amid the looming recession, the take-up in office space and investment activity in Europe is expected to slow down in 2020</li>
	<li>However, office rents where IREIT’s properties are located are not expected to be significantly affected due to their good quality and strong local fundamentals eg. low vacancy rates and lack of supply</li>
	<li>IREIT’s portfolio has remained resilient with a majority of the leases supported by a blue-chip tenant base. Portfolio occupancy rate has improved by 1ppt QoQ to 95.7% as at 30 Jun 2020 as a result of major new lease with ÁREAS at the Il∙lumina property in Spain</li>
</ul>
 

 Key Focus

<ul>
<li>To deepen its strategic presence in Spain and increase its portfolio strength through enhanced scale and diversification, IREIT has today exercised the call option to acquire the remaining 60% stake in the Spanish portfolio from Tikehau Capital
	<ul>
<li>The proposed acquisition will  be funded by a rights issue whereby part of the proceeds will also be used to repay the €32 million term loan facility granted by City Strategic Equity Pte Ltd</li>
		<li>The Proposed Acquisition is expected to be completed in 4Q 2020, subject to approval from unit holders of IREIT for the proposed acquisition at an EGM to be convened 
		 </li>
	</ul>
</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/B64K2XCYVCEJYM42/IREIT_1H2020_Results_Announcement.pdf">here</a> for the full results release. Elite Commercial REIT 
 

<ul>
<li>The UK economy is expected to contract by 20% in 1H 2020, and more than 10% in 2020 due to the pandemic</li>
	<li>Analysts forecast a decline in UK real GDP by 7.8% in 2020, and unemployment rate to peak at slightly below 8% in 3Q 2020, averaging 7% in 2020</li>
	<li>Unemployment claims rose to ~3 million since the lockdown with ~9 million people on the UK Government’s furlough scheme, with various other support measures introduced such as the Coronavirus Job Retention Scheme (CJRS) and self-employed income support scheme</li>
	<li>Elite Commercial REIT continues to provide stable income to its unit holders as COVID-19 has minimal impact on business and rent collection</li>
	<li>The Manager remains focused on strengthening the portfolio and will closely monitor the market to explore opportunities for growth via yield-accretive acquisitions
	<ul>
<li>Granted a right of first refusal to acquire properties in Sponsor’s pipeline, most of which have been leased long-term by various ministries of the government 
		 </li>
	</ul>
</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/KRI6SUUPGOPZ2HDE/Elite-Results%20Press%20Release%20for%20Reporting%20Period%20from%20Listing%20Date%20to%2030%20June%202020.pdf">here</a> for the full results release.
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Of the REITs listed on SGX, the three REITs with 100% of their assets located in Europe are Cromwell European REIT (CEREIT), IREIT Global and Elite Commercial REIT (ECR), with the trio focused on commercial and/or industrial property segments. Between late July and mid-August, the trio reported their results for the first half ended 30 June 2020. 
	 
	
For 1H2020, CEREIT reported a DPU of EUR1.74 cents, down 14.7% YoY, while IREIT reported a DPU after retention of EUR1.82 cents, down 1.1% YoY.  ECR unveiled a DPU of GBP1.95 pence, up 1.0% from its IPO forecast for the period from 6 Feb 2020 (IPO date ) to 30 June 2020. 
	 
	As of 30 June 2020, the trio averaged an aggregate leverage ratio of 35.3%, with an average interest cover of 7.2 times. IREIT had the highest aggregate leverage of 39.0%, while ECR had the lowest aggregate leverage ratio of 32.6%. 

 
Of the REITs listed on SGX, the three REITs with 100% of their assets located in Europe are Cromwell European REIT, IREIT Global and Elite Commercial REIT, with the trio focused on commercial and/or industrial property segments.  Cromwell European REIT’s (CEREIT) portfolio comprises 94 properties as at present date in or close to major gateway cities in Denmark, Finland, France, Germany, Italy, the Netherlands as well as Poland, used primarily for office, light industrial / logistics, and retail purposes. The portfolio has an appraised value of approximately €2.1 billion as at 31 March 2020.  IREIT Global (IREIT) has a portfolio of five freehold office properties in Germany, located in Berlin, Bonn, Darmstadt, Münster and Munich, and four freehold office properties in Spain, located in Madrid and Barcelona. The portfolio has an appraised value of €630.2 million.  
Listed on SGX in February this year, Elite Commercial REIT (ECR) is Singapore’s first and only UK-focused real estate investment trust. Elite’s portfolio comprises 97 commercial buildings, which are primarily occupied by the Department for Work and Pensions (DWP) for job centre, back office and call centre functions. About 40% of its portfolio by gross rental income is situated in London, the South and the Midlands. The portfolio is valued at about £319 million.  
Between late July and mid-August, the trio reported their results for the first half ended 30 June 2020.  DPU Highlights  
For the six months ended 30 June 2020, CEREIT reported a distribution per unit (DPU) of EUR1.74 cents, down 14.7% YoY.  Net property income gained 6.6% to EUR57.7 million, while gross revenue rose 13.7% to EUR93.7 million, driven by contributions from properties acquired over the past year. Income from the new assets was, however, partially offset by EUR3.0 million of allowances made for uncollected rents due to COVID-19 and lower income from certain assets.  
For the six-month period, IREIT reported a DPU after retention of EUR1.82 cents, down 1.1% YoY. Net property income rose 1.4% to EUR15.7 million, due to higher gross revenue from the new lease at Münster South Building and positive effects from finalisation of prior year’s service charge reconciliation. Gross revenue increased 2.6% to EUR18.0 euros.  
From its listing date of 6 Feb 2020 to 30 June 2020, ECR unveiled a DPU of GBP1.95 pence, up 1.0% from its IPO forecast. Profit after tax jumped 7.0% vs its forecast to GBP3.9 million, as a result of higher revenue, lower operating expenses, finance costs and tax expenses, while revenue gained 0.3% to GBP9.3 million.




			Name
			
			
			DPU (cts/pence)
			
			
			YoY Chg (%)
			
			
			Net Property Income (mln)
			
			
			YoY Chg (%)
			
			
			Gross Revenue (mln)
			
			
			YoY Chg (%)
			
		


			CROMWELL EUROPEAN REIT (€)
			
			
			1.74
			
			
			-14.7
			
			
			57.7
			
			
			6.6
			
			
			93.7
			
			
			13.7
			
		


			IREIT GLOBAL (€)
			
			
			1.82
			
			
			-1.1
			
			
			15.7
			
			
			1.4
			
			
			18.0
			
			
			2.6
			
		


			ELITE COMMERCIAL REIT (£)#
			
			
			1.95
			
			
			1.0
			
			
			3.9*
			
			
			7.0^
			
			
			9.3
			
			
			0.3^
			
		

Source: Company data

#Period under review covers 6 Feb 2020 listing date to 30 June 2020

^% change computed against IPO Forecast as ECR was listed in Feb 2020

*Profit after tax disclosed instead of net property income

 

Debt Profiles

 

As of 30 June 2020, the trio averaged an aggregate leverage ratio of 35.3%, with an average interest cover of 7.2 times. IREIT had the highest aggregate leverage ratio of 39.0% vs 39.3% as at 31 December 2019, while ECR had the lowest aggregate leverage ratio of 32.6%. No comparative data is available as ECR was listed in February 2020.




			Name
			
			
			Aggregate Leverage Ratio (%) as at 30 June 2020
			
			
			Aggregate Leverage Ratio (%) as at 31 Dec 2019
			
			
			Interest Coverage Ratio (x) as at 30 June 2020
			
			
			Interest Coverage Ratio (x) as at 31 Dec 2019
			
		


			CROMWELL EUROPEAN REIT
			
			
			34.4
			
			
			34.5
			
			
			6.7
			
			
			6.7
			
		


			IREIT GLOBAL
			
			
			39.0
			
			
			39.3
			
			
			7.4
			
			
			8.7
			
		


			ELITE COMMERCIAL REIT
			
			
			32.6
			
			
			NA
			
			
			7.4
			
			
			NA
			
		


			Average
			
			
			35.3
			
			
			 
			
			
			7.2
			
			
			 
			
		

 Source: Company data

NA: Not available as ECR was listed in Feb 2020

 

Outlook  
Cromwell European REIT


In the European office sector, the uncertainty brought on by the COVID-19 pandemic has led to a small rise in vacancy rates across most European office markets
	
Vacancy rates are still around historical lows, with CEREIT’s key Paris and Dutch market vacancies well below the average of 6.47%, based on data from CBRE
		Occupier demand is expected to be weak over the next 12 months due to the pandemic’s impact on corporate profits
		In the medium term, the effect of working from home on a large scale may also have an uncertain impact on the amount of office space that occupiers wish to lease, which may lead to a further increase of vacancy rates, albeit partially offset by the likely scaling back of speculative development
	

	In the European logistics sector, occupier demand for logistics properties has largely remained strong in 1H 2020, with online retailers and supermarket chains continuing to drive healthy take-up levels
	
The high level of leasing activity thus far is expected to continue into the second half of the year, which will keep vacancy rates low at the current levels of ~4.1%, according to data from CBRE
	

	Prime rents are forecast to see positive growth over the next two years, supporting development activity, with a number of schemes set to be completed over the next 12 months
	
Majority of these new spaces are expected to be leased quickly, meaning that a sharp rise in vacancy rates is not expected
	



The weight of capital from European and global investors is expected to keep prime yields stable over the next 12 months


The Manager is currently focusing on acquiring attractive assets in Germany and neighbouring markets, increasing CEREIT’s exposure to logistics properties, as well as the potential divestment of a number of office assets
	Key redevelopment opportunities continue to exist in Paris, Amsterdam, as well as Milan, and could allow the Manager to attract new high-quality tenant-customers and enhance CEREIT’s income streams over the long term.
	On 13 July 2020, CEREIT entered into an agreement with its sponsor Cromwell Property Group and Stratus Data Centres, a member of the EXS Capital Group, to appoint Stratus as Data Centre Development Manager and to potentially acquire 50% stakes in two data centre projects in London and Frankfurt, subject to various milestones.
	
The sponsor is also partnering with Stratus to invest in and manage the rollout of a private data centre investment fund across Europe and Asia Pacific
		CEREIT has “first look” rights for 50% stakes in the fund’s European pipeline, providing it with possible opportunities to leverage the unprecedented demand for data centres to further generate stable income and deliver potential upside
	


Click here for the full results release.

 IREIT Global 

 Macro Economy


The COVID-19 pandemic and ongoing geopolitical tensions, particularly that between US and China, have taken a toll on the business activity in Europe, with major economies in the region expected to fall into recession in 2020
	This has led to a number of measures taken by the EU, including the approval of the historic €750 billion pandemic recovery fund and new budget of nearly €1.1 trillion over seven years to support the European economy

Real Estate Market


Amid the looming recession, the take-up in office space and investment activity in Europe is expected to slow down in 2020
	However, office rents where IREIT’s properties are located are not expected to be significantly affected due to their good quality and strong local fundamentals eg. low vacancy rates and lack of supply
	IREIT’s portfolio has remained resilient with a majority of the leases supported by a blue-chip tenant base. Portfolio occupancy rate has improved by 1ppt QoQ to 95.7% as at 30 Jun 2020 as a result of major new lease with ÁREAS at the Il∙lumina property in Spain

 

 Key Focus


To deepen its strategic presence in Spain and increase its portfolio strength through enhanced scale and diversification, IREIT has today exercised the call option to acquire the remaining 60% stake in the Spanish portfolio from Tikehau Capital
	
The proposed acquisition will  be funded by a rights issue whereby part of the proceeds will also be used to repay the €32 million term loan facility granted by City Strategic Equity Pte Ltd
		The Proposed Acquisition is expected to be completed in 4Q 2020, subject to approval from unit holders of IREIT for the proposed acquisition at an EGM to be convened 
		 
	


Click here for the full results release.   Elite Commercial REIT 
 


The UK economy is expected to contract by 20% in 1H 2020, and more than 10% in 2020 due to the pandemic
	Analysts forecast a decline in UK real GDP by 7.8% in 2020, and unemployment rate to peak at slightly below 8% in 3Q 2020, averaging 7% in 2020
	Unemployment claims rose to ~3 million since the lockdown with ~9 million people on the UK Government’s furlough scheme, with various other support measures introduced such as the Coronavirus Job Retention Scheme (CJRS) and self-employed income support scheme
	Elite Commercial REIT continues to provide stable income to its unit holders as COVID-19 has minimal impact on business and rent collection
	The Manager remains focused on strengthening the portfolio and will closely monitor the market to explore opportunities for growth via yield-accretive acquisitions
	
Granted a right of first refusal to acquire properties in Sponsor’s pipeline, most of which have been leased long-term by various ministries of the government 
		 
	


Click here for the full results release.



1H2020 Earnings of SGX’s Three European REITs

10 in 10 with Cromwell European REIT - Gateway Into Pan-Europe

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2019-12/Singhaiyi%20Celine.jpg' alt='SingHaiyi Group Celine Tang ' />
 </figure>
 <div class='content-caption'>SingHaiyi Group Celine Tang </div>
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<html><body>
For entrepreneur and property veteran Celine Tang, the backbone of any piece of real estate doesn't lie in its brick and mortar structure - instead, the human connections created and nurtured within its walls are what constitutes the foundation. 
"For me, property is all about constructing something that will span generations," said Guangdong, China-born Tang, the Managing Director of SGX-listed real estate developer SingHaiyi Group Ltd. 
"It's about families living in their homes. It's about building experiences and memories, and the joy that comes from that." 
Tang, who graduated with a Bachelor's Degree in Literature from China People's University for Police Officers - now known as People's Public Security University of China - has lived in Singapore for the last 25 years and is a permanent resident. 
  
She serves as Executive Director of trading and investment firm Tang Dynasty Pte Ltd, which she founded together with spouse Gordon Tang in 1995, as well as Managing Director of real estate and investment holding firm, Haiyi Holdings Pte Ltd, which the couple established in 2003. 
Thus, it's not surprising she subscribes to the "not just Chinese, but very Asian" mentality of wanting to own property. "It's everyone's dream to own his or her own home - this is something tangible that lasts. For some it marks a coming-of-age milestone, and creates a sense of belonging. This is why property ownership is a long-term trend that will never die out." 
Venturing into property development and investments in the city-state was also a no-brainer. "We're no strangers to the real estate business. Investing in and developing properties - both in China and the US - has very much been a part of our family tradition," she added. 
"In terms of socio-economic and political stability, as well as standards of living such as healthcare and education, Singapore remains a gem within the Asia-Pacific region. Property values here will definitely appreciate - it's just a matter of how quickly, and in what time frame." 
So when the opportunity presented itself, the Tangs used Haiyi Holdings -whose Chinese characters mean "smooth sailing at sea" - to take over listed vehicle SingXpress Land in 2012, by subscribing for the latter's cumulative convertible perpetual preference shares. The following year, the company was renamed SingHaiyi Group, and four years later, it was transferred to SGX Mainboard from the Catalist board.

 Diversity and Stability 
SingHaiyi has a current market capitalisation of about S$380 million. In the year-to date, the stock has generated a total return of 9.9%, compared with total returns of 8.9% and 10.6% for the benchmark Straits Times Index and the broader FTSE ST All-Share Index respectively.  
Haiyi Holdings owns a controlling 63.06% stake in SingHaiyi, in which Neil Bush - Tang's business partner and brother of former US President George W. Bush - serves as Non-Executive Chairman. Tang, who was appointed Group Managing Director of SingHaiyi in December 2013, also holds Non-Executive Chairman roles in SGX-listed OKH Global Ltd and Chip Eng Seng Corporation. 
Apart from an established track record in residential property development, SingHaiyi also owns a diversified portfolio of income-generating assets in the commercial and retail sectors, spanning the US, Australia and Asia. The Group's presence in different real estate segments across multiple markets provides a stable earnings profile, as well as maximises shareholder value. 
  
It is building a portfolio of quality projects, having completed six development properties since 2013, including the Building and Construction Authority's Conquas Star-rated City Suites and award-winning The Vales, as well as the Pasir Ris One "Design, Build and Sell Scheme" project that has since been fully sold. The Group has a pipeline of another five developments in Singapore and the US scheduled for completion by 2024.  
It optimises its portfolio through yield-accretive acquisitions and divestments, having made seven development project acquisitions since 2013. It divested its stake in Singapore's TripleOne Somerset building with a return of more than 60% within three years.  
The Group also diversifies its income through strategic investments, including a 2.59% stake in Cromwell Property Group, and a 25.0% stake in Malaysian malls via the limited partner of ARA Harmony Fund III, through which it receives quarterly dividends. 
"Such indirect stakes provide us with the avenue to study and understand the dynamics of different markets, as well as assess the potential of future investments should those opportunities arise," Tang said.

 

Buck Stops Here 
Singapore remains the Group's core market. The current pipeline of projects in the city-state include the 9 Penang Road commercial and retail development, which has obtained Temporary Occupation Permit, and secured UBS Singapore as its sole office tenant.  
It also has three residential projects - The Lilium and The Gazania, both unveiled in May this year, and Parc Clematis, which launched in August and is the Group's largest development to-date.  
Apart from bottom-lines, Tang is equally, if not more, uncompromising about SingHaiyi's reputation in the industry. "For any company, especially a publicly listed one, generating a profit is important," she said. 
"Beyond that, the nature of the real estate business demands not only quality, but also integrity. For example, when the market is in a slump, developers may be tempted to cut corners and use fixtures or parts that are inferior in quality, so as to reduce cost and boost margins. That's a no-no for us." 
The Group's philosophy of 精诚存信, 佳业传承 (jing cheng cun xin, jia ye chuan cheng) underpins its efforts to build a trustworthy and reliable brand for enduring growth, and a legacy that will span generations, she added. 
Her touchstone can be found in the Confucian Analects - 己所不欲, 勿施于人 (ji suo bu yu, wu shi yu ren), which means "Do not impose on others what you yourself do not desire". 
"Your word must always be your bond. What is paramount is upholding the trust that customers place in you, and keeping our promises with our products," she noted. 
The main challenge is making sure all levels of the organisation adhere to this principle. "There are many moving parts - from the main contractor to engineers, architects and suppliers. The alignment of the Group's objectives across each stage - from design and execution to submission and sale of the project - is critical," she added. 
Ultimately, the buck starts and stops with SingHaiyi. "If something goes wrong, the customer doesn't care who made the mistake. It starts with us, and ends with us, because we built it." 
In October 2018, Tang was the first female recipient of the "Singapore Real Estate Personality of the Year" Award, conferred by Southeast Asian real estate portal PropertyGuru.

 Price and Location 
In Singapore, private home prices continued to climb in the third quarter of 2019, after hitting their highest levels in at least five years in the previous quarter, according to data from the Urban Redevelopment Authority. 
Demand for private homes in Singapore will likely pick up in the medium term, DBS Research said in a report published in September. This is expected to be driven by government measures to boost affordability in the public housing market, such as the Enhanced CPF House Grant, as well as higher household income ceilings for purchase of new HDB homes. 
Last month, a report jointly published by the Urban Land Institute and PricewaterhouseCoopers ranked Singapore pole position for real estate investment prospects in 2020, vs second-to-last in a list of 22 centres back in 2017. The city-state was also one of the few markets regionally to see a surge in transaction values in the first half of 2019, with most of the activity driven by cross-border capital.  
Despite a relatively optimistic longer term outlook for the domestic market, challenges remain.  
"Property prices have not moved in tandem with the increase in construction costs, and coupled with slower demand over the past few years, developers have not had an easy time," Tang said. 
"Land prices in Singapore are also extremely high due to the scarcity factor, and as a result, we've been more prudent in choosing our projects as well as purchasing land bank - the site must have the right price and the right location." 
The regulation that imposes a levy on developers who don't complete construction and sell all units in the project within a period of five years from acquiring the land is another stumbling block, she added. In particular, it takes a substantial amount of time for collective acquisition projects to be approved, which has to be accounted for within the five-year period.

 

Wait and See 
A supply overhang also continues to plague the local market. The number of unsold units from new projects doubled to 4,377 in the third quarter, the Monetary Authority of Singapore (MAS) said in its annual Financial Stability Review last month. This increase could be exacerbated in the medium term, as developers redevelop and launch projects following the slew of en bloc sites sold between 2017 and 2018, the MAS noted. 
On the demand side, many buyers are adopting a wait-and-see approach after the government's latest round of cooling measures last July, which included higher buyer stamp duties and tighter loan limits.  
"This is one challenge we cannot overcome, and every developer faces the same obstacle. We have huge turnouts at our launches and showrooms, but it's difficult to get buyers to commit," Tang said. 
No matter how savvy a developer's marketing strategy may be, broader buying sentiment still plays an overriding role. 
"The stiffer buyer's stamp duty is a major psychological barrier, and the question in every buyer's mind is: 'Are these duties temporary or permanent? What happens if I make the purchase now, and some or all of the cooling measures are relaxed or rolled back months later?" she added. 
While market dynamics and project sales are never far from her thoughts, Tang also frets about cultivating the right values in her two sons and a daughter, aged 19 to 25. 
"Usually, first-generation entrepreneurs are the ones who worked hard and got by with very little during the early years. The second generation - their children - are the ones who grow up in a privileged background, and are likely to develop a sense of entitlement," she pointed out. 
"I want my children to know that we work very hard to provide them with a foundation, and this foundation is for them to build on - to create something of their own - and not an excuse for them to be lazy and ask for handouts." 
The 52-year-old also finds herself grappling with the phenomenon of FOMO, or the fear of missing out, common amongst millennials and Gen Z. "I tell my kids that life is a long journey - don't be impatient to succeed or in a hurry to prove yourself. If you miss out now, you could get another chance later," she said. 
"But in the case of uncertain investments, it's better to deal with a lost opportunity rather than a mistake."

 

SingHaiyi Group Ltd

SingHaiyi is a fast-growing, diversified company focused on property development, investment and management services. With strategic support from its major shareholders, the Group is led by a board and management team with deep insights and strong connections that enables access to unique and rare investment opportunities. Apart from an established track record in residential property development, the Group also holds a diversified portfolio of income-generating assets in the commercial and retail sectors, with geographical reach into the US and widening exposure in Asia. The Group's exposure to various segments of the real estate sector in multiple countries stands as a testament to its calculated diversification strategy, designed to provide stable and visible earnings and deliver value to shareholders.

 
The company website is: <a href="http://edm.sgx.com/a/hBd-CspB86%24MfB90noBAABR54ZH/link7">singhaiyi.com</a>. 
Click <a href="http://edm.sgx.com/a/hBd-CspB86%24MfB90noBAABR54ZH/link8">here</a> for the company's StockFacts page. 
For the three months ended 30 Sept 2019 financial results, click <a href="http://edm.sgx.com/a/hBd-CspB86%24MfB90noBAABR54ZH/link9">here</a>.

 

About kopi-C: the Company brew

Text: Jennifer LH Tan Photo: Company file kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. 
For previous editions of kopi-C: the Company brew, please click <a href="http://edm.sgx.com/a/hBd-CspB86%24MfB90noBAABR54ZH/link10">here</a>.   
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="mailto:jennifer.tan@sgx.com">jennifer.tan@sgx.com</a>.
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    SingHaiyi Group Celine Tang 


For entrepreneur and property veteran Celine Tang, the backbone of any piece of real estate doesn't lie in its brick and mortar structure - instead, the human connections created and nurtured within its walls are what constitutes the foundation.  
"For me, property is all about constructing something that will span generations," said Guangdong, China-born Tang, the Managing Director of SGX-listed real estate developer SingHaiyi Group Ltd.  
"It's about families living in their homes. It's about building experiences and memories, and the joy that comes from that."  
Tang, who graduated with a Bachelor's Degree in Literature from China People's University for Police Officers - now known as People's Public Security University of China - has lived in Singapore for the last 25 years and is a permanent resident. 
  
She serves as Executive Director of trading and investment firm Tang Dynasty Pte Ltd, which she founded together with spouse Gordon Tang in 1995, as well as Managing Director of real estate and investment holding firm, Haiyi Holdings Pte Ltd, which the couple established in 2003.  
Thus, it's not surprising she subscribes to the "not just Chinese, but very Asian" mentality of wanting to own property. "It's everyone's dream to own his or her own home - this is something tangible that lasts. For some it marks a coming-of-age milestone, and creates a sense of belonging. This is why property ownership is a long-term trend that will never die out."  
Venturing into property development and investments in the city-state was also a no-brainer. "We're no strangers to the real estate business. Investing in and developing properties - both in China and the US - has very much been a part of our family tradition," she added.  
"In terms of socio-economic and political stability, as well as standards of living such as healthcare and education, Singapore remains a gem within the Asia-Pacific region. Property values here will definitely appreciate - it's just a matter of how quickly, and in what time frame."  
So when the opportunity presented itself, the Tangs used Haiyi Holdings -whose Chinese characters mean "smooth sailing at sea" - to take over listed vehicle SingXpress Land in 2012, by subscribing for the latter's cumulative convertible perpetual preference shares. The following year, the company was renamed SingHaiyi Group, and four years later, it was transferred to SGX Mainboard from the Catalist board.

  Diversity and Stability  
SingHaiyi has a current market capitalisation of about S$380 million. In the year-to date, the stock has generated a total return of 9.9%, compared with total returns of 8.9% and 10.6% for the benchmark Straits Times Index and the broader FTSE ST All-Share Index respectively.   
Haiyi Holdings owns a controlling 63.06% stake in SingHaiyi, in which Neil Bush - Tang's business partner and brother of former US President George W. Bush - serves as Non-Executive Chairman. Tang, who was appointed Group Managing Director of SingHaiyi in December 2013, also holds Non-Executive Chairman roles in SGX-listed OKH Global Ltd and Chip Eng Seng Corporation.  
Apart from an established track record in residential property development, SingHaiyi also owns a diversified portfolio of income-generating assets in the commercial and retail sectors, spanning the US, Australia and Asia. The Group's presence in different real estate segments across multiple markets provides a stable earnings profile, as well as maximises shareholder value. 
  
It is building a portfolio of quality projects, having completed six development properties since 2013, including the Building and Construction Authority's Conquas Star-rated City Suites and award-winning The Vales, as well as the Pasir Ris One "Design, Build and Sell Scheme" project that has since been fully sold. The Group has a pipeline of another five developments in Singapore and the US scheduled for completion by 2024.   
It optimises its portfolio through yield-accretive acquisitions and divestments, having made seven development project acquisitions since 2013. It divested its stake in Singapore's TripleOne Somerset building with a return of more than 60% within three years.   
The Group also diversifies its income through strategic investments, including a 2.59% stake in Cromwell Property Group, and a 25.0% stake in Malaysian malls via the limited partner of ARA Harmony Fund III, through which it receives quarterly dividends.  
"Such indirect stakes provide us with the avenue to study and understand the dynamics of different markets, as well as assess the potential of future investments should those opportunities arise," Tang said.

 

Buck Stops Here  
Singapore remains the Group's core market. The current pipeline of projects in the city-state include the 9 Penang Road commercial and retail development, which has obtained Temporary Occupation Permit, and secured UBS Singapore as its sole office tenant.   
It also has three residential projects - The Lilium and The Gazania, both unveiled in May this year, and Parc Clematis, which launched in August and is the Group's largest development to-date.   
Apart from bottom-lines, Tang is equally, if not more, uncompromising about SingHaiyi's reputation in the industry. "For any company, especially a publicly listed one, generating a profit is important," she said.  
"Beyond that, the nature of the real estate business demands not only quality, but also integrity. For example, when the market is in a slump, developers may be tempted to cut corners and use fixtures or parts that are inferior in quality, so as to reduce cost and boost margins. That's a no-no for us."  
The Group's philosophy of 精诚存信, 佳业传承 (jing cheng cun xin, jia ye chuan cheng) underpins its efforts to build a trustworthy and reliable brand for enduring growth, and a legacy that will span generations, she added.  
Her touchstone can be found in the Confucian Analects - 己所不欲, 勿施于人 (ji suo bu yu, wu shi yu ren), which means "Do not impose on others what you yourself do not desire".  
"Your word must always be your bond. What is paramount is upholding the trust that customers place in you, and keeping our promises with our products," she noted.  
The main challenge is making sure all levels of the organisation adhere to this principle. "There are many moving parts - from the main contractor to engineers, architects and suppliers. The alignment of the Group's objectives across each stage - from design and execution to submission and sale of the project - is critical," she added.  
Ultimately, the buck starts and stops with SingHaiyi. "If something goes wrong, the customer doesn't care who made the mistake. It starts with us, and ends with us, because we built it."  
In October 2018, Tang was the first female recipient of the "Singapore Real Estate Personality of the Year" Award, conferred by Southeast Asian real estate portal PropertyGuru.

  Price and Location  
In Singapore, private home prices continued to climb in the third quarter of 2019, after hitting their highest levels in at least five years in the previous quarter, according to data from the Urban Redevelopment Authority.  
Demand for private homes in Singapore will likely pick up in the medium term, DBS Research said in a report published in September. This is expected to be driven by government measures to boost affordability in the public housing market, such as the Enhanced CPF House Grant, as well as higher household income ceilings for purchase of new HDB homes.  
Last month, a report jointly published by the Urban Land Institute and PricewaterhouseCoopers ranked Singapore pole position for real estate investment prospects in 2020, vs second-to-last in a list of 22 centres back in 2017. The city-state was also one of the few markets regionally to see a surge in transaction values in the first half of 2019, with most of the activity driven by cross-border capital.   
Despite a relatively optimistic longer term outlook for the domestic market, challenges remain.   
"Property prices have not moved in tandem with the increase in construction costs, and coupled with slower demand over the past few years, developers have not had an easy time," Tang said.  
"Land prices in Singapore are also extremely high due to the scarcity factor, and as a result, we've been more prudent in choosing our projects as well as purchasing land bank - the site must have the right price and the right location."  
The regulation that imposes a levy on developers who don't complete construction and sell all units in the project within a period of five years from acquiring the land is another stumbling block, she added. In particular, it takes a substantial amount of time for collective acquisition projects to be approved, which has to be accounted for within the five-year period.

 

Wait and See  
A supply overhang also continues to plague the local market. The number of unsold units from new projects doubled to 4,377 in the third quarter, the Monetary Authority of Singapore (MAS) said in its annual Financial Stability Review last month. This increase could be exacerbated in the medium term, as developers redevelop and launch projects following the slew of en bloc sites sold between 2017 and 2018, the MAS noted.  
On the demand side, many buyers are adopting a wait-and-see approach after the government's latest round of cooling measures last July, which included higher buyer stamp duties and tighter loan limits.   
"This is one challenge we cannot overcome, and every developer faces the same obstacle. We have huge turnouts at our launches and showrooms, but it's difficult to get buyers to commit," Tang said.  
No matter how savvy a developer's marketing strategy may be, broader buying sentiment still plays an overriding role.  
"The stiffer buyer's stamp duty is a major psychological barrier, and the question in every buyer's mind is: 'Are these duties temporary or permanent? What happens if I make the purchase now, and some or all of the cooling measures are relaxed or rolled back months later?" she added.  
While market dynamics and project sales are never far from her thoughts, Tang also frets about cultivating the right values in her two sons and a daughter, aged 19 to 25.  
"Usually, first-generation entrepreneurs are the ones who worked hard and got by with very little during the early years. The second generation - their children - are the ones who grow up in a privileged background, and are likely to develop a sense of entitlement," she pointed out.  
"I want my children to know that we work very hard to provide them with a foundation, and this foundation is for them to build on - to create something of their own - and not an excuse for them to be lazy and ask for handouts."  
The 52-year-old also finds herself grappling with the phenomenon of FOMO, or the fear of missing out, common amongst millennials and Gen Z. "I tell my kids that life is a long journey - don't be impatient to succeed or in a hurry to prove yourself. If you miss out now, you could get another chance later," she said.  
"But in the case of uncertain investments, it's better to deal with a lost opportunity rather than a mistake."

 

SingHaiyi Group Ltd

SingHaiyi is a fast-growing, diversified company focused on property development, investment and management services. With strategic support from its major shareholders, the Group is led by a board and management team with deep insights and strong connections that enables access to unique and rare investment opportunities. Apart from an established track record in residential property development, the Group also holds a diversified portfolio of income-generating assets in the commercial and retail sectors, with geographical reach into the US and widening exposure in Asia. The Group's exposure to various segments of the real estate sector in multiple countries stands as a testament to its calculated diversification strategy, designed to provide stable and visible earnings and deliver value to shareholders.

 
The company website is: singhaiyi.com.  
Click here for the company's StockFacts page.  
For the three months ended 30 Sept 2019 financial results, click here.

 

About kopi-C: the Company brew

Text: Jennifer LH Tan Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.tan@sgx.com.



SingHaiyi Group: Building an Enduring Legacy

Partner, River Valley Asset Management

River Valley Asset Management

Partner

Singapore-based boutique asset management firm

River Valley Asset Management is a Singapore-based boutique asset management firm. Our team at RVAM strongly believes in being a trusted steward of our clients' wealth across generations.

Each of our fund managers has years of rich portfolio management experience over multiple market cycles at world-class investment houses. We bring our clients the combined strength of our investment team to manage their financial portfolios and to provide bespoke guidance on all aspects of their financial health.

We offer multi-asset class expert investment advice to accredited investors who are family offices, high net worth individuals and institutional investors to preserve and grow our clients' wealth.

The fund management team of the company includes Homiyar Vasania, Anand Ramachandran and Jamshed Desai.

Cromwell European REIT / Equity Bottom-Up

As we close an eventful 2018, fear and uncertainty seem to rule markets, leaving behind in their wake attractive opportunities for investors to pick and choose. Crystal ball gazers are finding it hard to come up with a cogent narrative for the times ahead as a plethora of unknowns from trade wars to Brexit to slowdown worries present the proverbial Sword of Damocles hanging over many investment decisions. In an environment like this we go back to our core Investment philosophy and look for cashflows that are predictable, with visible cash return to investors and trading at an attractive price. We find many such ideas but some have outlook uncertainty embedded in the price, others have become prisoners of policy uncertainty, but then we found a company that is trading attractively mainly because most investors have not heard of it - <a href="http://www.rivervalleyasset.com/newsletters" target="_blank">River Valley Asset Management's</a> undiscovered Gem of the month. <a href="https://www.smartkarma.com/entities/25889" target="_blank" data-smartkarma-citation="entities:25889:1">Cromwell European Reit (CERT SP)</a> (CERT), listed in Singapore just about a year back, is one such name. The company is an owner of developed market properties across a diversified group of European countries, delivering a stable and growing pool of cashflows most of which flow into the hands of investors, thus providing high visibility to returns. We seem to be in an environment where the market should reward such stability and predictability ,but given that most investors are not aware of its existence, we are getting the stock at a valuation which provides significant downside protection with reasonable likelihood of capital appreciation as market awareness develops. For a company with a market capitalization north of a billion Singapore dollars, with potential for double digit returns, we think this is a stock waiting to be discovered by the yield-chasing Singapore market.

As we close an eventful 2018, fear and uncertainty seem to rule markets, leaving behind in their wake attractive opportunities for investors to pick and choose. Crystal ball gazers are finding it hard to come up with a cogent narrative for the times ahead as a plethora of unknowns from trade wars to Brexit to slowdown worries present the proverbial Sword of Damocles hanging over many investment decisions. In an environment like this we go back to our core Investment philosophy and look for cashflows that are predictable, with visible cash return to investors and trading at an attractive price. We find many such ideas but some have outlook uncertainty embedded in the price, others have become prisoners of policy uncertainty, but then we found a company that is trading attractively mainly because most investors have not heard of it - River Valley Asset Management's undiscovered Gem of the month. Cromwell European Reit (CERT SP) (CERT), listed in Singapore just about a year back, is one such name. The company is an owner of developed market properties across a diversified group of European countries, delivering a stable and growing pool of cashflows most of which flow into the hands of investors, thus providing high visibility to returns. We seem to be in an environment where the market should reward such stability and predictability ,but given that most investors are not aware of its existence, we are getting the stock at a valuation which provides significant downside protection with reasonable likelihood of capital appreciation as market awareness develops. For a company with a market capitalization north of a billion Singapore dollars, with potential for double digit returns, we think this is a stock waiting to be discovered by the yield-chasing Singapore market.

Australia

Cromwell Property Group is a property and funds manager. The Company, through its subsidiary, provides funds management, property transactions, property and facilities management, finance, compliance, debenture issues, and debt management.

Cromwell Property (CMW AU)

10 in 10 with Cromwell European REIT - Unlocking value from logistics pivot

10 in 10 with Cromwell European REIT - Unlocking value from logistics pivot

Singapore Exchange Ltd (SGX)

1H2020 Earnings of SGX’s Three European REITs

Of the REITs listed on SGX, the three REITs with 100% of their assets located in Europe are Cromwell European REIT (CEREIT), IREIT Global and...

Singapore Exchange Ltd (SGX)

10 in 10 with Cromwell European REIT - Gateway Into Pan-Europe

Singapore Exchange Ltd (SGX)

SingHaiyi Group: Building an Enduring Legacy

For entrepreneur and property veteran Celine Tang, the backbone of any piece of real estate doesn't lie in its brick and mortar...

Singapore Exchange Ltd (SGX)

Undiscovered Juicy Yield Play - CERT

As we close an eventful 2018, fear and uncertainty seem to rule markets, leaving behind in their wake attractive opportunities for investors to...

River Valley Asset Management