Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

<div><h2>Private Residential Primary Sales Status (Excluding Executive Condominiums)</h2></div><p>The month of October saw the second consecutive month of improvement in Singapore primary home sales. We saw developers sold 1,252 units of new homes (ex-ECs), 148% increase month-on-month and 128% increase year-on-year. This makes October sales the highest volume sold in the past 15 months (see Figure 1). </p><p>Figure 1: October 2016 Primary Sales (Excluding Executive Condominium)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/390/original/Units%20launched%20and%20sold%20in%20the%20month.png?1479195867" class="editor-image img-responsive" data-smartkarma-image-id="16390"></figure><p>Source: URA, REMS Advisors</p><p>The strong sale in…</p>

Private Residential Primary Sales Status (Excluding Executive Condominiums)The month of October saw the second consecutive month of improvement in Singapore primary home sales. We saw developers sold 1,252 units of new homes (ex-ECs), 148% increase month-on-month and 128% increase year-on-year. This makes October sales the highest volume sold in the past 15 months (see Figure 1). Figure 1: October 2016 Primary Sales (Excluding Executive Condominium)Source: URA, REMS AdvisorsThe strong sale in…

Singapore's Primary Home Sales Surged in October

<div><h2>Private Residential Primary Sales Status (Excluding Executive Condominiums)</h2></div><p>For the month of September, primary home sales in Singapore increased by 8% increase month-on-month, continuing the build up of postive momentum in the market (see Figure 1). Developers sold a total of 509 units of new homes (ex-ECs). The improving sentiment is visible as this is a 49% increase over the sales figure last year. </p><p>Figure 1: September 2016 Primary Sales (Excluding Executive Condominium)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/014/886/original/Sept%202016%20Primary%20sale%20%28ex%20Ec%29.png?1476758876" class="editor-image img-responsive" data-smartkarma-image-id="14886"></figure><p>Source: URA, REMS…</p>

Private Residential Primary Sales Status (Excluding Executive Condominiums)For the month of September, primary home sales in Singapore increased by 8% increase month-on-month, continuing the build up of postive momentum in the market (see Figure 1). Developers sold a total of 509 units of new homes (ex-ECs). The improving sentiment is visible as this is a 49% increase over the sales figure last year. Figure 1: September 2016 Primary Sales (Excluding Executive Condominium)Source: URA, REMS…

Singapore's Primary Home Sales Pick Up in September

<p>A key issue facing many Government across the globe is how to keep home affordable while maintaining an environment attractive for foreign investments.  This issue runs deep whether you are in developed countries like United Kingdom, Australia, Singapore or emerging markets like Myanmar, Cambodia, Vietnam, etc.</p><p>The huge disparity in prices of luxury homes vs what middle to lower income groups can afford has been largely caused by the relative strong purchasing powers of foreign participants in…</p>

A key issue facing many Government across the globe is how to keep home affordable while maintaining an environment attractive for foreign investments.  This issue runs deep whether you are in developed countries like United Kingdom, Australia, Singapore or emerging markets like Myanmar, Cambodia, Vietnam, etc.The huge disparity in prices of luxury homes vs what middle to lower income groups can afford has been largely caused by the relative strong purchasing powers of foreign participants in…

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

<p>The Philippines has been experiencing high levels of economic growth, which has been driven by the business process outsourcing industry. &nbsp;The business process outsourcing industry has&nbsp;been a strong catalyst for the development of the real estate industry in The Philippines. &nbsp;MegaWorld Corporation provides investors with diverse exposure to the real estate industry, has low valuation, and also has a strong track record of success in The Philippines.</p>

The Philippines has been experiencing high levels of economic growth, which has been driven by the business process outsourcing industry. &nbsp;The business process outsourcing industry has&nbsp;been a strong catalyst for the development of the real estate industry in The Philippines. &nbsp;MegaWorld Corporation provides investors with diverse exposure to the real estate industry, has low valuation, and also has a strong track record of success in The Philippines.

MegaWorld Corporation: Access the Growth of Real Estate in The Philippines

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

RL Commercial REIT / Equity Capital Markets

<p>RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), aims to raise up to US$491m in its Philippines listing. In addition, MREIT, sponsored by Megaworld, aims to raise up to US$540m in its Philippines listing.  Both will be a 100% secondary shares offering. </p><p>We have looked at both the REITs individually in our earlier notes:</p><ul>
<li dir="ltr" aria-level="1"><p><a href="https://www.smartkarma.com/insights/rl-commercial-reit-pre-ipo-motley-crew-of-assets-has-weathered-covid-well" target="_blank" rel="noopener">RL Commercial REIT Pre-IPO - Motley crew of assets has weathered COVID well</a></p></li>
<li dir="ltr" aria-level="1"><p><a href="https://www.smartkarma.com/insights/mreit-pre-ipo-mediocre-performance-convoluted-lease-low-asset-yield" target="_blank" rel="noopener">MREIT Pre-IPO - Mediocre performance, convoluted lease, low asset yield</a></p></li>
</ul><p>Apart from these two REITs we have also covered prior listings of the three currently listed REITs in the Philippines:</p><ul>
<li dir="ltr" aria-level="1"><p><a href="https://www.smartkarma.com/insights/filinvest-reit-ipo-almost-like-a-single-asset-reit-covid-hasn-t-been-kind" target="_blank" rel="noopener">Filinvest REIT IPO - Almost like a single asset REIT, COVID hasn’t been kind</a></p></li>
<li dir="ltr" aria-level="1"><p><a href="https://www.smartkarma.com/insights/ddpm-reit-pre-ipo-brand-new-assets-but-not-with-the-best-of-outlooks" target="_blank" rel="noopener">DDMP REIT Pre-IPO - Brand new assets but not with the best of outlooks</a></p></li>
<li dir="ltr" aria-level="1"><p><a href="https://www.smartkarma.com/insights/areit-pre-ipo-first-philippines-reit-listing-comes-with-its-peculiarities" target="_blank" rel="noopener">AREIT Pre-IPO - First REIT listing comes with its peculiarities</a></p></li>
</ul><p>In this note we will undertake a peer comparison across for the two listing candidates and the three currently listed REITs.</p>

RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), aims to raise up to US$491m in its Philippines listing. In addition, MREIT, sponsored by Megaworld, aims to raise up to US$540m in its Philippines listing.  Both will be a 100% secondary shares offering. We have looked at both the REITs individually in our earlier notes:
RL Commercial REIT Pre-IPO - Motley crew of assets has weathered COVID well
MREIT Pre-IPO - Mediocre performance, convoluted lease, low asset yield
Apart from these two REITs we have also covered prior listings of the three currently listed REITs in the Philippines:
Filinvest REIT IPO - Almost like a single asset REIT, COVID hasn’t been kind
DDMP REIT Pre-IPO - Brand new assets but not with the best of outlooks
AREIT Pre-IPO - First REIT listing comes with its peculiarities
In this note we will undertake a peer comparison across for the two listing candidates and the three currently listed REITs.

RL Commercial REIT and MREIT Peer Comparison - One Is Much Better Shape

Philippines

DoubleDragon Corporation is a Philippine investment management company primarily engaged in real estate development, including retail, office, hospitality, and industrial leasing. The company develops and operates community malls (CityMall), office towers, industrial warehouses (CentralHub), and hotels (Hotel101). It was founded in 2009 and is headquartered in Pasay City, Metro Manila, Philippines.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

DoubleDragon (DD PM)

Singapore's Primary Home Sales Surged in October

Private Residential Primary Sales Status (Excluding Executive Condominiums)The month of October saw the second consecutive month of improvement in...

TAN Kok Keong

Singapore's Primary Home Sales Pick Up in September

Private Residential Primary Sales Status (Excluding Executive Condominiums)For the month of September, primary home sales in Singapore increased by...

TAN Kok Keong

Helping People Own a Home

A key issue facing many Government across the globe is how to keep home affordable while maintaining an environment attractive for foreign...

TAN Kok Keong

MegaWorld Corporation: Access the Growth of Real Estate in The Philippines

The Philippines has been experiencing high levels of economic growth, which has been driven by the business process outsourcing industry. The...

Nomadic Equity

RL Commercial REIT and MREIT Peer Comparison - One Is Much Better Shape

RL Commercial REIT (RREIT) aims to raise up to US$491m in its Philippines listing. In addition, MREIT, sponsored by Megaworld, aims to raise up to...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)