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.

Thematic (Sector/Industry)

<ul>
<li>This is Corporate Monitor Limited’s (CML) third report on the Singapore REITs (“S-REITs”) and Business Trust (“BT”) sector.</li>
<li>Our first report discussed the sector’s management fee structures. Our second report delved into S-REIT and BT performance and other fees.</li>
<li>From this fee study, CML concluded that the fees are excessive and unreasonable. </li>
</ul>


This is Corporate Monitor Limited’s (CML) third report on the Singapore REITs (“S-REITs”) and Business Trust (“BT”) sector.
Our first report discussed the sector’s management fee structures. Our second report delved into S-REIT and BT performance and other fees.
From this fee study, CML concluded that the fees are excessive and unreasonable. 


Singapore Reits & Business Trust Sector: An Analysis of the Issuance of Units to Pay for Managers’ Fees

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

<ul>
<li>The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.</li>
<li>Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.</li>
<li>The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.</li>
</ul>


The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.
Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.
The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.


The Global Footprint of the iEdge Singapore Next 50

<ul>
<li>Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.</li>
<li>For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. </li>
<li>These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.</li>
</ul>


Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.
For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. 
These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.


REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul>
<li>Over the past five years, Southeast Asia’s e -commerce industry has changed from chasing market share to improving profitability.</li>
<li>Singapore’s advantage in e -commerce lies in its dense logistics network and limited industrial land.</li>
<li>Every online order ends with a digital payment, and this layer generates steady revenue for service providers.</li>
</ul>


Over the past five years, Southeast Asia’s e -commerce industry has changed from chasing market share to improving profitability.
Singapore’s advantage in e -commerce lies in its dense logistics network and limited industrial land.
Every online order ends with a digital payment, and this layer generates steady revenue for service providers.


Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

<ul>
<li>Singapore real estate investment trusts (S-REITs) rebounded impressively in the third quarter of 2025, extending the recovery trend seen earlier in the year.</li>
<li>The iEdge S-REIT Leaders Index delivered a total return of +8.95% in Q3 2025, reflecting robust price gains coupled with steady dividends. This outpaced most other local asset classes, and despite lagging the Straits Times Index’s (STI) +10.23% for Q3, it outperformed the STI in September, delivering +1.93% versus the STI’s +1.32%.</li>
<li>This underscores S-REITs’ appeal as high-yield instruments amid stabilising interest rates.</li>
</ul>


Singapore real estate investment trusts (S-REITs) rebounded impressively in the third quarter of 2025, extending the recovery trend seen earlier in the year.
The iEdge S-REIT Leaders Index delivered a total return of +8.95% in Q3 2025, reflecting robust price gains coupled with steady dividends. This outpaced most other local asset classes, and despite lagging the Straits Times Index’s (STI) +10.23% for Q3, it outperformed the STI in September, delivering +1.93% versus the STI’s +1.32%.
This underscores S-REITs’ appeal as high-yield instruments amid stabilising interest rates.


Syfe S-REITs Tracker: Q3 2025 - Singapore REITs’ Superior Returns Continue the Great REIT Rebound

Singapore

ESR-REIT is a real estate investment trust that invests in and manages a diversified portfolio of income-producing industrial properties. These properties include logistics, high-specifications industrial, business parks, and general industrial assets across Singapore, Australia, and Japan. The company is headquartered in Singapore and was founded in 2006.

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ESR-REIT (EREIT SP)

Singapore Reits & Business Trust Sector: An Analysis of the Issuance of Units to Pay for Managers’ Fees

This is Corporate Monitor Limited’s (CML) third report on the Singapore REITs (“S-REITs”) and Business Trust (“BT”) sector. Our first report...

Corporate Monitor Limited

The Global Footprint of the iEdge Singapore Next 50

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

E -Commerce in Singapore

Over the past five years, Southeast Asia’s e -commerce industry has changed from chasing market share to improving profitability. Singapore’s...

ICAM

Syfe S-REITs Tracker: Q3 2025 - Singapore REITs’ Superior Returns Continue the Great REIT Rebound

Singapore real estate investment trusts (S-REITs) rebounded impressively in the third quarter of 2025, extending the recovery trend seen earlier...

Syfe

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Reits & Business Trust Sector: An Analysis of the Issuance of Units to Pay for Managers’ Fees

This is Corporate Monitor Limited’s (CML) third report on the Singapore REITs (“S-REITs”) and Business Trust (“BT”) sector. Our first report...

Corporate Monitor Limited

The Global Footprint of the iEdge Singapore Next 50

​The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

​Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

E -Commerce in Singapore

Over the past five years, Southeast Asia’s e -commerce industry has changed from chasing market share to improving profitability. Singapore’s...

ICAM

Syfe S-REITs Tracker: Q3 2025 - Singapore REITs’ Superior Returns Continue the Great REIT Rebound

Singapore real estate investment trusts (S-REITs) rebounded impressively in the third quarter of 2025, extending the recovery trend seen earlier...

Syfe

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...