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>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?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

First Real Estate Investment Trust / Equity Bottom-Up

First Real Estate Investment Trust (FIRT SP)

<ul>
 <li>
Strategic Pivot to Developed Markets: <a href="https://smartkarma.com/entities/first-real-estate-investment-trust">First REIT</a> is in the process of divesting its entire Indonesian portfolio for a total of S$471.5 million, aiming to reposition itself towards developed markets to reduce foreign exchange volatility and enhance distribution per unit (DPU) stability.</li>
 <li>
Focus on Healthcare Megatrends: The REIT is aligning its strategy with long-term demographic trends, such as aging populations in Japan and Singapore, by focusing on healthcare-related real estate like nursing homes and hospitals.</li>
 <li>
Improved Financial Flexibility Post-Divestment: The proceeds from the Indonesian asset sale are expected to significantly reduce gearing from 42.1% to a pro-forma 16.7%, providing greater financial capacity for acquisitions and asset enhancement initiatives in its target developed markets.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Strategic Pivot to Developed Markets: First REIT is in the process of divesting its entire Indonesian portfolio for a total of S$471.5 million, aiming to reposition itself towards developed markets to reduce foreign exchange volatility and enhance distribution per unit (DPU) stability.
  
Focus on Healthcare Megatrends: The REIT is aligning its strategy with long-term demographic trends, such as aging populations in Japan and Singapore, by focusing on healthcare-related real estate like nursing homes and hospitals.
  
Improved Financial Flexibility Post-Divestment: The proceeds from the Indonesian asset sale are expected to significantly reduce gearing from 42.1% to a pro-forma 16.7%, providing greater financial capacity for acquisitions and asset enhancement initiatives in its target developed markets.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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.

<ul><li>Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs.</li><li>Digital Core REIT and Keppel DC REIT saw significant increases in NPI and distributable income, driven by acquisitions and demand.</li><li>Frasers Centrepoint Trust, Suntec REIT, and OUE REIT reported improved DPU, supported by stronger operational performance and lower financing costs.</li></ul>

Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs.Digital Core REIT and Keppel DC REIT saw significant increases in NPI and distributable income, driven by acquisitions and demand.Frasers Centrepoint Trust, Suntec REIT, and OUE REIT reported improved DPU, supported by stronger operational performance and lower financing costs.

REIT Watch - Q3 reporting season kicks off with growth in distributions for S-REITs

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Sinar Mas has purchased Burberry's London headquarters for $174 million, impacting real estate.</li><li>JD and Partners Group are seeking banks for a Singapore REIT IPO amid market activity.</li><li>Far East and Chow Tai Fook have finalized a $2.5 billion acquisition of the Queen's Wharf Casino.</li></ul>

Sinar Mas has purchased Burberry's London headquarters for $174 million, impacting real estate.JD and Partners Group are seeking banks for a Singapore REIT IPO amid market activity.Far East and Chow Tai Fook have finalized a $2.5 billion acquisition of the Queen's Wharf Casino.

Asia Real Estate Tracker (02-Apr-2026): Sinar Mas buys Burberry's London HQ for $174M.

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>BofA increases SGX target price to $20.50, citing full valuations.</li><li>OCBC's Lim keeps 'hold' on First REIT amid $471.6 million divestment plan.</li><li>UOB KayHian maintains 'buy' on United Hampshire US REIT as Gen Z boosts retail.</li></ul>

BofA increases SGX target price to $20.50, citing full valuations.OCBC's Lim keeps 'hold' on First REIT amid $471.6 million divestment plan.UOB KayHian maintains 'buy' on United Hampshire US REIT as Gen Z boosts retail.

Singapore Market Roundup (02-Apr-2026): BofA raises SGX target price to $20.50 on valuations.

Singapore

First Real Estate Investment Trust is a Singapore-based healthcare real estate investment trust. It invests in a diversified portfolio of income-producing real estate and related assets in Asia, primarily used for healthcare and healthcare-related purposes, including hospitals and nursing homes. The Trust was listed on the SGX-ST in December 2006 and is headquartered in Singapore.

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First Real Estate Investment Trust (FIRT SP)

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

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...

Corporate Monitor Limited

Primer: First REIT (FIRT SP) - Apr 2026

Strategic Pivot to Developed Markets: First REIT is in the process of divesting its entire Indonesian portfolio for a total of S$471.5 million,...

αSK Primers

REIT Watch - Q3 reporting season kicks off with growth in distributions for S-REITs

Six S-REITs reported growth in distributable income due to higher gross revenue, net property income, and decreased borrowing costs. Digital Core...

Singapore Exchange Ltd (SGX)

Asia Real Estate Tracker (02-Apr-2026): Sinar Mas buys Burberry's London HQ for $174M.

Indonesia's Sinar Mas buys Burberry's London HQ for $174M, while JD seeks banks for a Singapore REIT IPO, and OUE plans to sell its Indonesian...

Asia Real Estate Tracker

Singapore Market Roundup (02-Apr-2026): BofA raises SGX target price to $20.50 on valuations.

BofA raises SGX target price to $20.50; OCBC's Lim holds 'hold' on First REIT amid $471.6M divestment; UOB KayHian maintains 'buy' on United...

Singapore Market Roundup

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