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>The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge performance fees that are paid even if there is a decline in distributable income and/or distributions.</li><li>This is because the performance fee is pegged to a percentage of the REIT’s net property income (definition varies) and is paid whether this income, or a similar metric, increased or decreased.</li><li>The 5 business trusts (BTs), on the other hand, have performance fees that are pegged to an increase in distribution per unit (DPU), or beating certain DPU benchmarks. </li></ul>

The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge performance fees that are paid even if there is a decline in distributable income and/or distributions.This is because the performance fee is pegged to a percentage of the REIT’s net property income (definition varies) and is paid whether this income, or a similar metric, increased or decreased.The 5 business trusts (BTs), on the other hand, have performance fees that are pegged to an increase in distribution per unit (DPU), or beating certain DPU benchmarks. 

Singapore Reits & Business Trust Sector: Pseudo-Performance and Other Fees

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.

Thematic (Sector/Industry)

<ul>
<li>During Q2 2025, the S-REIT sector benefited from declining interest rates and improved sentiment, which enhanced the relative appeal of REIT dividend yields versus safer assets.</li>
<li>The three-month compounded Singapore Overnight Rate Average (SORA) fell from 3.02% in January to about 1.85% by end-July, reflecting easing domestic borrowing costs. While the US Federal Reserve has yet to cut its policy rate in the first half, market expectations of rate relief later in 2025 grew.</li>
<li>This backdrop supported S-REIT valuations, as investors anticipated lower financing costs and improved sentiment for yield-oriented investments.</li>
</ul>


During Q2 2025, the S-REIT sector benefited from declining interest rates and improved sentiment, which enhanced the relative appeal of REIT dividend yields versus safer assets.
The three-month compounded Singapore Overnight Rate Average (SORA) fell from 3.02% in January to about 1.85% by end-July, reflecting easing domestic borrowing costs. While the US Federal Reserve has yet to cut its policy rate in the first half, market expectations of rate relief later in 2025 grew.
This backdrop supported S-REIT valuations, as investors anticipated lower financing costs and improved sentiment for yield-oriented investments.


Syfe S-REITs Tracker: Q2 2025 - S-REITs Continue to Deliver Attractive Yields Amid Falling Rates

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> acquires additional 10% stake in Waterway Point for ~S$73.6m</li>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> privatisation deal falls short of the required 75% shareholder approval</li>
<li>Mercatus’ retail portfolio looks more digestible post withdrawal of AMK Hub</li>
</ul>



Frasers Centrepoint Trust (FCT SP) acquires additional 10% stake in Waterway Point for ~S$73.6m

Frasers Hospitality Trust (FHT SP) privatisation deal falls short of the required 75% shareholder approval
Mercatus’ retail portfolio looks more digestible post withdrawal of AMK Hub


ASEAN Builder's Scoop (13Sep22) - FCT Buys Extra 10% of Waterway Point

<ul><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> extends target date for 315 Alexandra Road to 1Jul22</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> acquires US$85.7m grocery-anchored freehold asset; DPU accretive by ~2.1%</li><li><a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> divests Michigan’s Data Centre for US$10m</li></ul>

AIMS APAC REIT (AAREIT SP) extends target date for 315 Alexandra Road to 1Jul22United Hampshire US REIT (UHU SP) acquires US$85.7m grocery-anchored freehold asset; DPU accretive by ~2.1%Mapletree Industrial Trust (MINT SP) divests Michigan’s Data Centre for US$10m

ASEAN Builder's Scoop (10Jun22) - AAREIT Extends 315 Alexandra Target Date to 1Jul22

<ul><li><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> 1H22 PATMI +117.4% YoY; More Co-living properties will be launched in 2H22</li><li><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 1Q22 DPU -9.7% YoY; Timing difference in pre-termination compensation received</li><li><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912" rel="noopener">OUE Commercial REIT (OUECT SP)</a> 1Q22 Business Updates – RevPAR recovery appears slow and Commercial occupancy remains flattish at low 90%</li></ul>

LHN Ltd (LHN SP) 1H22 PATMI +117.4% YoY; More Co-living properties will be launched in 2H22EC World Reit (ECWREIT SP) 1Q22 DPU -9.7% YoY; Timing difference in pre-termination compensation receivedOUE Commercial REIT (OUECT SP) 1Q22 Business Updates – RevPAR recovery appears slow and Commercial occupancy remains flattish at low 90%

ASEAN Builder's Scoop (13May22) - LHN Co-Living Bearing Fruits

Singapore

Frasers Hospitality Trust is a global hotel and serviced residence trust that invests in income-producing real estate assets primarily used for hospitality purposes. Its portfolio includes hotels and serviced residences located in prime cities across Asia, Australia, and Europe. The trust was established in Singapore in 2014.

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Frasers Hospitality (FHT SP)

Singapore Reits & Business Trust Sector: Pseudo-Performance and Other Fees

The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge...

Corporate Monitor Limited

Syfe S-REITs Tracker: Q2 2025 - S-REITs Continue to Deliver Attractive Yields Amid Falling Rates

During Q2 2025, the S-REIT sector benefited from declining interest rates and improved sentiment, which enhanced the relative appeal of REIT...

Syfe

ASEAN Builder's Scoop (13Sep22) - FCT Buys Extra 10% of Waterway Point

FHT Failed Privatization; Mercatus's portfolio on mrkt now sans AMK Hub; Mapletree focuses on logistics + dormitory assets; ALI chairman resigns

SCCM Asia Research

ASEAN Builder's Scoop (10Jun22) - AAREIT Extends 315 Alexandra Target Date to 1Jul22

UHU buys freehold asset for US$85.7m; MINT divests MI data center for US$10m; TCC seeks loan to privatize FHT; Cape Royale Sentosa up for sale from...

SCCM Asia Research

ASEAN Builder's Scoop (13May22) - LHN Co-Living Bearing Fruits

ECWREIT timing difference in compensation; OUECT recovery appears slow; UHU min leasing risk; FPL boosted invt props; SMPH reopening play for malls

SCCM Asia Research

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