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 Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

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

Research Reinvented

Equity Bottom-Up

<p>Smartkarma hosted the Sasseur REIT management team and Insight Provider, <a href="https://www.smartkarma.com/profiles/garreth-elston-a6ea37dd-f490-4307-8a92-697849e0a23c/research" target="_blank" rel="noopener">Garreth Elston</a>, in an exclusive Corporate Webinar on 25 June '25. They dove deep into how the company is navigating the market in China, and charting their path to future growth.</p>
<p>Catch the full discussion below: </p>
<div style="display: flex; justify-content: center; align-items: center;"><iframe src="https://www.youtube.com/embed/gptxG5j9By4?si=OgBBVa7oLwF1UJ3Y" width="560" height="315" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen"></iframe></div>
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<p>For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, COO, Mr. Cheng Hsing Yuen, and Head of Investor Relations &amp; Capital Markets, Ms. Helen Qiu.</p>
<p>In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/garreth-elston-a6ea37dd-f490-4307-8a92-697849e0a23c/research" target="_blank" rel="noopener">Garreth Elston</a>. The Corporate Webinar will include a live Q&amp;A session.</p>
<h3>The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=86052600179" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<h3>About Sasseur REIT</h3>
<p>Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors<br>the unique opportunity to invest in the fast-growing retail outlet mall sector in China through<br>its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing<br>Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of<br>310,241 square metres.</p>
<p>Sasseur REIT was established with the investment strategy to invest principally, directly or<br>indirectly, in a diversified portfolio of income-producing real estate which is used primarily for<br>retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing,<br>with an initial focus on Asia.</p>
<p>You can view their latest factsheet <a href="https://investor.sasseurreit.com/misc/Factsheet_1Q2025%20.pdf" target="_blank" rel="noopener">here</a>.</p>
<p>For more information on Sasseur REIT, please visit <a href="http://www.sasseurreit.com/" target="_blank" rel="noopener">http://www.sasseurreit.com/</a></p>

Smartkarma hosted the Sasseur REIT management team and Insight Provider, Garreth Elston, in an exclusive Corporate Webinar on 25 June '25. They dove deep into how the company is navigating the market in China, and charting their path to future growth.
Catch the full discussion below: 


For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, COO, Mr. Cheng Hsing Yuen, and Head of Investor Relations &amp; Capital Markets, Ms. Helen Qiu.
In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, Garreth Elston. The Corporate Webinar will include a live Q&amp;A session.
The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.












Register for the Webinar here












About Sasseur REIT
Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors the unique opportunity to invest in the fast-growing retail outlet mall sector in China through its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of 310,241 square metres.
Sasseur REIT was established with the investment strategy to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing, with an initial focus on Asia.
You can view their latest factsheet here.
For more information on Sasseur REIT, please visit http://www.sasseurreit.com/

Smartkarma Corporate Webinar | Sasseur REIT: Unlocking Value in China's Retail Outlet 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

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’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.</li>
<li>By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.</li>
<li>Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.</li>
</ul>


Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.
By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.
Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.


Singapore Retail REITs: Show Resilience And Relevance

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<p>Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “<em>lower for longer stance around interest rates</em>”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. </p>

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. 

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

Singapore

Sasseur Real Estate Investment Trust is a Singapore-based real estate investment trust that invests in a diversified portfolio of income-producing retail outlet malls and related real estate assets, primarily in China. Its portfolio includes four outlet malls located in Chongqing, Hefei, and Kunming. The company was founded in Singapore in 2017.

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Sasseur (SASSR 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

Smartkarma Corporate Webinar | Sasseur REIT: Unlocking Value in China's Retail Outlet Industry

For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Xie Jianfeng, Head of Asset Management, Cheng Hsing Yuen, and Head of...

Smartkarma Research

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

Singapore Retail REITs: Show Resilience And Relevance

Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe. By early 2025, high shopper...

Syfe

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

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52-week Range

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