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?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Cuscaden Peak, the sponsor of <strong><a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a></strong> and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.</li>
<li>The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.</li>
<li>Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It <em>may</em> trade tighter given the early distribution payment.</li>
</ul>


Cuscaden Peak, the sponsor of Paragon REIT (PGNREIT SP) and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.
The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.
Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.


Paragon REIT (PGNREIT SP)'s Privatisation Offer

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>UOB Kay Hian downgrades DBS to 'hold' and keeps 'buy' rating on OCBC.</li><li>UOBKH's Tang cuts Huationg's target price to 88 cents due to rising fuel costs.</li><li>RHB's Yeo keeps Nam Cheong rating at 'buy' with a $2.05 target price.</li></ul>

UOB Kay Hian downgrades DBS to 'hold' and keeps 'buy' rating on OCBC.UOBKH's Tang cuts Huationg's target price to 88 cents due to rising fuel costs.RHB's Yeo keeps Nam Cheong rating at 'buy' with a $2.05 target price.

Singapore Market Roundup (26-Aug-2026): UOB Kay Hian downgrades DBS to 'hold', maintains 'buy' on

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>We like Suntec REIT as we think Singapore office and retail market will see a strong recovery in 2026</li>
<li>Singapore’s steep rate decline (3M SORA from &gt;3% in January 2025 to now 1.186%) will benefit REITs directly</li>
<li>Suntec REIT recorded a 12.5% DPU increase in 3Q 2025.  We like its growth profile and sound capital management, that will increase return to unit-holders</li>
</ul>


We like Suntec REIT as we think Singapore office and retail market will see a strong recovery in 2026
Singapore’s steep rate decline (3M SORA from &gt;3% in January 2025 to now 1.186%) will benefit REITs directly
Suntec REIT recorded a 12.5% DPU increase in 3Q 2025.  We like its growth profile and sound capital management, that will increase return to unit-holders


Long Suntec REIT: Capitalizing on the 2026 Commercial Revaluation and Interest Rate Pivot

Investment Management, 8VantEdge

8VantEdge

Investment Management

8VantEdge offers a hybrid fundamental stock picking combined with algorithmic rules based on human psychology.

<ul><li>Singapore's core city belt has evolved into a single continuous live-work-play corridor, functioning as one integrated asset base rather than a set of separately planned districts.</li><li>Three converging forces are driving this transition: (1) constrained Grade A office supply in Marina Bay and the wider CBD; (2) improving transport and pedestrian connections across Marina Bay, Marina Centre, Beach Road and Bugis; and (3) the continued development of Bugis as a mixed-use arts, cultural and educational district.</li><li>Together, these trends support viewing the corridor as a single investment ecosystem, where the value of individual assets is increasingly influenced by the strength of the surrounding precinct.</li></ul>

Singapore's core city belt has evolved into a single continuous live-work-play corridor, functioning as one integrated asset base rather than a set of separately planned districts.Three converging forces are driving this transition: (1) constrained Grade A office supply in Marina Bay and the wider CBD; (2) improving transport and pedestrian connections across Marina Bay, Marina Centre, Beach Road and Bugis; and (3) the continued development of Bugis as a mixed-use arts, cultural and educational district.Together, these trends support viewing the corridor as a single investment ecosystem, where the value of individual assets is increasingly influenced by the strength of the surrounding precinct.

Marina Bay & Bugis Reimagined: Unlocking Value Across Singapore’s Core City Belt

Singapore

Suntec Real Estate Investment Trust invests in income-producing real estate primarily used for office and retail purposes. Its portfolio includes prime commercial properties in Singapore, Australia, and the United Kingdom. The company is headquartered in Singapore and was founded in 2004.

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Suntec (SUN 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

Paragon REIT (PGNREIT SP)'s Privatisation Offer

Looks pretty clean. A 7% premium to NAV and a roughly two-year high. If payment on or around late May, I'd pay up to S$0.97/share for a gross...

David Blennerhassett

Singapore Market Roundup (26-Aug-2026): UOB Kay Hian downgrades DBS to 'hold', maintains 'buy' on

UOB Kay Hian downgrades DBS to 'hold', maintains 'buy' on OCBC. Huationg's target price cut to 88 cents; Nam Cheong remains 'buy' at $2.05 target.

Singapore Market Roundup

Long Suntec REIT: Capitalizing on the 2026 Commercial Revaluation and Interest Rate Pivot

We like Suntec REIT on the back of 1) Singapore's steep rate decline 2) recovery in Singapore's office and retail and 3) Suntec REIT's sound...

Jacob Cheng

Marina Bay & Bugis Reimagined: Unlocking Value Across Singapore’s Core City Belt

Singapore's core city belt has evolved into a single continuous live-work-play corridor, functioning as one integrated asset base rather than a set...

8VantEdge

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