Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Jacob has 7 years of professional buy-side experience in real estate investment and listed equities.  Jacob worked as a portfolio manager/analyst in Global Listed Real Estate team in AMP Capital and Macquarie Asset Management.  Prior to that, Jacob has spent 5 years in APG asset management, in the listed real estate team.  As one of the largest RE funds in Asia, he co-managed EUR6bn investment portfolio with the team with a focus on Hong Kong and China property.  He led the USD200m cornerstone investment in Wanda Commercial Properties IPO (the largest mall operator and developer in China).  Prior to this, Jacob has 3 years of experience in investment banking in Bank of America Merrill Lynch, covering equity, debt and M&A transactions across real estate, consumer& retail and TMT sectors.  Jacob specializes in fundamental bottom up research.  Aside from work, Jacob has a personal interest in spirituality and personal development.  He practiced meditation and has published a book about meaning of life in 2016.

Listed Real Estate Asia

LONG UOL – The Rerating Imperative in Singapore Real Estate

LONG Singapore REITs: Capturing the Yield Compression Cycle and Asset Recycling Renaissance

SG RE Developers: The Physical Market Recovery, Improved Capital Recycling, & Valuation Dislocation

Asia Monetary Easing: Tailored for Income-Generating Real Estate

CICT SP: Buy Singapore REITs on Steep Interest Rate Decline (3M SORA)

A Scenario Analysis: If Fed Initiates a Rate Cut Cycle, How Should Investors Position Themselves?

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

Frasers Centrepoint Trust / Equity Bottom-Up

<ul>
<li>As discussed, Singapore 3M Sora has steeply declined from 3.034% in January to 1.563% in September. </li>
<li>Based on % floating rate debt, currency mix, and debt expiry profile, FCT SP will benefit the most among most S-REIT peers</li>
<li>FCT SP fundamentals remain solid, recording a 0.5% DPU growth and 9% rental reversion across its retail portfolio, in 1H 2025</li>
</ul>


As discussed, Singapore 3M Sora has steeply declined from 3.034% in January to 1.563% in September. 
Based on % floating rate debt, currency mix, and debt expiry profile, FCT SP will benefit the most among most S-REIT peers
FCT SP fundamentals remain solid, recording a 0.5% DPU growth and 9% rental reversion across its retail portfolio, in 1H 2025


FCT SP: One of the Top Beneficiaries from Singapore Rate Steep Decline