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

LONG UOL – The Rerating Imperative in Singapore Real Estate

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

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

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