Page 1 - Listing a Real Estate Investment Trust in Singapore or China

Listing a Real Estate Investment Trust

(REIT) in Singapore or China

Singapore

INTRODUCTION
From the listing of Singapore’s first REIT in 2002 (i.e. the CapitaLand Mall Trust in 2002), the
Singapore REIT sector has grown in leaps and bounds. As at July 2021, Singapore has 42 REITs
and property trusts with a combined market capitalisation of S$111 billion which represents
approximately 12% of Singapore’s overall listed stocks. Singapore is currently the largest REIT
market in Asia (excluding Japan) and it is increasingly becoming a global REIT hub.

As of July 2021, over 80% (i.e. 35) of S-REITs and property trusts (by both number and market
capitalisation) own properties outside Singapore across Asia Pacific, South Asia, Europe and the
US. There are 16 S-REITs whose real estate portfolios comprise entirely of overseas properties.

The S-REIT market is also well diversified across di erent sub-sectors such as o ces,
healthcare, retail, industrial and data centres.

Source: SGX Research Chartbook: S-REITs and Property Trusts – July 2021

Sample Structure of an S-REIT

Property
management services
Property
Manager Properties
Property
management fees

Property
Own
income (net)
Management Acts on behalf
services of unitholders
Manager S-REIT Trustee
Management Trustee
fees fees

Units held Distribution

Unitholders

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