SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in July

Mapletree Industrial Trust / Equity Bottom-Up

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In Singapore, the suite of iEdge S-Reit Indices measures the performance of Reits listed on SGX. The suite comprises the iEdge S-Reit index, widely regarded as one of S-Reits' barometers, and a narrower subset of it, the iEdge S-Reit Leaders Index.

The iEdge S-Reit Leaders Index is a narrow, tradable, adjusted free-float market capitalisation weighted index that measures the performance of the most liquid trusts in Singapore. Constituents must be listed on SGX and classified under Reits as defined by the Factset Revere Business Industry Classification System. The trust must also have free float of at least 20 per cent and a free float market capitalisation of at least S$500 million.

All eligible trusts are screened for liquidity at the semi-annual rebalancing in March and September. To enter the iEdge S-Reit Leaders Index, eligible trusts must trade at least US$500,000 in daily turnover and a 0.10 per cent daily trading velocity of the free float market capitalisation.

To maintain an existing place, constituents must maintain US$400,000 in daily turnover and a 0.08 per cent daily trading velocity of the free float market capitalisation. 
Following Lendlease Global Commercial REIT’s (LREIT) addition in March 2021, there are currently 27 constituents in the iEdge S-REIT Leaders Index. 
LReit has a diversified portfolio comprising of a leasehold interest in, 313@somerset, a prime retail property located in Singapore and a freehold interest in Sky Complex, which comprises three grade-A office buildings located in Milan.

In October 2020, LReit acquired a 5.0 per cent stake in Lendlease Asian Retail Investment Fund 3, which indirectly holds a 75.0 per cent interest in Jem, an integrated office and retail development in Singapore.

Comparing total returns, the iEdge S-Reit Leaders Index (-0.9 per cent), proved to be more resilient than the broader iEdge S-Reit Index (-2.6 per cent) and the FTSE EPRA/Nareit Global Reits Index (-12.0 per cent) last year.

Though the iEdge S-Reit Leaders Index (+4.0 per cent) lagged the global benchmark (+25.1 per cent) in 2021 year-to-date, it outperformed in the long term. The five-year total returns of the iEdge S-Reit Leaders Index came in at 60.6 per cent versus FTSE EPRA/Nareit Global Reit Index's 28.2 per cent. This was mostly led by S-Reits with data centre, industrial, and healthcare assets. 
The constituents with the highest five-year total returns include: Keppel DC REIT (+175.6 per cent), Mapletree Logistics Trust (+168.0 per cent), ParkwayLife REIT (+133.2 per cent), Mapletree Industrial Trust (+123.9 per cent) and Frasers Logistics and Commercial Trust (+113.8 per cent). Together, the five trusts make up approximately 36 per cent of the overall index weightage.

Products tracking the iEdge S-Reit Leaders Index include the SGX iEdge S-Reit Leaders Index Futures and the Syfe Reit+ portfolio. REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/iedge-s-reit-indices-barometers-for-s-reits">read </a>the original version.
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    SREITs leaders index


In Singapore, the suite of iEdge S-Reit Indices measures the performance of Reits listed on SGX. The suite comprises the iEdge S-Reit index, widely regarded as one of S-Reits' barometers, and a narrower subset of it, the iEdge S-Reit Leaders Index.

The iEdge S-Reit Leaders Index is a narrow, tradable, adjusted free-float market capitalisation weighted index that measures the performance of the most liquid trusts in Singapore. Constituents must be listed on SGX and classified under Reits as defined by the Factset Revere Business Industry Classification System. The trust must also have free float of at least 20 per cent and a free float market capitalisation of at least S$500 million.

All eligible trusts are screened for liquidity at the semi-annual rebalancing in March and September. To enter the iEdge S-Reit Leaders Index, eligible trusts must trade at least US$500,000 in daily turnover and a 0.10 per cent daily trading velocity of the free float market capitalisation.

To maintain an existing place, constituents must maintain US$400,000 in daily turnover and a 0.08 per cent daily trading velocity of the free float market capitalisation.  
Following Lendlease Global Commercial REIT’s (LREIT) addition in March 2021, there are currently 27 constituents in the iEdge S-REIT Leaders Index.  
LReit has a diversified portfolio comprising of a leasehold interest in, 313@somerset, a prime retail property located in Singapore and a freehold interest in Sky Complex, which comprises three grade-A office buildings located in Milan.

In October 2020, LReit acquired a 5.0 per cent stake in Lendlease Asian Retail Investment Fund 3, which indirectly holds a 75.0 per cent interest in Jem, an integrated office and retail development in Singapore.

Comparing total returns, the iEdge S-Reit Leaders Index (-0.9 per cent), proved to be more resilient than the broader iEdge S-Reit Index (-2.6 per cent) and the FTSE EPRA/Nareit Global Reits Index (-12.0 per cent) last year.

Though the iEdge S-Reit Leaders Index (+4.0 per cent) lagged the global benchmark (+25.1 per cent) in 2021 year-to-date, it outperformed in the long term. The five-year total returns of the iEdge S-Reit Leaders Index came in at 60.6 per cent versus FTSE EPRA/Nareit Global Reit Index's 28.2 per cent. This was mostly led by S-Reits with data centre, industrial, and healthcare assets.  
The constituents with the highest five-year total returns include: Keppel DC REIT (+175.6 per cent), Mapletree Logistics Trust (+168.0 per cent), ParkwayLife REIT (+133.2 per cent), Mapletree Industrial Trust (+123.9 per cent) and Frasers Logistics and Commercial Trust (+113.8 per cent). Together, the five trusts make up approximately 36 per cent of the overall index weightage.

Products tracking the iEdge S-Reit Leaders Index include the SGX iEdge S-Reit Leaders Index Futures and the Syfe Reit+ portfolio.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - iEdge S-Reit Indices: barometers for S-Reits

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Singapore real estate investment trusts (S-Reits) and property trusts continue to increase assets under management (AUMs).

This year, 15 acquisitions have been announced valued at over S$5 billion. Of these, 11 were industrial and logistics-related properties.

Three of the largest announced were by Mapletree Industrial Trust (MIT), Ascendas Reit and Frasers Logistics &amp; Commercial Trust (FLCT).

MIT proposed in May to buy 29 data centres across 18 states in the United States for close to S$1.8 billion. MIT said the acquisition aligns with its strategy to increase its portfolio of data centres, and diversifies MIT's footprint across US data centre markets. Its portfolio of data centres will increase to S$4.6 billion (or 53.6 per cent of its total portfolio) post-acquisition, making MIT one of the largest owners of data centres among Asia-Pacific-listed Reits by AUM. 
Ascendas Reit announced in March the acquisition of 11 data centres across the United Kingdom, the Netherlands, France and Switzerland for S$904.6 million. Ninety-three per cent of the acquired portfolio is located in key European data centre markets that benefit from being close and connected to large population centres. The acquisition expands the Reit's existing data centre portfolio from 4 per cent to 10 per cent.

FLCT proposed in May to buy six properties in Germany, the Netherlands and the UK for S$548.7 million. The six properties include four logistics and industrial properties in Germany and the Netherlands, and a logistics and industrial property as well as a business park in the UK. This marks the Reit's maiden entry into the UK logistics sector.  REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/s-reits-ytd-asset-acquisitions-exceed-s5-billion">read</a> the original version.
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    S-REITs 


Singapore real estate investment trusts (S-Reits) and property trusts continue to increase assets under management (AUMs).

This year, 15 acquisitions have been announced valued at over S$5 billion. Of these, 11 were industrial and logistics-related properties.

Three of the largest announced were by Mapletree Industrial Trust (MIT), Ascendas Reit and Frasers Logistics &amp; Commercial Trust (FLCT).

MIT proposed in May to buy 29 data centres across 18 states in the United States for close to S$1.8 billion. MIT said the acquisition aligns with its strategy to increase its portfolio of data centres, and diversifies MIT's footprint across US data centre markets. Its portfolio of data centres will increase to S$4.6 billion (or 53.6 per cent of its total portfolio) post-acquisition, making MIT one of the largest owners of data centres among Asia-Pacific-listed Reits by AUM.  
Ascendas Reit announced in March the acquisition of 11 data centres across the United Kingdom, the Netherlands, France and Switzerland for S$904.6 million. Ninety-three per cent of the acquired portfolio is located in key European data centre markets that benefit from being close and connected to large population centres. The acquisition expands the Reit's existing data centre portfolio from 4 per cent to 10 per cent.

FLCT proposed in May to buy six properties in Germany, the Netherlands and the UK for S$548.7 million. The six properties include four logistics and industrial properties in Germany and the Netherlands, and a logistics and industrial property as well as a business park in the UK. This marks the Reit's maiden entry into the UK logistics sector.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - S-Reits' YTD asset acquisitions exceed S$5 billion

Frasers Hospitality Trust / Equity Bottom-Up

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FRASERS Property is one of Singapore's largest property groups with S$39.2 billion in total assets as at March 31, 2021.

The group develops, owns and manages an integrated portfolio of properties across residential, hospitality, retail, commercial and business parks, and in industrial and logistics sectors across Asia, Australia, Europe, the Middle East and Africa, and China.

With a S$4.6 billion market capitalisation, Frasers Property is the sponsor of three SGX-listed trusts - Frasers Centrepoint Trust (FCT), Frasers Logistics &amp; Commercial Trust (FLCT), and Frasers Hospitality Trust (FHT).

FLCT has 97 logistics, industrial and commercial properties across Australia, Singapore, Germany, the UK and the Netherlands. 
The Reit achieved a record revenue of S$231.7 million and adjusted net property income (NPI) of S$173.9 million, representing increases of 95.1 per cent and 79.3 per cent year-on-year respectively in H1FY21, mainly from the merger with Frasers Commercial Trust last April. 
It announced 3.80 cents in distribution per unit (DPU), up 9.5 per cent year-on-year, and a portfolio occupancy rate of 96.8 per cent.

Its majority exposure to resilient sub-sectors industrial and logistics (at 58.3 per cent of its portfolio value) amid the pandemic can be seen in the Reit's 37.8 per cent total returns in the past one year. It is the second best performing among S-Reits.

FLCT entered the Straits Times Index in April 2021 and has obtained a BBB+ with stable outlook credit rating from S&amp;P Global Ratings.

FCT is one of Singapore's largest suburban retail landlords with 10 malls with a total AUM of S$6.4 billion.

The Reit reported 73.8 per cent growth in both revenue and NPI for H1FY21 at S$173.6 million and S$125.7 million respectively, mainly from its latest AsiaRetail Fund portfolio. The Reit announced a DPU of 5.996 cents, 28.4 per cent higher year-on-year.

It noted that tenants' sales have recovered to near pre-Covid-19 levels, despite shopper traffic still lagging due to safe distancing measures. Its retail portfolio occupancy has held up at 96.1 per cent and average reversion was at -0.7 per cent.

FCT recently announced that the property owner of Waterway Point, of which it owns 40 per cent, has been awarded its first green loan of S$589 million, lifting FCT's proportion of green loans to 18 per cent.

FHT is a global hotel and serviced residence trust with 15 properties across nine cities and an appraised portfolio value of S$2.25 billion as at Sept 30, 2020.

In its H1FY21 results, the trust reported year-on-year declines of 36.2 per cent and 40.9 per cent in revenue and NPI respectively, as the sector continues to be affected by the pandemic.

However, on a half-year comparison, FHT has shown signs of improvement with 53.8 per cent and 83.5 per cent increases in revenue and NPI respectively, driven by better performance in its Australia portfolio.

The trust retained 60 per cent of its distributable income and reported lower distribution per stapled security of 0.179 cents.

FHT believes that domestic tourism may recover faster than international tourism given the pent-up demand for travel and views countries where it has a presence in such as Australia, Japan and the UK, to be best positioned for earlier recovery.  REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/china-poised-to-drive-economic-growth"> </a><a href="https://www.businesstimes.com.sg/companies-markets/growing-sustainably-with-frasers-s-reits">read</a><a href="https://www.businesstimes.com.sg/companies-markets/bulk-of-s-reits-in-key-global-real-estate-indices"> </a>the original version.
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    Frasers Group


FRASERS Property is one of Singapore's largest property groups with S$39.2 billion in total assets as at March 31, 2021.

The group develops, owns and manages an integrated portfolio of properties across residential, hospitality, retail, commercial and business parks, and in industrial and logistics sectors across Asia, Australia, Europe, the Middle East and Africa, and China.

With a S$4.6 billion market capitalisation, Frasers Property is the sponsor of three SGX-listed trusts - Frasers Centrepoint Trust (FCT), Frasers Logistics &amp; Commercial Trust (FLCT), and Frasers Hospitality Trust (FHT).

FLCT has 97 logistics, industrial and commercial properties across Australia, Singapore, Germany, the UK and the Netherlands.  
The Reit achieved a record revenue of S$231.7 million and adjusted net property income (NPI) of S$173.9 million, representing increases of 95.1 per cent and 79.3 per cent year-on-year respectively in H1FY21, mainly from the merger with Frasers Commercial Trust last April.  
It announced 3.80 cents in distribution per unit (DPU), up 9.5 per cent year-on-year, and a portfolio occupancy rate of 96.8 per cent.

Its majority exposure to resilient sub-sectors industrial and logistics (at 58.3 per cent of its portfolio value) amid the pandemic can be seen in the Reit's 37.8 per cent total returns in the past one year. It is the second best performing among S-Reits.

FLCT entered the Straits Times Index in April 2021 and has obtained a BBB+ with stable outlook credit rating from S&amp;P Global Ratings.

FCT is one of Singapore's largest suburban retail landlords with 10 malls with a total AUM of S$6.4 billion.

The Reit reported 73.8 per cent growth in both revenue and NPI for H1FY21 at S$173.6 million and S$125.7 million respectively, mainly from its latest AsiaRetail Fund portfolio. The Reit announced a DPU of 5.996 cents, 28.4 per cent higher year-on-year.

It noted that tenants' sales have recovered to near pre-Covid-19 levels, despite shopper traffic still lagging due to safe distancing measures. Its retail portfolio occupancy has held up at 96.1 per cent and average reversion was at -0.7 per cent.

FCT recently announced that the property owner of Waterway Point, of which it owns 40 per cent, has been awarded its first green loan of S$589 million, lifting FCT's proportion of green loans to 18 per cent.

FHT is a global hotel and serviced residence trust with 15 properties across nine cities and an appraised portfolio value of S$2.25 billion as at Sept 30, 2020.

In its H1FY21 results, the trust reported year-on-year declines of 36.2 per cent and 40.9 per cent in revenue and NPI respectively, as the sector continues to be affected by the pandemic.

However, on a half-year comparison, FHT has shown signs of improvement with 53.8 per cent and 83.5 per cent increases in revenue and NPI respectively, driven by better performance in its Australia portfolio.

The trust retained 60 per cent of its distributable income and reported lower distribution per stapled security of 0.179 cents.

FHT believes that domestic tourism may recover faster than international tourism given the pent-up demand for travel and views countries where it has a presence in such as Australia, Japan and the UK, to be best positioned for earlier recovery.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Growing sustainably with Frasers' S-Reits

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ENTERING the earnings season the first quarter of 2021, 14 S-Reits had reported their distributions per unit (DPUs) as at end April, averaging a 31 per cent increase year on year (yoy). Another 10 S-Reits are expected to announce quarterly business updates or financial results in May.

Of the 14 S-Reits that reported, 12 saw a yoy increase in DPU. The five S-Reits with the highest yoy DPU increments are: SPH Reit (+313.3 per cent), Mapletree Commercial Trust (+57.9 per cent), ARA Logos Logistics Trust (+35.7 per cent), Frasers Centrepoint Trust (28.4 per cent) and Keppel DC Reit (18.1 per cent).

SPH Reit declared a DPU of 1.24 Singapore cents for Q2 FY2021 ended Feb 28 - a 313.3 per cent increase yoy. Its near-term focus is to maintain healthy occupancy and sustainable rental income in partnership with tenants. SPH Reit's portfolio occupancy rate stands at 98 per cent as at Feb 28, compared to 98.9 per cent a year ago.

Mapletree Commercial Trust (MCT) declared a DPU of 5.32 Singapore cents for H2 FY21 ended March 31, up 57.9 per cent yoy, bringing full year DPU to 9.49 Singapore cents. The latest declared DPU includes the release of S$13.0 million from the retained cash carried forward from Q4 FY20.

MCT said monthly tenant sales in Q4 FY21 have recovered to more than 86 per cent of pre-Covid levels.

ARA Logos Logistics Trust (ALOG) declared a DPU of 1.353 Singapore cents for Q1 FY21, representing a 35.7 per cent increment yoy. The increase in DPU, though partly due to the retention of S$2.5 million distributable income in Q1 FY20, was also contributed by the 8.7 per cent yoy rise in NPI.

ALOG said the stronger portfolio performance was due to the commencement of new leases at several properties as well as higher revenue generated from the Australia portfolio on the back of the strengthening Australian dollar. As at end-March, ALOG's portfolio committed occupancy rose to 99.1 per cent.

Frasers Centrepoint Trust (FCT) declared H1 FY21 DPU of 5.996 Singapore cents, up 28.4 per cent yoy. This marks its first set of financial results since the acquisition of the remaining 63.11 per cent stake in AsiaRetail Fund Ltd in October. FCT said its retail portfolio occupancy remained stable at 96.1 per cent. FCT expects the vaccination programme in Singapore and continued re-opening of the economy to support the recovery of shopper traffic and tenants' sales.

Keppel DC Reit (KDCREIT) reported DPU of 2.462 Singapore cents for Q1 FY21, representing an 18.1 per cent yoy increase. The DPU increment was attributed to contributions from new accretive acquisitions and asset enhancement initiatives in 2020. Note that KDCREIT pays distributions on a semi-annual basis, and no distribution will be paid for Q1 FY2021. 

REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/14-s-reit-dpus-up-average-31-year-on-year">read</a><a href="https://www.businesstimes.com.sg/companies-markets/bulk-of-s-reits-in-key-global-real-estate-indices"> </a>the original version.
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    S-REITS distributions


ENTERING the earnings season the first quarter of 2021, 14 S-Reits had reported their distributions per unit (DPUs) as at end April, averaging a 31 per cent increase year on year (yoy). Another 10 S-Reits are expected to announce quarterly business updates or financial results in May.

Of the 14 S-Reits that reported, 12 saw a yoy increase in DPU. The five S-Reits with the highest yoy DPU increments are: SPH Reit (+313.3 per cent), Mapletree Commercial Trust (+57.9 per cent), ARA Logos Logistics Trust (+35.7 per cent), Frasers Centrepoint Trust (28.4 per cent) and Keppel DC Reit (18.1 per cent).

SPH Reit declared a DPU of 1.24 Singapore cents for Q2 FY2021 ended Feb 28 - a 313.3 per cent increase yoy. Its near-term focus is to maintain healthy occupancy and sustainable rental income in partnership with tenants. SPH Reit's portfolio occupancy rate stands at 98 per cent as at Feb 28, compared to 98.9 per cent a year ago.

Mapletree Commercial Trust (MCT) declared a DPU of 5.32 Singapore cents for H2 FY21 ended March 31, up 57.9 per cent yoy, bringing full year DPU to 9.49 Singapore cents. The latest declared DPU includes the release of S$13.0 million from the retained cash carried forward from Q4 FY20.

MCT said monthly tenant sales in Q4 FY21 have recovered to more than 86 per cent of pre-Covid levels.

ARA Logos Logistics Trust (ALOG) declared a DPU of 1.353 Singapore cents for Q1 FY21, representing a 35.7 per cent increment yoy. The increase in DPU, though partly due to the retention of S$2.5 million distributable income in Q1 FY20, was also contributed by the 8.7 per cent yoy rise in NPI.

ALOG said the stronger portfolio performance was due to the commencement of new leases at several properties as well as higher revenue generated from the Australia portfolio on the back of the strengthening Australian dollar. As at end-March, ALOG's portfolio committed occupancy rose to 99.1 per cent.

Frasers Centrepoint Trust (FCT) declared H1 FY21 DPU of 5.996 Singapore cents, up 28.4 per cent yoy. This marks its first set of financial results since the acquisition of the remaining 63.11 per cent stake in AsiaRetail Fund Ltd in October. FCT said its retail portfolio occupancy remained stable at 96.1 per cent. FCT expects the vaccination programme in Singapore and continued re-opening of the economy to support the recovery of shopper traffic and tenants' sales.

Keppel DC Reit (KDCREIT) reported DPU of 2.462 Singapore cents for Q1 FY21, representing an 18.1 per cent yoy increase. The DPU increment was attributed to contributions from new accretive acquisitions and asset enhancement initiatives in 2020. Note that KDCREIT pays distributions on a semi-annual basis, and no distribution will be paid for Q1 FY2021. 

REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - 14 S-Reit DPUs up average 31% year on year

Singapore

Singapore Land Group Limited operates as a real estate company. The Company develops and invests in properties, and provides property management, information technology, development management and consultancy services, as well as trades in computers and related products, and invests in hotels and retail centers. Singapore Land Group serves clients in Singapore.

UOL Group Limited is a property company. The Company has a diversified portfolio of development and investment properties, hotels, and serviced suites. UOL Group, through its subsidiary owns a portfolio of commercial assets and hotels. UOL Group operates in Asia, Oceania, and North America.

Ascendas India Trust is a business trust that invests in real estate. The trust acquires, owns, and develops land for business use.

GuocoLand Limited is a regional property company with operations in Singapore, China, Malaysia and Vietnam. Headquartered in Singapore, the principal business activities of GuocoLand and its subsidiaries (“the Group”) are property development, property investment, hotel operations and property management.

City Developments Limited is a property developer and owner. The Company, through its subsidiaries, are principally engaged in the investment of properties and shares, property management, project management and the provision of consultancy services, hospitality-related information technology, and procurement services. City Developments has a global presence.

Ho Bee Land Limited develops and invests in real estate properties in Singapore and United Kingdom.  The Company also operates hotels.

First Sponsor Group Limited, an investment holding company, is engaged in the property development and investment activities primarily in the People's Republic of China. Its properties include residential and commercial properties.

Bukit Sembawang Estates Limited, through its subsidiaries, operates in property development, property mortgage financing, and the holding of properties and investments. The Company provides residential property development throughout Singapore.

Wing Tai Holdings Limited is an investment holding company whose subsidiaries invest in and develop properties, manufacture woven labels, and trade garments and architectural products and accessories.  The Company also provides management services and operates restaurants.

Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.

WHA Corp PCL is a built-to-suit distribution center and factory developer in Thailand.

Land and Houses Public Company Limited develops real estate projects including single-detached homes, townhouses, and condominiums. The Company builds single and attached homes, primarily on land that it develops and improves. Land and Houses also operates its own architectural, engineering, design and construction teams for customer's specific designs and orders.

Sobha Limited provides construction services. The Company offers design and architecture, mechanical, plumbing, interiors, landscape, residential, commercial, and civil construction services. Sobha serves customers in India, Singapore, and United Arab Emirates.

Huafa Industrial Co., Ltd. Zhuhai develops residential and commercial properties. The Company also provides property rental services.

Huafa Industrial Co., Ltd. Zhuhai (600325 CH)

Kerry Properties Limited, through its subsidiaries, invests in and develops real estate.  The Company also owns and operates logistics, freight and warehouses business.  In addition, Kerry Properties invests in infrastructure-related projects and operates hotels.

AEON Mall Co., Ltd. develops, manages, and maintains large-scale shopping malls throughout Japan. The Company develops shopping malls, rent the space, manages and maintains the shopping malls.

Chengdu Hi-tech Development Co., Ltd. develops and sells real estate properties.  The Company also designs and produces kitchen cabinets, produces pharmaceuticals, and develops taxation software.

Chengdu Hi Tech Development Co Ltd. (000628 CH)

Greentown China Holdings Ltd. develops real estate.  The Company builds residential villas, low-rise apartment buildings, and high-rise apartment buildings for middle and high-income people.

Farglory Land Development Co., Ltd. develops and sells residential and commercial buildings which are constructed by independent contractors.

Lendlease Group designs, develops, and manages property and infrastructure assets. The Company constructs apartments, commercial buildings, government offices, retirement living, and educational facilities. Lendlease serves customers worldwide.

Frasers Property Limited provides real estate ownership and development services. The Company engages in the development of land, housing projects, apartments, as well as commercial, industrial, and retail properties. Frasers Property serves customers globally.

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Frasers Property Ltd (FPL SP)

Key Singapore Market Moves and Flows in July

The STI’s 1.2% gain in July brought its price gain over the first seven months to 11.4%, with dividends boosting the total return to 13.2%,...

Singapore Exchange Ltd (SGX)

REIT Watch - iEdge S-Reit Indices: barometers for S-Reits

In Singapore, the suite of iEdge S-Reit Indices measures the performance of Reits listed on SGX. The suite comprises the iEdge...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits' YTD asset acquisitions exceed S$5 billion

Singapore real estate investment trusts (S-Reits) and property trusts continue to increase assets under management...

Singapore Exchange Ltd (SGX)

REIT Watch - Growing sustainably with Frasers' S-Reits

FRASERS Property is one of Singapore's largest property groups with S$39.2 billion in total assets as at March 31, 2021. The...

Singapore Exchange Ltd (SGX)

REIT Watch - 14 S-Reit DPUs up average 31% year on year

ENTERING the earnings season the first quarter of 2021, 14 S-Reits had reported their distributions per unit (DPUs) as at end...

Singapore Exchange Ltd (SGX)

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