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.

Asia’s leading multi-asset exchange

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

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

Frasers Logistics & Commercial Trust / Equity Bottom-Up

Frasers Logistics & Commercial Trust (FLT SP)

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 <div class='content-caption'>REIT Watch - S-Reits which took part in the 2021 GRESB real estate assessment</div>
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Eighteen S-Reits out of over 1,500 property companies, Reits, funds and developers participated in the 2021  GRESB Real Estate Assessment. According to GRESB, the assessment is an investor-driven global ESG  benchmark and reporting framework for listed property companies, private property funds, developers  and investors that invest directly in real estate. 

The assessment covers 3 components: management components such as strategies and policies; performance components such as greenhouse gas (GHG) emissions and energy consumption;  development components such as a building’s design. 

Each of the components has a score and is factored into the overall GRESB score and rating. The GRESB  rating is relative to the universe of participating entities. Entities in the top/bottom quintile will have a  5-star/1-star rating respectively. Only 20 per cent of entities in each year receive the 5-star rating.

Six S-Reits obtained the 5-star GRESB rating in 2021 – CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Frasers Logistics &amp; Commercial Trust (FLCT), Lendlease Global  Commercial Reit (LReit), Manulife US Reit (MUST) and Suntec Reit. 

CICT’s sustainability initiatives towards its 2030 targets include a pilot with Tampines Mall as one of the  8 buildings to be part of Singapore’s first brownfield distribution district cooling (DDC) network pilot  by SP Group to allow for more efficient chiller systems operations.  

FCT’s malls, Century Square and Tampines 1, are also part of the DDC network pilot, which is targeted to  be operational in 2025. In line with Frasers Property’s goal to be net zero carbon by 2050, a network of  36 electric vehicle public charging points will be installed across 12 Frasers malls.

FLCT has committed to achieve a net zero carbon status by 2030, in line with its sponsor Frasers  Property’s goal. The trust also aims to achieve green certification for 80 per cent of its portfolio by 2024. 

LReit, in line with Lendlease Group’s Mission Zero targets, aims to achieve net zero carbon (Scope 1 &amp;  2) by 2025 and absolute zero (including Scope 3) by 2040. Some of its reference targets in FY22 include  a 20 per cent reduction in energy and GHG emissions and 11 per cent recycling rate in waste. 

MUST in 2021 announced its alignment to its sponsor’s net zero and 80 per cent GHG emissions  reduction target by 2050. About 90 per cent of its properties are green certified and the REIT has noted  a reduction in GHG intensity and energy intensity by 9.3 per cent and 5.8 per cent year-on-year,  respectively. 

Suntec REIT in FY21 achieved a 24.6 per cent and 44.3 reduction in energy and water intensities, respectively, from FY19 levels on lower usage during the pandemic and notes that it is on track to  achieve its 2024 targets – to reduce energy intensity by 3 per cent in 2024 from FY19 levels, and to  maintain water intensity in FY24 from FY19 levels. 

REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/s-reits-which-took-part-in-the-2021-gresb-real-estate-assessment">read </a>the original version
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    REIT Watch - S-Reits which took part in the 2021 GRESB real estate assessment


Eighteen S-Reits out of over 1,500 property companies, Reits, funds and developers participated in the 2021  GRESB Real Estate Assessment. According to GRESB, the assessment is an investor-driven global ESG  benchmark and reporting framework for listed property companies, private property funds, developers  and investors that invest directly in real estate. 

The assessment covers 3 components: management components such as strategies and policies; performance components such as greenhouse gas (GHG) emissions and energy consumption;  development components such as a building’s design. 

Each of the components has a score and is factored into the overall GRESB score and rating. The GRESB  rating is relative to the universe of participating entities. Entities in the top/bottom quintile will have a  5-star/1-star rating respectively. Only 20 per cent of entities in each year receive the 5-star rating.

Six S-Reits obtained the 5-star GRESB rating in 2021 – CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Frasers Logistics &amp; Commercial Trust (FLCT), Lendlease Global  Commercial Reit (LReit), Manulife US Reit (MUST) and Suntec Reit. 

CICT’s sustainability initiatives towards its 2030 targets include a pilot with Tampines Mall as one of the  8 buildings to be part of Singapore’s first brownfield distribution district cooling (DDC) network pilot  by SP Group to allow for more efficient chiller systems operations.  

FCT’s malls, Century Square and Tampines 1, are also part of the DDC network pilot, which is targeted to  be operational in 2025. In line with Frasers Property’s goal to be net zero carbon by 2050, a network of  36 electric vehicle public charging points will be installed across 12 Frasers malls.

FLCT has committed to achieve a net zero carbon status by 2030, in line with its sponsor Frasers  Property’s goal. The trust also aims to achieve green certification for 80 per cent of its portfolio by 2024. 

LReit, in line with Lendlease Group’s Mission Zero targets, aims to achieve net zero carbon (Scope 1 &amp;  2) by 2025 and absolute zero (including Scope 3) by 2040. Some of its reference targets in FY22 include  a 20 per cent reduction in energy and GHG emissions and 11 per cent recycling rate in waste. 

MUST in 2021 announced its alignment to its sponsor’s net zero and 80 per cent GHG emissions  reduction target by 2050. About 90 per cent of its properties are green certified and the REIT has noted  a reduction in GHG intensity and energy intensity by 9.3 per cent and 5.8 per cent year-on-year,  respectively. 

Suntec REIT in FY21 achieved a 24.6 per cent and 44.3 reduction in energy and water intensities, respectively, from FY19 levels on lower usage during the pandemic and notes that it is on track to  achieve its 2024 targets – to reduce energy intensity by 3 per cent in 2024 from FY19 levels, and to  maintain water intensity in FY24 from FY19 levels. 

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



Capitaland Integrated Commercial Trust (CICT SP)

Lendlease Global Commercial REIT (LREIT SP)

REIT Watch - S-Reits which took part in the 2021 GRESB real estate assessment