Why S'pore property shares make sense
Institutional investors are eyeing real estate developers that may be taken private
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Singapore
HERE'S a good reason to own Singapore property shares: you might not have to own them for long.
Investors from ABN Amro Private Banking to Baring Asset Management Ltd are eyeing developers that may be taken private by their parents as 66 per cent of the companies trade at less than the value of their net assets. Six developers were bought out since 2010 at an average share-price premium of 26 per cent, data compiled by Bloomberg shows. In the most recent and largest transaction, Keppel Corp made a two-tier price offer for the remaining stake in Keppel Land, with the base offer price valuing the latter at about S$6.8 billion.
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