Singapore

SINGAPORE-LISTED property developers are trading at half their book values, on average, while their real estate investment trust (Reit) counterparts are trading at book on average. One banker is therefore suggesting a hybrid stapled vehicle combining the attractive yield-paying features of a Reit with the riskier business of development.

Kelvin Tan, senior vice-president and co-head of real estate M&A at DBS, along with his team, have begun proposing just such a structure to developer clients.