Poor returns show expanding S-Reit market isn’t giving joy to investors

IN THE beginning, the Singapore market had just a handful of real estate investment trusts (Reits). These were platforms with predominantly domestic assets. And for the early development of the local Reit sector, it was good.

In the next epoch, S-Reits went overseas to acquire some foreign assets. And it was still good.

Then came the wave of Reits with portfolios made up entirely of foreign assets landing in Singapore.