Real estate groups may gain by selling Singapore properties now to buy assets overseas later
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HIGHER interest rates are driving asset valuations down in many markets, with negative implications for several Singapore-listed property plays.
Singapore-listed Manulife US Reit saw the valuation of its US’ office assets fall 14.6 per cent between end-2022 and end-June 2023. This came after a year-on-year fall in portfolio valuation of 10.9 per cent as at end-2022.
Ho Bee Land , which owns various prime office buildings in London, UK, posted a fair value loss of S$201.9 million for its London portfolio in 2022. The group suffered a net loss in the first half, primarily due to an unrealised fair value loss of S$208.3 million for the London portfolio and higher interest costs of S$76.3 million.
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