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REIT & Fixed Income

Will Singapore Savings Bonds yield 3% (first year) by Dec 2022? T-Bills yield 2.98%

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  After last week’s article on Singapore Savings Bonds, I received a very interesting question: “With central banks raising interest rates across the globe are we...

United Hampshire US REIT IPO Review – Recession Proof Supermarket REIT?

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So I did a poll earlier this week, asking which one you guys preferred to read – (1) Impact of COVID-19 on markets, or...

Top 5 REITs to buy now (2018/2019)

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REITs have been getting a lot of bad flak recently. I like to think that this is down to 2 reasons. Firstly, because REITs are...

Astrea V Debrief: Do I regret buying these bonds?

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For those who missed it, the balloting results for Astrea V were out on Wednesday, and the bonds started trading on the SGX on...

Astrea 7 Bonds Balloting Results! – Nobody wants Class B at 6% yield?

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Astrea 7 Bonds balloting results are out! And I must say, I was actually pretty surprised by the balloting results. Astrea 7 Bonds Balloting Results To sum...

新加坡商铺/写字楼市场前景 3 大要点—CICT(凯德综合商业信托)2021 年第三季度业务更新报告最新解读

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看了凯德综合商业信托 2021年第三季度业务更新报告 - 有所启发! 其报告绝对是新加坡商业地产(包括商铺和写字楼)领域的信息宝库。 今日分享一下心得,希望对您有所帮助。 CICT(凯德综合商业信托)2021 年第三季度业务更新报告中的 3 大要点 我关注的是新加坡商业地产的总体趋势,而非仅仅聚焦于凯德综合商业信托。 我们从商铺业务说起。 新加坡商铺市场 续租租金变动率仍在下跌 商铺的续租租金变动率持续下滑。 对于不甚熟悉地产领域的读者,我需要解释下,续租租金变动率指的是下面两项租金之间的变动率:(1) 续租租金 (2) 已到期租约的租金。 因此,这说明商铺续租租金低于低于之前租约的租金。 有些细节颇为引人注意: 首年租金低于平均租金 这意味着,业主以此吸引租户签订租约。 他们可能第一年会收取较低的租金,然后逐年增加。 这对双方都有利,租户只需付较低的预付租金,有时间稳定业务。 而业主则保证了入住率(避免房产空置)以及未来的上升空间。 我唯一担心的是疫情形势有变。那样的话,租户核心业务还未改善,同时还要负担不断上涨的租金。 郊区续租租金变动率优于市区 郊区商场续租租金只比之前的平均租金低 0.9%。 而市区商场续租租金则较之前的租金低 8%。 不得不说,由于居家办公,郊区商场目前态势比市区商场要好得多。 不过我不希望这会永远持续下去,我们总有一天会回到办公室。 因此,如果留心,可以发现一些交易机会。卖出复苏交易的一些变量,即不做空数据中心房地产投资信托基金 (REIT),而是做空郊区商场 REIT,做多市区商场 REIT。 租户销售额的复苏远强于客流回暖 租户销售额为 2019 年平均水平的 83%(下降 17%)。 而客流量则是 2019 年平均水平的 59%(下降 41%)。 我觉得这个数据很有意思——这表明消费者的购物效率越来越高。 如果消费者想购物,他们仍会选择商场(因此租户销售额复苏),但不会只为了闲逛而去商场。 至少在我看来是这样的。 你可以说,租户可能已经更好地适应了后疫情时代的消费现状,销售人们真正想买的商品。也存在这种可能性。 部分零售领域遭到重创 部分类别的租户业绩低迷。 跌幅最大的是零售店和娱乐业,分别下降了 9.6% 和...

Latest Singapore Savings Bonds Allotment – Only $10,500 per person! SSBs are popular again!

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  So the latest allotment for the Singapore Savings Bonds are out. And wow, are Singapore Savings Bonds popular again. Whereas last month’s Singapore Savings Bonds saw...

Is it time to sell REITs and prepare for a global slowdown?

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A Patron member recently posed this question (details changed slightly for privacy reasons): I’ve been reading that some big name REITS like Mapletree and Capitaland...

Hyflux – Temasek, Parliament, and Retail Investors

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I’ve been following the Hyflux saga on and off since my original article a while back, but this last weekend, things really started exploding...

Why I am skipping the Nikko AM SGD Investment Grade Corporate Bond ETF

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In my recent Astrea IV Bond article, I had a theory that MAS/Temasek was trying to expand the retail bond market in Singapore, with...

Astrea 7 Bonds Review – Why I am buying the 4.125% – 6% yield...

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  For investors with cash to spare, 2022 has been like Christmas come early. A sell-off in REITs, stocks and bonds. And now Astrea 7, with 4.125%...

Elite Commercial REIT IPO: Update – Why I decided to skip this IPO

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In my original review on Elite Commercial REIT's IPO, I concluded by saying that I wasn't sure whether I would apply for this IPO.  I...

Keppel US REIT trades at a 13.7% dividend yield – Will I buy this...

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  I’ve been getting quite a few questions on the US REITs recently. In case you missed it, most of these REITs are trading at double...

Singapore Savings Bonds at 2.75% yield – I am buying… but are T-Bills /...

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So the latest Singapore Savings Bonds (October) are out. Interest rates are below, and at 2.75% over 10 years it’s actually lower than last month’s...

Elite Commercial REIT IPO Review: 3 quick thoughts on this hot new IPO

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Note: Given that the final prospectus has been registered, do also check out my updated thoughts in a more comprehensive article here! As many of...