Singapore Savings Bonds at 3.58% yield – I am buying… but are T-Bills at...
The latest Singapore Savings Bonds are out.
As expected – they are very attractive.
Starting at 3.26% in the first year, and going up to 3.58%...
Next T-Bills Auction on 11 May – Expected yield of 3.75%? Better buy than...
So the next T-Bills Auction is on 11 May.
The last 6 month T-Bills closed at 3.83% yield, while most of the banks have revised...
Hyflux: What went wrong and what can investors do?
Unless you’ve been living under a rock the past few months, you’ve probably heard about the Hyflux saga. With stories about how retirees placed...
Hyflux’s new restructuring deal: Should investors accept it?
I’ve been following the recent Hyflux saga with much interest. The fall from grace of one of Singapore’s homegrown companies, and the entire restructuring...
6-month T-Bills yields drop to 3.70% – Demand for T-Bills continue to go up...
In my weekend article, I estimated a yield of 3.70% - 3.80% for the upcoming 6-month T-Bills auction.
The auction results are out at 3.70%...
Keppel KBS US REIT: Why I loaded up on this 10.1% yielding REIT
In the spirit of full disclosure, please note that I hold an existing stake in Keppel KBS US REIT. As background, when the unit...
Keppel US REIT trades at a 13.7% dividend yield – Will I buy this...
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...
Top 3 REITs I will buy in the next 12 months – as a...
I’ve been getting a lot of questions about blue-chip REITs recently.
The REITs from Mapletree, CapitaLand, Frasers etc.
Prices of the blue-chip REITs have not dropped...
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
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...
T-Bills at 4.0% yield – Must buy with CPF-OA? Better buy than Singapore Savings...
After the recent T-Bills auction, I’ve been getting a flood of questions on T-Bills.
The recent T-Bills was massively oversubscribed, seeing $14.2 billion applications for...
First REIT’s 80% drop explained: Will I buy this REIT at $0.22?
In case you missed it, this is the 1 year chart of First REIT.
It’s gone from $1.00 in Jan, to $0.22 this week.
For those...
T-Bills yields drop further to 3.70% – Why are interest rates going down despite...
So the latest T-Bills auction results are out!
In my weekend article, I predicted a range of 3.65% - 3.80% on the T-Bills.
And sadly enough...
REIT ETFs: 5 Reasons I am still not a fan after Budget 2018
The recent Budget 2018 was a momentous one for REIT ETFs, as it accorded tax transparency status for REIT ETFs from 1 July 2018.
Before...
Why I think REIT prices will struggle in 2023 (as a Singapore Investor)
First off – my apologies.
I know that I’ve been doing a lot of posts on Singapore Savings Bonds and T-Bills recently.
I’ve just been getting...
Latest Singapore Savings Bonds Allotment – Up to $14,500 per person! Why is interest...
So the latest allotment results for the December Singapore Savings Bonds are out!
Each person who applied can get up to $14,500.
This is a pretty...