Who We Are
Sometime in mid-2012, under the auspices of the MAS & SGX, several members from the sponsors, REIT managers, trustees, financial and legal advisors were invited to sit on the S-REIT Working Group, or SRWG, to collectively brainstorm ideas and strategies to enhance the competitiveness and attractiveness of the S-REIT industry for all stakeholders. One of the SRWG’s recommendations was the formation of a REIT Association, to promote and to enhance the S-REIT business, and the operating and regulatory environment. Nine founding members came together in response to this call and officially registered The REIT Association of Singapore (REITAS) in December 2013.
The first S-REIT, CapitaLand Mall Trust, CMT was listed on the SGX in 2002 with a market capitalisation of S$708 million. Sixteen years later today, there are 42 S-REITs and Property Trusts with a total market capitalisation of about S$90 billion.
Singapore has developed a solid foundation for the REIT industry, with a pro-business and supportive regulatory environment; a well-developed equity and debt capital markets which REITs can access; the requisite professional players; responsible sponsors and REIT managers; a growing local and international investor base; and increasing interest from overseas promoters who are attracted to list their assets here.
The aim of REITAS is therefore to strengthen the S-REIT industry in terms of size and number of players; to enhance the transparency and governance issues so that investors can make their choice in investing; to engage the regulators and relevant agencies to make policies and regulations more salubrious for the growth of the industry; to improve the level of professionalism as well as general public education; to keep the S-REIT environment attractive and competitive for global/ international players.
To propel the Singapore real estate investment trust industry to greater market prominence in regional and global capital markets;
(b) Education and Research
To encourage greater investment in real estate investment trusts listed on Singapore Exchange Securities Trading Limited (the “SGX-ST”, and the real estate investment trusts, “S-REITs”) through education and dissemination of information, and to provide quality, comprehensive research on S-REITs; and
To represent the S-REIT industry vis-à-vis regulators such as the Monetary Authority of Singapore and the SGX-ST, as well as accounting authorities such as the Accounting and Corporate Regulatory authority and the Singapore Accountancy Commission, and to improve the operating legal and regulatory environment for S-REITs through engagement with the regulators on existing policies and laws, regulations and guidelines.
(c) Professional Development
To assist member REITs upgrade/enhance the professional skills and knowledge of their staff through courses, seminar, talks and workshop, including regular update on regulatory and compliance requirements.
REITAS will be guided by its mission statement, which is “To promote the growth and development of the S-REIT industry”.