Singaporean Real Estate Undervalued over 20% based on DCF

CapitaLand Ascendas REIT

Market Cap: S$12.4b

CapitaLand Ascendas REIT (CLAR) is Singapore’s first and largest listed business space and industrial real estate investment trust.

Mapletree Pan Asia Commercial Trust

Market Cap: S$7.0b

A real estate investment trust positioned to be the proxy to key gateway markets of Asia.

Mapletree North Asia Commercial Trust

Market Cap: S$4.2b

Listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 7 March 2013, Mapletree North Asia Commercial Trust ("MNACT") is the first real estate investment trust (“REIT”) that offers investors the opportunity to invest in best-in-class commercial properties situated in prime locations in China, in Hong Kong SAR, in Japan and in South Korea.

Lendlease Global Commercial REIT

Market Cap: S$1.9b

Lendlease Global Commercial REIT (Lendlease REIT) is established with the principal investment strategy of investing.

ESR-REIT

Market Cap: S$1.9b

A leading New Economy and future-ready Asia Pacific S-REIT.

AIMS APAC REIT

Market Cap: S$1.4b

A real estate investment trust listed on the Mainboard of the SGX-ST since 2007.

Starhill Global Real Estate Investment Trust

Market Cap: S$1.3b

A Singapore-based real estate investment trust.

Far East Hospitality Trust

Market Cap: S$1.2b

A Singapore-Focused Hotel and Serviced Residence Hospitality Trust listed on the Main Board of The Singapore Exchange Securities Trading Limited.

UI Boustead Real Estate Investment Trust

Market Cap: S$1.1b

A real estate investment trust.

Daiwa House Logistics Trust

Market Cap: S$339.9m

A Singapore real estate investment trust (REIT) established with the investment strategy of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia.