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The Assembly Place - Balloting Results

This is probably one of the most usual press releases that went alongside the SGX announcement of the balloting results. The Company released a full presentation deck , which is actually quite informative, with information of upcoming pipeline etc (probably the Company felt that it is safer to release this after the IPO closes and not before). The balloting table is as follows: The IPO has drawn strong interest from prominent institutional funds such as Avanda Investment Management (as investment manager for and on behalf of its fund(s)) and Lion Global Investors Limited (as investment manager for and on behalf of its clients), along with prominent investors, including Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles and Mr Chong Soon Kong @ Chi Suim2 , underscoring strong confidence in TAP's investment proposition. Separate from the Invitation, cornerstone investors, namely Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Cache Capital Pte. Ltd., ICH Synergrowth Fun...
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Indiabulls Properties Investment Trust



Indiabulls Properties Investment Trust offers investors exposure to the booming Indian economy and to the rapidly growing services sectors. The Trust has an initial portfolio of 2 commercial development properties located in the upcoming business district of Lower Parel in Mumbai.

The Trust is offering 262,483,183 units at between S$1 to S$1.10 for subscription. The projected yield for FY2009 is between 4.7% to 5.1% and 8.9% to 9.8% for FY 2010. For your information, the fiscal year FY2009 is from April 1, 2008 to March 31, 2009. The yield is expected to increase in conjuction with the progressive completion of the projects.

Basically this is an Indian REIT play and a comparable peer on SGX will be the Ascendas India Trust. The market cap of Indiabulls is around S$3.6 billion and that is considerably bigger than Ascendas India Trust. The yield of Ascendas India Trust is around 5.6%.

Bascially i have no comments on whether to subscribe or not as REITs are bascially yield play and valuation of the properties are usually very subjective in nature and there are inherent risks investing in the India market. If this REIT suits your investment appetite and you are bullish on the Indian property/rental sector, then apply for it. Given the current market sentiments and the huge fund raising, let's see if there is adequate appetite this latest REIT.
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