Iran Soften Stand To Revise Peace Offer-Donald Trump Chu Pattern Again!

Iran has soften and offered US a deal to open the Straits of Hormuz and talk about disposal of enriched uranium in a subsequent phase. Donald Trump, the King of USA, then angrily reject the offer as he wants the nuclear issue to be tackled upfront while he holds the US Naval blockage as a counter leverage that is hurting the economy of its government. The King has thus demanded Iran to revise their offer. 

I guess it is not too bad that Iran seems to have proposed this new offer relative to their previous stance of totally avoiding the previous peace talk. I think we are going to see the light at the end of the tunnel soon. Hang in there folks!

Mapletree Pan Asia Commercial Trust Disappointing Fall in DPU again for Q4 FY2025/26. Time to Say Goodbye to MPACT?

Mapletree Pan Asia Commercial Trust ("MPACT") posted a 2.6% decline in distribution per unit to S$0.019 for 4th quarter ended March 2026 on the back of a sharp drop of revenue by 5.5% (from S$222.9Mil to S$210.7Mil). As usual, the overseas properties of MPACT such as Festival Walk shopping mall continued to be affected by the loss of consumers to the new shopping haven in Shenzhen which is just less than 30mins of travelling  time via the Express Rail Link. Interestingly, recently, while my Hong Kong Boss (he's a business tycoon with wide business networking in China, HK & Australia) was on a business trip to Singapore, he remarked to me that everyone in Hong Kong now goes to Shenzhen frequently as it is extremely convenient. There are cheap SPA, foot massages, value for money food and grocery available in Shenzhen hence these adversely affect Hong Kong which is facing many empty retail shops with no tenants. Gone are the good old days of ever rising rental by Hong Kong landlords. My Hong Kong Boss next made another comment that once the Malaysia Johor Bharu & Singapore RTS is completed and fully functional, Singapore retail scene is going the way of Hong Kong, that is, it will also be severely affected by the surge in Singaporeans going for cheaper food and services across the causeway. 

Extracted Results Summary Q4 FY25/26

1. MPACT Q4 Results Ending March 2026.

Ok, back to MPACT most recent results announcement. The declining rental income from its overseas properties seem to have no bottom. I was initially optimistic that we have seen the trough of the decline in rental income given the many consecutive quarters and previously sky high negative rental reversion. 

If one refers to the screenshot below of all the main properties of MPACT, we can see that the revenue of Festival Walk HK continued to drop from S$49.9Mil to S$42.5Mil. Consequently, its NPI declined from S$37.7Mil to S$31.7Mil. The official reason stated for this decline is due to the sales of the Festival Walk office component.  

Without stripping off the effect of the disposal of its office component, we cannot really tell the current performance since we are comparing apple to orange. Hence Festival Walk HK is not exactly out of the woods yet until we have more clarity. 

Properties Breakdown Comparatives Q4 Current FY vs Q4 last FY

Key Financial Highlights For MPACT

2. Change in Investment Thesis on MPACT.

My thoughts are that my investment thesis on MPACT may need to change. I mean I have no doubt that its Singapore properties of Vivocity and Mapletree Business Park are still performing well. Nevertheless, the overseas properties continued to be a drag on its overall results and distributions to unit-holders. I am having some serious doubts on whether MPACT has further room to appreciate to catch up to its NAV per unit of around S$1.73 as at 31 March 2026. 

To elaborate further, the elephant in the room is whether its NAV is S$1.73 per unit or already close to its market price of S$1.40 per unit given the expected decline in NAV attributed to the poor performance of its overseas properties. The decline in NAV is not just in theory. If you look at 31 December 2025, its NAV per unit was S$1.78 per unit and now it has further eroded to S$1.73 per unit as at 31 March 2026. 

MPACT Vivocity

3. Parting Thoughts

I have put MPACT on my watchlist and to see whether its management will continue spinning off its non-performing overseas properties. While there seems to be improvement in Festival Walk tenant sales by 6% as reported, I am unsure whether the rental rates decline have stopped. I will probably wait for further clarity in the next quarter reporting before making a call on whether to just sell off all my MPACT units and recycle the funds to other investments. Are you folks still holding on to MPACT?

Indonesia Imitating Iran- Charging Ships Toll For Use of the Straits of Malacca.

Indonesia’s Finance Minister, Purbaya Yudhi Sadewa, recently "floated" the idea of charging ships transit fees through the Strait of Malacca as he was inspired by Iran's maneuverer off the Strait of Hormuz. Apparently, the Indonesia government wanted to try their hands on playing ruffians and imposing "protection money" to boost much needed treasury funds to cover their deficits. The Smart Aleck even tried to drag Singapore and Malaysia into the extortion ring by framing the idea as something that would require coordination with Singapore and Malaysia, rather than a unilateral Indonesian move. Any one can tell that Purbaya is just trying to share the political fallout from US, China, EU etc and to avoid Indonesia appearing as the sole wicked nation that is causing another disruption to global trade. 

1. Why the Proposal Caused Alarm

The Malacca Strait carries roughly one-fifth to one-quarter of global seaborne trade. Critical examples:

- China’s energy imports;

- Japan and South Korea’s shipping;

- Singapore’s port economy;-

- ASEAN trade

Any toll or restriction would likely:

(a) Raise shipping costs

(b) Increase insurance rates

(c) Trigger diplomatic backlash

(d) Potentially violate international maritime law

2. Regional Response

Our Singapore foreign minister, Vivian Balakrishna, jumped out immediately to oppose this stupid idea. Malaysia also showed little support and reinforced that the Strait is governed by UNCLOS transit passage rules, and not national tolling rights.

Additionally, Australia and major trading nations also quickly voiced their concern. Overall, Global markets viewed this suggestion as a destabilizing precedent.

3. Final Development

However, Jakarta subsequently quickly changed their mind after testing water and finding heavy criticism worldwide. They quickly clarified that Indonesia has no formal plan to impose tolls and remains committed to the United Nations Convention on the Law of the Sea (UNCLOS), which protects freedom of navigation in international straits. It is extremely disappointing that while the US-Iran war remains unresolved, Indonesia has tried to stir up more chaos in order to profit from it.

Capitaland Ascendas Rights Issuance Results- Not Too Bad.

Since I am mainly using another traditional trader securities custodian account of an international bank to hold Capitaland Ascendas REIT ("CLAR"), I am only able to see my rights issuance results this morning on 24 April 2026 (strange that in this day and time of Generative agentic AI, they still need 1 full day lead time to process for individual beneficial owners allocation after the main exercise completion on the morning of 23 April 2026.). Anyway, my total rights is 532 units and managed to get excess of 2,468 units. Total of 3,000 units. Guess not too bad given the overwhelming excess demand for CLAR excess units. Issuance price is S$2.35 per unit and closing market price as at 23 April 2026 is S$2.56 per unit. Hence every 1,000 units allocated gives immediate profit of S$210.  Consequently +S$630 of capital gain from this CLAR fund raising exercise. Guess, participating in rights issuance is better than buying Toto from Singapore Pool. My greatest Toto win after 3 years is only a miserable S$85 from a System 7 ticket (not to mention the few hundred dollars I "invested" into buying the Toto). 

So how did you folks fare for this CLAR rights issuance? Hopefully, you folks got what you targeted. Ok, that's all from me today. Have a great weekend ahead! 

Countdown to US-Iran Conflict Ended-Donald Trump Tried to Use Nuclear Code on Iran.

Amidst the never ending US-Iran war, a recent controversial allegation from ex-CIA analyst, Larry Johnson, has surfaced suggesting that Donald Trump had sought to use nuclear codes during the war and that this was stopped by the Chairman of the Joint Chiefs of Staff, General Dan Caine, who opposed the move. Not sure whether this is purposely leaked out fake news by US side to pressurise Iran into accepting a peace deal with the agreement to handover enriched Uranium. 

Anyway, Donald Trump has just extended the ceasefire deadline indefinitely. Trump further mentioned that this is to give Iran more time to come up with a revised peace proposal for the US to review. This is quite silly, given that Trump has threaten that he will resume bombing Iran and will not extend the ceasefire deadline. To be honest, I was surprised by Trump's move as he is quite egoistic so to extend ceasefire indefinitely is a major concession and good faith towards de-escalation of conflict. 

Nevertheless, grave danger still remain with the Straits of Hormuz closed and US naval blockage of Iranian ports. The flames of war may still be re-ignited instantly given Iran's view that nuclear enrichment is their sovereign rights that no one can take-away. 

The Shocking Announcement by Capitaland Integrated Commercial Trust To Acquire Paragon From Cuscaden Peak.

I am shell shocked by the announcement from Capitaland Integrated Commercial Trust ("CICT") that it will be acquiring Paragon from Cuscaden Peak. As a former unit-holder of SPH REIT and later on the renamed Paragon REIT, I vividly recalled a year ago, the Cuscaden Group folks said that Paragon need S$500Mil to S$600Mil for a major facelift and refurbishment to fight off the intense competition at Orchard Road. Henceforth, there will be a huge loss of income for all unit-holders of Paragon REIT for up to 4 years during this major facelift. The best option recommended was a privatisation then with Paragon valued at S$2.9 billion. In less than 1 year after Cuscaden taken Paragon REIT private, they have suddenly decided not to go ahead with the facelift but instead chose to sell Paragon to CICT for S$3.9 billion. Personally, I thought that all ex-Paragon retail unitholders have been played out by Cuscaden Group. Interestingly, Cuscaden Group is made up of 3 major corporate shareholders who are, HPL Hotel (lead by the famous Mr Ong Beng Seng), Mapletree and lastly, Capitaland itself which is affiliated to CICT.

Extract of Announcement by CICT on 20 April 2026

1. Screwing Unit-holders of Paragon REIT

To put it bluntly based on my personal thoughts, the privatisation move made to "market and influence" Paragon Unit-holders last year was nothing more than a show with the grand purpose to remove the numerous unit-holders so that a restructuring of the Paragon Property can be completed in order to sell it off. Under Paragon REIT, Paragon is just a 99 year leasehold whereby the free-hold title was being withheld by the then Singapore Press Holdings. By taking Paragon REIT private, Cuscaden can then proceed to merge it back into a wholesome freehold investment property for spinning off at a large profit to other potential buyers.  

Unfortunately for retail investors, everything was done legally. The "privatisation" was an option that more than 75% of unit-holders agreed to during the EGM....it was not at gun-point. Ex-Paragon Unit-holders do not have access to other information or possible better business alternatives at that juncture. 

Additionally, the Cuscaden folks, would simply argue that after this move was made, Capitaland folks then suddenly have an "Eureka" moment that its CICT maybe can buy over a freehold Paragon that leads to a win-win situation for both Cuscaden and Capitaland. Perfect!  

2. Screwing Unit-holders of CICT

Tragically for CICT retail unit-holders, they cannot feel the victory of scoring a major goal in acquiring a freehold Paragon with the very much coveted Medical Suites tenants and its stream of very resilient rental income. There is a huge price tag of S$3.9 billion and worse still, CICT unit-holders are unable to participate in any preferential rights issuance as the management of CICT decided to go with a private placement of S$600Mil (now upsized to S$750Mil due to strong institutional demand) at a discounted price of S$2.30 per unit (market price S$2.47 per unit as of 22 April 2026, 4pm) to private institutions to fill up the fund raising gap required to complete the deal.

In addition, there maybe a need for a 4 years facelift that may cost an additional S$500Mil to S$600Mil as per the management of Cuscaden Group (making up of veterans in real estate HPL, Mapletree and Capitaland). CICT unit-holders may have to bear the execution risk in such an event. 

Nevertheless, on a personal front, I have serious doubt that CICT will want to spend another half a billion CAPEX for such asset enhancement. 

3. Parting Thoughts

From an investment perspective, I will not be investing in CICT. Personally, I do not like the office component present in CICT as my preference is more on a retail concentrated REIT. CICT market price is also trading at 1.17 times its NAV of S$2.11 per unit in April 2026 pro-forma which is overvalued. As a matter of fact, there are better opportunities out there. 

Why Donald Trump Will Cut Down US Military Spending To Reduce US Budget Deficit.

The Government of the United States of America is technically bankrupt. For more than 2 decades, the US deficit has been getting from bad to worse. For illustrative, look at the recent 5 years (2021-2025) whereby US has been running a ballooning budget deficit of US$1.38 trillion to US$2.77 trillion. For 2026, Donald Trump is expected to create an all time high (since COVID) deficit of over US$2 trillion with the US war “adventure" in Iran- this will be a whopping  12% of GDP. The failure and upcoming refund of the illegal import tariffs is only going to worsen the deficit. Its heavy spending on healthcare (Medicare and Medicaid) as well as social security by being a welfare state are placing huge burden on its public finance. 

Donald Trump To Cut Down US Military Presence in Europe and Asia

Already, we are seeing Trump using the excuse of the Iran War and no assistance from its European allies to “re-evaluate” its military assets deployed in Europe. I believe US will gradually reduce the number of US overseas military bases as well as its overseas military personnel to reduce unsustainable military spending so as to rein in the deficit. While US is still a powerful nation, it is no longer a “super power” like it used to be immediately post World War 2.  

Donald Trump has also succeed in isolating America from its allies by pursuing (i) import tariffs (that economics 101 lesson has clearly stated the negative repercussion) against all nations and (ii) withdrawal of military resources from allied nations to prioritise fighting the war in Iran. 

Parting Thoughts

The MAGA movement led by Trump seems to be doing more harm than good to US and as a matter of fact, it is hastening the US decline as a global super power. We are now starting to see the decline of the US dollars starting with the cracks appearing in the US petrol dollar regime. 

Passive Income Personal Updates and 1 More Week Of World Peace Countdown.

Based as at April 15, 2026 announcement- Excluding Endowus & Margin Financing Cost

Looks like for upcoming Q2 2026, the dividends flow from my stock portfolios will be low again. The highest peak for dividends pay date for my portfolios are usually in the month of March and September. With the US Iran ceasefire negotiation still going on, I truly hope that it will at least get another 2 weeks to 1 month extension even if the 2nd round of peace talk failed to come to an agreement. My target of achieving S$1.3Mil gross investment at the end of 2026 seems to be in jeopardy. 

.

Diversification and Bonds

For the current stock market crisis triggered by the blockage of oil supply at the Straits of Hormuz, I guess I was lucky to have suffered only a slight decline in portfolio valuation This was mainly due to the following:

1. Focused more on Singapore and Hong Kong listed equities with only very tiny exposure to US equities which are way too overvalued in my personal opinion;

2. Diversification is important. I am currently holding onto around 25 equity counters and numerous unit trusts. Unit Trusts are important for diversification and reduces the incidences of going down to zero value should any stock in it faced total business collapse and

3. Having bonds inside investment portfolio does help reduces volatility. While this is basic common sense, retail investors like myself often struggle to buy bond directly as the minimum size to hold is often large and there will be insufficient diversification to avoid concentrated default risk.  A bond fund thus solve this problem. I have been investing in Unit Trust funds under the Endowus platform.

Parting Thoughts

Let's enjoy the peace and quiet for another week before the deadline for US-Iran ceasefire expire and see whether Donald Trump and Iran will extend it further. While the expectation gaps between the 2 sides are still enormous, there are numerous signs that both wanted to end the conflict and find some common ground. 

Got Conned By A "Financial Planner"- The New Scammer Operation.

A week ago, I received a phone call from a "Wealth Planner" from Singlife who claimed that I have signed up for a free blue-tooth enabled wireless ear-piece set. All I have to do was to meetup this Wealth Planner and then collect it. This triggered off my memory of another similar incident earlier this year. In January 2026, I have also received such call from a lady who proclaimed the same assertion. My response then was that I don't recall ever signing up for such promotion and hence not going, the financial planner quickly told me it is a free gift and I just have to turn up for an appointment. When I insisted that I do not want to go, the financial planner tone change immediately into frustration and said that the gift is free and she cannot understand why I am not interested to even go to meet-up. Thereafter, she ended the phone conversation rudely. 

1. Decided to Give a Chance- Meet-up with New Financial Scammer Planner 

Anyway, back to this latest fiasco. This Wealth Planner offer the same free-ear piece meet-up ruse. Since I have free time and also wanted to learn more about the latest investment products, I decided to accede to the meetup request. For ease of reference, I will give this Wealth Planner a fictitious name called "Ryan". 

I told Ryan to meet me up at Toast Box near my workplace during lunch for further discussion.

When I reached, Ryan was already there. He quickly took out his gigantic tablet and asked me what insurance policies do I have with Singlife and that he is actually an independent financial advisor who represents a number of insurance companies such as Income, HSBClife, Tokio Marine Life etc. I was thinking whether I need to buy some coffee for both of us since I sense that this Ryan is the type who will only buy his customer drinks if there is a confirmed deal but he seems very anxious to present his sales products immediately and being polite, I decided to let him carry on first.

After seeing that I already have many insurance policies from critical illness, H&S, PA, income replacement policies, Ryan changed tactic and showed me a list of financial needs, namely, (i) Insurance, (ii) Savings, (iii) CPF & (iv) Investments and asked me directly to tell him what I need.  I was flabbergasted at that juncture and thought how come Financial Planner work in such a manner that is so unprofessional. 

2. Investment Recommendation by Financial Scammer

My reply to Ryan latest query as above mentioned is that I am more interested in investment and that my preference is more of income-focused type.

Ryan immediately flashed a 7% dividend yield ILP and began marketing it to me. Ryan also told me that this product apparently got 20% bonus upfront for the 1st year premium of S$20K. I told Ryan that I have serious doubt of a financial product that can give 7% dividend yield constantly every year. Only then did Ryan clarified that part of the "dividends" will be paid out of capital....OMG!

Seeing that I am not interested, Ryan quickly whipped up another ILP from Tokio Marine Life, that has a Japan focused theme fund that pays out high dividends and also double digit growth for past few years. I told Ryan that I have my reservation about Japan that had a lost decade due to deflation and most recently, high inflation and probably stagflation in future. Also, one of the top 10 investment of this fund has Toyota which has been losing lots of global market shares to China electric cars and that I am really struggling to take this product up.  

It does not end there, Ryan along with his indomitable spirit quickly recommend that he got ILP that will allow me to choose and customise my own unit trust funds. Next, I asked him this question: "If I can choose and customise the funds, then what is the initial cost as well as annual management cost of this ILP? Will this be similar or cheaper than the digital wealth management platform of Endowus?" 

3. Financial Scammer Beating Hasty Retreat

Ryan did not address my question directly. Instead he suddenly began packing his gigantic tablet and told me that he got another urgent appointment and that he will send some of those previous proposals presented to me for consideration (deep in my heart, I knew that he was just lying through his teeth about sending those proposals to me) and then suddenly disappear from Toast Box in the blink of an eye and I found myself staring into thin air. This Ryan was actually a magician! 

Parting Thoughts

Well, I think this meet-up is a total waste of time. But I kind of half expected it. In a way, I think that some wealth planners like Ryan actually needs to be sent back to financial planning courses as the way he approached it haphazardly seems to be more of with an overwhelming interest to sell products and taking commission rather than analysing what a prospective client really need. Last but not least, beware of the free blue-tooth ear piece ruse....haha! 

Ok, that's all from me today. Have a great week ahead folks!

Investment Portfolios Updates (10 April 2026) - Net Investment of S$931K and Projected Annualised Passive Income of S$53K.

It has been some time since I last updated my portfolio. Unfortunately, not much difference for my portfolio growth as my SREITs got hammered down badly again from the global oil crisis triggered by the US-Iran war. As of this post, the Straits of Hormuz whereby 20% of the World's oil supply are being shipped from the Middle East remain blocked. Previously, Iran allows countries which paid extortion fees of US$1 per barrel of oil (total as much as US$2Mil per tanker which carries up to 2 million barrels) via crypto currency to cross however, crazy Donald Trump has setup a US Naval blockage to stop all such ships in order to prevent Iran from monetising and profiting self-proclaimed protection fees. 

Nevertheless, I managed to improve my projected dividend income this year by switching lower yield Keppel Ltd, Capitaland China Trust and Ping An Insurance Group for Link REIT which has a higher yield of 7%. This will be an average yield per month of S$4.4K. Please see my further elaboration in my margin Portfolio 2 below.

1. Portfolio 1- Stocks Held in SGX Central Depository 

Finally took profit off Har Paw Corporation by selling all my shares to realise 100% profits. Have re-invested in Genting Singapore which is currently at its 52 week low price. With Genting capital expenditure of US$5.3 billion for waterfront expansion, it will continue to attract tourists. 

2. Portfolio 2- Margin Purchased Securities
(Note: My margin purchased securities has grown to a sufficient scale to sustain itself and can pay off annual financing charges as well as to gradually pay down the margin loan through the dividends generated.) 

Keppel Ltd and Ping An Insurance Group has enjoyed close to 90% to 100% capital and dividend  gain and its dividend yield has thus dropped significantly relative to my original investment cost. I have sold off part of my stake in Keppel Ltd and all my Ping An Insurance stocks and bought Link REIT which was offering dividend yield of close to 7% and way below its NTA per unit. 

Additionally, I have sold off all my Capitaland China Trust earlier this year and switched to Link REIT.

3. Portfolio 3 (with Tiger Brokers and MooMoo) 

(Venture into higher risk as well as capital growth stocks here)

Bought additional Link REIT here and also bite the bullet and sold off bulk of my Oceanus shares.

4. Portfolio 4 (Endowus Unit Trusts & Other Investments)

Took quick profits off my gold fund. Also took out S$10K for my personal use due to an urgent need to do some home enhancement via my Endowus Pine Asia Pacific Bond fund.

Parting Thoughts

To be honest, I am extremely disappointed that the SREIT rally since Q4 2025 has now reversed due to the global oil crisis and seems that I am back to square one. The consolation is that many stocks and REITs are now at a huge discount. Have thus took this opportunity to buy more equities with a view to be cautious since the oil crisis will get worse and we are staring at the probability of a deep global recession.

Trump and Iran Need To Sit Down To Talk And Stop The Senseless Fighting and Blockage of Hormuz.

Donald Trump act blur again. How can a ceasefire not include his best friend from Israel which just intensified its bombing on Lebanon? Iran also desperate until it decides to weaponize the Straits of Hormuz against the whole world to exert pressure on the Global Economies. Totally no respect for the Law of the Sea for international navigation through straits. Now it even wants to blackmail countries into paying toll for safe passage through the Straits of Hormuz. How is this different from piracy?

US and Israel started this war and are now finding it extremely painful to end it. Makes one wonder what are their real military objectives in the first place? Iran is still shooting ballistic missiles and launching drones non-stop at everybody- they seemed to have an endless supply of them hidden deep underground. Many ordinary folks in Iran and Lebanon have been killed in this war, it is time to end the violence and senseless bloodshed. Donald Trump need to wake up and stop his Art of the Deal nonsense and negotiate a peace settlement in good faith.

Personally, I think that Trump had already TACO on this painful war that is going to make his life extremely miserable once his Republican party lose big during the upcoming mid-term election. Nevertheless, US not continuing the war does not mean that this war is over since the Straits of Hormuz is now being used by the Iranians to restrict the amount of oil that gets out. For local holding onto SREITs, the rally from Q4 2025 is gone and now back to square one. Interest rates will also start to rise again as evident from recent hints given by the US Federal Reserve folks.  

Capitaland Ascendas Rights Issuance Via CDP Account Instead of ATM.

With the 2 weeks ceasefire just announced between US and Iran and the Capitaland Ascendas REIT ("CLAR") rights issuance price of S$2.35 per unit against market price of S$2.57 per unit as at April 8, 2026 (Wednesday), this is an immediate capital gain of S$0.22 per unit or +9.36%. I thought that it is a no-brainer that everyone will rush in to subscribe for their allotment. Looks like getting excess units will be extremely challenging. 

1. Personal Thoughts On Buy Or Skipped Rights Issuance?

Please read my previous post here: 

Capitaland Ascendas REIT Rights Issuance in Midst of US-Iran War-Subscribe Or Wait?

2. Use CDP Investor Portal To Purchase Instead of Via ATM

This is my first time using the CDP Investor Portal for purchase and I decided to try it for the convenience since it means one does not need to walk to the nearest ATM machine anymore. I noticed that the CDP instruction guidance on the instruction booklet and CDP website is neither user friendly nor intuitive. I will do a quick walkthrough here in this section:   

2.1 Go to https://investors.sgx.com/

2.2 Next, scroll down to find "Today's Highlight" section and therafter "Corporate Action Submission"

2.3 Click on "View full list" if you cannot see Capitaland Ascendas

2.4 Click on Capitaland Ascendas

2.5 Now you will see the Corporate Actions Form Submission for Capitaland Ascendas REIT

2.6 Scroll to bottom to click on "Proceed to log in" using Singpass

Thereafter, just follow the instruction to key in the total number of units (Allotted Plus Excess) and presto, the QR code for PayNow will appear for your payment using your banking App. 

Parting Thoughts

The management of Lendlease Global Commercial REIT must be very upset at their tragic and unfortunate twist of fate during their just recent rights issuance exercise that only has 62.2% subscription. Looks like the rights issuance exercise of CLAR will be hotcake with more than 100% excess being subscribed. 

Donald Trump Unhinged Lunatic- The Opening of Straits of Hormuz Deadline Or Destruction of Iran?

What a week it had been! Iran shot down a US F-15 fighter jet and then there was the subseqent dramatic rescue of the downed aircrew by US Commandos deep in Iran's territory. Strangely, Trump and his Secretary of War (formerly Secretary of Defense before the renaming of this post) have terminated a number of US generals in the midst of the war with Iran. Rumour has it that these were the generals that were against the ground offensive initiative by Trump and Pete Hegseth. In the meantime the vital oil channel, the Straits of Hormuz remains shut off with Iran only allowing a few ships to pass through it. 

Deadline up to Tuesday for Straits of Hormuz to Reopen.

Trump's gave new deadlines (yes, keep repeating the same thingy) for the opening of Straits of Hormuz for Monday (6th April) and then now Tuesday (7th April) else the US will unleash hell on Iran. Trump  had told Iran to “open the f***in’ Strait” or face “living in hell” in an extraordinary swear-laden rant on Sunday.

But, I don't think the Iranians will budge. In fact, the Iranians have stated that they will only consider stopping the war if there is a change in regime in US, that is, a government without Donald Trump before they will negotiate.

European Union and Other Allies Cutting Deal With Iran Without US

Macron, the president of France, has made a good speech recently.  He said that countries should avoid dependence on China's “dominance” and exposure to what he called the “unpredictability” of the United States.

In the meantime, many countries have been cutting deals with Iran to allow some of their ships to pass through unharmed in the Straits of Hormuz.

Additionally, UK has convened a meeting of over 40 countries from every continent of the world, as well as key international organisations including the International Maritime Organisation and the European Union regarding the Straits of Hormuz closure by Iran. The key points being discussed:

(a) Increase international diplomatic pressure, including through the UN, to send clear and co-ordinated messages to Iran to permit unimpeded transit passage through the Strait of Hormuz and to comprehensively reject the imposition of tolls on vessels which seek to pass through.

(b) Explore co-ordinated economic and political measures, such as sanctions, to bear down on Iran if the Strait remains closed.

(c) Work together with the International Maritime Organisation to secure the release of thousands of ships and sailors trapped in the Strait and get shipping moving again.

(d) Joint arrangements to support greater market and operational confidence. This includes working with shipping operators and industry bodies to ensure coherent and timely information sharing.

Parting Thoughts- Investing During War Time

I think that there are signs of improvement in the global oil disruption from the closure of the Straits of Hormuz by Iran with many countries starting to kick off solutions discussion. As such I will be making some additional investment into equities this week. Saying that, no one knows exactly what the unhinged Donald Trump will do next and global markets may crash further. Good to keep some dry powder in such an event. Ok, that's all from me today. Have great week ahead!

Donald Trump Going For Ground Invasion Of Iran To Intimidate Submission.

Wow, Donald Trump has done it again with the activation of troops such as the elitie US 82nd Airborne division. I don't think Trump will be silly enough to invade the entire Iran as the soldiers needed to take-over a 90 million population will be too massive. Also, Iran is protected by the Zagros Mountains to the west and Elburz Mountains to the north, with massive central deserts creating a virtually impassable barrier. Instead, Trump maybe tempted to take-over the Kharg Island from Iran whereby 90% of Iran's oil exports pass through it. Kharg island sits offshore with waters deep enough to load product onto tankers known as Very Large Crude Carriers (VLCCs), which can hold around two million barrels. This will be a strategic move to choke off Iran's oil revenue by cutting off its oil exports in order to pressurise the government of Iran to accede to US demands such as opening the Straits of Hormuz for ships and tankers to pass through.

Anyway, if boots on the ground were indeed deployed by Trump, it heightens the chance of mass casualties and may just sink his remaining presidency term into oblivion. There are already "No Kings" protests & rallies in US. Global stocks also continue their free fall which will certainly worsen once news breakout of the ground invasion.  

In the meantime, oil prices continue to shoot past US$100 per barrel while Donald Trump continues to negotiate "directly and indirectly" (whatever that means) with himself, I mean Iran. 

Capitaland Ascendas REIT Rights Issuance in Midst of US-Iran War-Subscribe Or Wait?

I nearly fainted when I read that there is another upcoming rights issuance exercise from another SREIT that I have held onto for many years, that is, Capitaland Ascendas ("CLAR"). This is coming off from the disastrous rights issuance exercise by Lendlease Global Commercial REIT (LREIT") with only a pathetic 62.2% take up rate. LREIT was thus heavily undersubscribed and the joint underwriters, DBS and friends, were forced to fork out S$74.3mil to take up the excess units that nobody wanted. Now, we have CLAR coming along to join in the fun during the midst of the US-Iran Middle East war. I would say that the timing is awful but then, CLAR is in a better state than LREIT as it is a giant REIT with 222 investment properties as at 31 December 2025 while LREIT on the other hand has only 4 investment properties or 5 if you count in its minor stake in Parkway Parade. To put it simply, CLAR is a very well run government linked blue chip REIT that can weather any storms relative to the smaller REITs. 

1. Should One Subscribe for CLAR?

Personally, I think that the price of CLAR has been quite stable and hovering around the S$2.50 per unit level since its announcement of the rights issuance. This is testament to the strength of CLAR in the eyes of general investors. So, I guess it is a no brainer to subscribe for one's own allotment to prevent dilution. 

The new investment properties to be purchased are also of good quality in particularly, the one at Singapore Loyang. Interestingly, Toll Logistics Group is planning to offload their famous Loyang Off-Shore Supply base to CLAR via a long term 12 years triple net sales-and lease-back agreement. If I recalled correctly, Toll Logistics Group ultimate owner is Japan Post Holding hence the quality of rental income from this distinctive tenant is top-notch.  

Toll Offshore Petroleum Services (TOPS) at Loyang

As for excess subscription, it really boils down to how the Middle East war will turn out over the next one week to judge market sentiment and downside risk. 

2. Key Information Highlights- Retail Investors Rights Issuance Tranche.

In connection with the Preferential Offering, the Manager intends to issue Preferential Offering Units to Eligible Depositors (as defined herein) and Eligible QIBs (as defined herein (collectively, the “Eligible Unitholders”) on a pro rata basis in respect of their existing Units (the “Existing Units”) held as at 5.00 p.m. on 1 April 2026, being the record date in relation to the Advanced Distribution and the Preferential Offering entitlement (the “Record Date”). 

The allotment ratio for the Preferential Offering will be announced by the Manager via SG XNET (pls post the link to this post for those who already saw the announcement released-updated March 31, 2026- 28 Units for every 1,000 units). 

As for the Preferential Offering Issue Price, it has been determined to be at the lower end of S$2.35 per unit.

As at March 30, 2026

As at March 31, 2026

3. Indicative Timeline of Key Events:

Rights application will open on 9am of 7 April 2026 (Tuesday) and end by 5.30 pm of 15 April 2026 (Wednesday). 

Parting Thoughts

I like the new investment properties such as data centre in Japan as well as good quality master tenant from 25 Loyang Crescent that forms the basis of this rights issuance exercise. I will most probably be taking up excess rights on top of my normal allotment.

Donald Trump's Art of the Deal- Using Lies To De-escalate the US-Iran War.

Trump says Iran and US ‘want to make a deal’ but Tehran says claims of talks are ‘fake news’. To be honest, we have to give credit to Donald Trump for making such bold statement of "good talk with Iran" which buys global stock markets and energy prices time from persistent unfavourable pricing movement. Also, by postponing attacks on Iran's energy infrastructure, Trump can then extend another postponement of attacks on Iran which then gradually transit to total freeze of military action. This also saves his face....so I guess this is a smart move. We have seen him using such techniques in his tariff war against many countries previously. 

So guess the essence to the Donald Trump "Art of the Deal" is to make statements that are false in order to serve one's own agenda and self-interest? Not all world leaders have such thick skin to practice the Art of the Deal. 

Asian stock markets should rally today but the volatility is not over. So be careful folks! 

Donald Trump Blackmailing Iran With Opening of the Straits of Hormuz Or A Strike On Its Power Plants.

I am not sure whether Donald Trump is in the right frame of mind over his latest ultimatum to Iran to reopen the Straits of Hormuz within 48 hours or to face direct air strike of its power plants. I guess Iran will just simply fired ballistics missiles in retaliation at the power plant of all neighbouring gulf countries. What ever happened to the potential candidate for Nobel Prize for World Peace? With macho ego at stake, it looks like the Iran-US war is going to drag on for quite some time. 

Keppel Pacific Oak US REIT Market Price Collapse- Retail Investors Beware!

I know that there is the US Iran War which is creating chaos in global stock markets. But the sudden collapse of Keppel Pacific Oak US REIT ("KORE") from US$0.235 per unit a month ago to US$0.182 per unit as of 19 March 2026 is more than the overall correction in REITs market pricing. The sudden huge decline of <-23%> over the past 1 month is appalling. There seems to be a lack of information with regard to the sudden decline and I could not find any useful announcement released by KORE on SGX.

Online search for recent news relating to KORE that may have an adverse impact on its market price.

A quick search online unveiled the following event that may explain the rationale for the substantial decline in market pricing:

(i) Potential sale by a major unitholder. This is the most important factor right now. A substantial unitholder — Pacific Oak Strategic Opportunity REIT (around 6.1% stake) — is planning to liquidate its assets, which includes its KORE units due to excessive high borrowings that need to be repaid to bankers.

(ii) The management of Pacific Oak Strategic Opportunity REIT has explicitly said they expect a “substantial – if not complete – sale” of these units

(iii) Even if the sale hasn’t fully happened yet, market seems to be pricing in the expected surge in supply of units being put up for sales in the open market. This stake is likely to be sold via block trades or market sales, creating an “overhang” on price. In addition, traders seems to be front-run the selling thus creating persistent downward pressure

Parting Thoughts

It has been very painful holding on to KORE especially for many existing retail investors like myself. While the market price is way below the Net Asset Value per unit, the question is how reliable is the valuation of the current fair value by valuers of KORE with regard to its investment properties. Are there any other skeleton in the closet that retail investors are unaware of? 

For folks still holding on to KORE, what are your thoughts? Will you all hold on to your existing units or buy more with units with the dip? Or is KORE dying and time to bite the bullet?

The Donald Trump Madness- Attack Iran And Now Wants Allies and Other Nations To Clean His Backside.

What a mess the US war on Iran has become. Donald Trump attacked Iran without consulting its European and Asia Pacific Allies but now demand its allies to send warships to keep the Straits of Hormuz open to oil tankers and container ships. Trump is now furious with allies who rebuffed his call for help to secure the Straits of Hormuz. Personally, I thought it is strange that the mighty US seems to have miscalculated on Iran's willingness to weaponize the Straits of Hormuz. Perhaps US thought that by destroying the Navy of Iran, it would effectively remove the Iranian hold over the Straits of Hormuz. 

Donald Trump has now pulled in its allies into its never-ending war. The Europeans may have no choice but to help US clean up its backside lest Donald Trump threaten to end the defence pact under NATO. 

Let's hope the middle east conflict de-escalate soon before the whole world sank into global economic recession. It will interesting to see whether Singapore property market crash. 

Purchases During Recent Market Turmoil in Midst Of Donald Trump's War Against Iran.

Hi Folks, this post is more for my personal update & tracking of my own investment during the recent oil crisis sparked off by Donald Trump's war against Iran. Some said that Trump's war against Iran is more of a diversion tactic from his own domestic home base away from the Epstein fiasco and his involvement. From Trump's perspective, he is waging a righteous war to prevent Iran from further enrichment of uranium for building a nuclear bomb that will mean the end of the world. Nevertheless, no matter what is the rationale for igniting the fire of war, it has lead to global devastating consequences with oil price shooting through the roof by almost 100% relative to pre-war oil prices.

1. Investments and Accumulation (Cash + CPF deployment)

During the past week of market turmoil, I have executed the following purchases:

(i) Alibaba (HK 9988)- AI fallout and also fear of intensifying e-Commerce competition led to Alibaba stocks falling from over HKD185 per share in October 2025 to under HKD130 per share which is a close to 30% decline in its share price. I remain optimistic in Alibaba's fast growing cloud business. Bought more Alibaba shares at HKD130 per share and around S$6.5K;

(ii) Lendlease Global Commercial REIT (SGX-JYEU)- Unfortunately, prices did not drop further with substantial discount price to its rights issuance exercise of S$0.558 per unit. It continued to hover around S$0.555 to S$0.560 per unit. Since most of my investments are not held under discount broker like Tiger/Moo Moo, I decided to just save on the brokerage cost by subscribing for the rights under my Maybank Margin account. Have cut down on the excess subscription for sake of rounding up the numbers to at least 100 tranche. Around S$7K for S$0.0558 per unit of Lendlease Global Commercial REIT ("LREIT"). Additionally, end of today I will further subscribe to another S$3.3K worth of LREIT @S$0.558  under my CDP account. I believe that the transformation to Singapore focused retail REIT model and the better aggregate leverage ratio has completed and LREIT's financial performance should stabilise going forward (provided its Management does not do anymore hostile & anti-shareholders stance such as massive diluting existing unit-holders from capital raising exercise via offering rights issuance to only new external shareholders).

(iii) Amova STC Asia REIT ETF (SGX-CFA)- Decided to pump in from my CPF OA account amount of S$10K at price of S$0.801 per unit during the REIT pricing correction and fear of inflation coming back with financing cost spiralling upwards again. 

(iv) Mapletree Industrial Trust (SGX-MIT)- Interestingly, price of MIT has slid to below S$2.00 per unit level again and this represented a high dividend yield of more than 6.5%. From my CPF OA investment account, went on to accumulate another 2,000 units of MIT at price of S$1.97 per unit for S$3,940. 

Total accumulation over the past week: S$16.8K in cash top up and another S$14K from CPF OA. 

2. Parting Thoughts

At this juncture, I don't think anyone is certain of when exactly the war waged by US and the closure of the Straits of Hormuz by Iran will end. So take note that the stock markets might crash even further. Hang in there folks and hope that the senseless war will end soon and the global stock markets will eventually recover. Who dares wins!

Boustead REIT Opened 8.5% Lower Upon Listing From IPO Price of S$0.88 Per Unit.

Boustead REIT opened for trading this afternoon as of 12 March 2026 and tragedy struck immediately. Retail investors who subscribed for units @S$0.88 per unit during its recent IPO made an immediate loss with opening price of S$0.805 per unit which is a grave <8.5%> decline. I believed that the banker's stabilising manager have stepped in to keep up the price and thus trading in range of S$0.805-S$0.820 per unit. At its current price, dividend yield will be close to an impressive 8% per annum. Nevertheless, my personal thoughts is be careful that Boustead may just be a dividend trap. 

Please see my review of Boustead REIT during its IPO here:

Boustead REIT IPO- 3 Reasons Retail Investors Need To Stay Far Far Away.

Lendlease REIT Upcoming Rights Issuance Becoming A Nightmare With No Takers- Subscribe Only On Last Day to See Market Price.

Please see Video here.

Boustead REIT IPO- 3 Reasons Retail Investors Need To Stay Far Far Away.

Hi Folks, for those who have already subscribed to the Boustead REIT or love Boustead, please do not flame me for this post. This post is based only on my personal view. Strangely, the management of Boustead decided to go ahead to list their REIT when Donald Trump is still fighting a war with Iran- this is no doubt the worst possible time to IPO. On whether one shall subscribe to this IPO, the crux of the issue is not with the expected dividend yield or extent of the aggregate leverage level; It is also not about the low occupancy rate of less than 90%. The paramount consideration needs to go back to a Boustead fiasco back in November 2023 where a low ball buyout offer was made by Boustead to privatise and delist its real estate and engineering subsidiary Boustead Projects from existing shareholders then. Hence, if one does not want to lose his or her own hard earn capital, one needs to stay away from this IPO. I will elaborate on the above crux factor as well as another 2 other reasons on why one needs to avoid this subscription.

1. “Management Beliefs” and How Shareholders Are Treated.

First and foremost, Boustead Singapore Limited today is no longer the MNC founded by Edward Boustead in 1828 during the Straits Settlement days. Mr Wong Fong Hui and his family acquired Boustead back in 1996. Mr Wong is instrumental in transforming Boustead into a major engineering and technology conglomerate and is a very good businessman. His family held around 45% shares of Boustead Singapore Limited.

Now, the most uncomfortable factor for me is that in the event that the REIT faced a financial crisis which is part and parcel of the ups and downs of our economy, can it survive without causing much grief to its Unitholders? There may also be pro-longed periods where the REIT may trade at substantial discount to its fair value. One does not want to be in a situation whereby the REIT is being forced to privatise at a huge discount to the IPO price of S$0.88 per unit with a low ball offer. 

Additionally, I am not sure whether you folks recalled a non-government backed REIT called Soilbuild REIT that was listed and delisted- please go google and read up on it.

Basically, many sharp and wealthy businessmen can acquire a business at a less than fair valuation to delist and then a few years later, launch another IPO after re-packaging the investment properties inside. It maybe better to stick with the Capitaland or Mapletree Group of REITs in order to sleep better at night.

The 2023 Boustead Project delisting in a way can arguably be a quick preview of what may come in future for Boustead REIT. The consultant for that delisting even issued an opinion to shareholders then  that the initial offer was “reasonable but not fair”. However, the good news is that the offer was subsequently revised upwards significantly after some commotion. Nevertheless, this gives retail investors like myself some basic understanding of how the management of Boustead does business.  

2. Boustead REIT Mostly Industrial Properties and Low Occupacy Rate Less than 90%.

Another reason to stay away from this IPO is the less than 90% occupancy rate and the high concentration of major tenants for this IPO. In the event that there is a major tenant loss, it will take time and more CAPEX to sub-divide the property into smaller units configuration.

3. US Iran War and High Oil Prices May Bring Back Inflation or Even Recession,

Oil prices are spiking and the inflation monster may rear its ugly head once again. I believe many of you folks who held REITs for the past few years remember the high interest rate environment and the devastating effect on the market price of REITs. Prices of REITs will most likely drop further over the next few months.

Parting Thoughts.

Personally, I will be avoiding the Boustead REIT at all cost not just for this IPO but also in future. I have a very bad feeling on the performance of Boustead REIT post IPO and that this will go down the path of Soilbuild REIT. 

(Updated 9 March 2026: Added in additional information on Soilbuild REIT as readers may takeaway with the wrong impression that Soilbuild REIT and Boustead REIT are related entities.)

Lendlease REIT Upcoming Rights Issuance Becoming A Disaster- A Victim of Donald Trump's War On Iran.

Lendlease Global Commercial REIT ("LREIT") recent rights issuance exercise to raise funds to purchase the remaining 30% stake of PLQ Mall seems to be on the verge of a disaster as the recent closing price is S$0.555 per unit as at the closing of 5 March 2026. This is just below the rights issuance price of S$0.558 per unit.

1. What happens if price remain below S$0.558 per unit during the commencement of the rights issuance on 10 March 2026?

Now this is a very good question. If the price of LREIT continue to decline below the right issuance pricing, then no sane retail or institutional investors will subscribe for it. Instead, to avoid dilution, most investors will just buy from the open market. Nonetheless, the good news is that the joint underwriters trio of DBS, UOB and OCBC will step in to mop up the unsubscribed units at S$0.558 per unit. The process works like this according to the Underwriting Agreement dated 25 February 2026, the process works as follows:

• Sponsor Commitment: The sponsor, Lendlease Corporation, has provided an irrevocable undertaking to subscribe to its full provisional allotment of units;

• Underwriter Obligation: For all other units (the "Underwritten Units"), the Joint Underwriters (DBS, OCBC, and UOB) must first procure third-party subscribers;

• Backstop: If they cannot find enough subscribers, the underwriters themselves must subscribe and pay for all remaining units at the issue price of S$0.558;

• Funding Assurance: This structure ensures the REIT raises the full S$196.6 million required for the PLQ Mall acquisition and debt reduction, regardless of retail or institutional investor demand.

2. Parting Thoughts

LREIT seems to have become another victim of Donald Trump's war on Iran. For retail investors, such a turn of event for LREIT is ominous. The joint underwriters will eventually need to dispose part of or all of their accumulated units which will lead to further downward selling pressure on its market price.