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.