Suntec REIT will start trading on 9 Dec 2004

Suntec Real Estate Investment Trust (REIT) will be open to retail investors from Tuesday, 30 November 2004. The retail offer consists of a minimum of 50 million units priced at between 97 cents and $1. The offer closes on Friday and trading will start on December 9, 2004. The REIT will offer an estimated yield of 5.82% to 6.00% for 2005 on an annualized basis, and between 6.13% and 6.31% for 2006.

Citigroup Inc. (C) unit Citigroup Global Markets Singapore, DBS Group Holdings (D05.SG) unit DBS Bank, and the Singapore branch of German financial giant Deutsche Bank AG (DB) are the lead underwriters for the Suntec REIT sale.

The Suntec REIT, which works like a mutual fund, will allow investors to receive returns based on rents from Suntec City Mall, Singapore’s largest shopping mall, and five office towers. Suntec REIT's portfolio has property assets worth more than S$2.1 billion. Suntec, owned by Hong Kong billionaire Li Ka-Shing and fellow tycoons, has prime property assets located in Singapore’s busy central business district.

Updated On: 04.12.06