SINGAPORE: Singapore’s dominant position as a real estate investment trust (REIT) listing hub in Asia is being eyed by a new contender: the Philippines.
The Philippines Securities and Exchange Commission recently eased tax and ownership rules in an effort to lure REIT listings by property developers in the country. Ayala Land Inc is planning to raise US$500mil once the rules are amended, which could be the first REIT listing in the country. A deal of this size would make it one of the five biggest initial public offerings (IPOs) in the Philippines on record, according to data compiled by Bloomberg.