CONTENTS
HOME
OUR WORK - Managing Risks, Sustaining Growth
A MORE CHALLENGING POLICY ENVIRONMENT
MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY
A SOUND AND PROGRESSIVE FINANCIAL CENTRE
CURRENCY
 
A SOUND AND PROGRESSIVE FINANCIAL CENTRE 28
 
Banking 28
 
Lower Paid-up Capital for Incorporated Wholesale Banks 28
 
Changes to Minimum Liquid Assets and Minimum Cash Balance Requirements (Amendments to MAS Notice 613) 29
 
Developments in Islamic Finance 29
 
Box Story 3 - Basel II Implementation in Singapore 30
 
Insurance 30
 
Enhanced Governance and Disclosure Framework for Participating Insurance Business (MAS 320) 30
 
Revision to Rules for Investment-Linked Products (MAS 307) 31
 
Follow Up on Framework for Insurance-Linked Securities 31
 
Capital Markets 31
 
A More Globalised and Sophisticated Equity Market 31
 
Size of Debt Market 32
 
Assets Under Management 32
 
Strong Treasury Market 33
 
Proposed Legislative Amendments to Securities and Futures Act and Financial Advisers Act 33
 
Amendments to the Singapore Code on Take-overs and Mergers 34
 
Box Story 4 - Guidelines on Fair Dealing -Board and Senior Management Responsibility for Delivering Fair Dealing Outcomes to Consumers 35
 
Thematic Approach to Market Conduct Supervision 35
 
Enhancing Market Discipline 36
 
Box Story 5 - Singapore: The Premier International Real Estate Financing Centre 36
 
REITS 37
 
Revised Property Fund Guidelines 37
 
Licensing Framework for REIT Managers 37
 
Extension of the Singapore Code on Take-overs and Mergers to REITs 37
 
Regulatory Oversight of Commodity Futures 38
 

Box Story 5: Singapore the Premier International
Real Estate Financing Centre

Singapore is fast becoming the premier real estate financing centre in Asia. For the year ended March 2008, the real estate equity financing market saw four new real estate investment trusts (REITs) and our first real estate business trust listed on SGX, plus seven follow-on offerings. There were a total of 19 REITs and one real estate business trust, with a total market capitalisation of S$26 billion, making Singapore the largest REIT/real estate business trust market in Asia excluding Japan.

With a robust and progressive regulatory framework in place, Singapore has successfully attracted more cross-border REITs/ real estate business trusts looking at tapping the global investors base in Singapore. In FY 2007, Singapore saw its first Japanese residential REIT from Saizen REIT, listed in October 2007. In November 2007, Lippo Group, Indonesia's property giant, also collaborated with Mapletree in listing its second REIT - Lippo- Mapletree Indonesia Retail Trust - with a diversified portfolio of retail and retail-related properties in Indonesia.

AIT's public offer of 20 million units was 20.2 times over-subscribed, while a placement tranche of about 392 million units was 46.2 times over-subscribed. The IPO was priced at S$1.18, raising a total of S$550 million. It closed at S$1.55, an increase of over 31%, on its first day of trading.

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