Strategic rationale: This appears to align with Link REIT’s broader diversification strategy. The company has been expanding beyond traditional property management into fund management, recently hiring BlackRock’s former Asia Pacific real estate head John Saunders to lead their new Link Real Estate Partners division.

Market timing: Singapore’s REIT market has been attractive to international players, offering good liquidity and a well-established regulatory framework. The timing could be strategic given the current market conditions and Link’s desire to diversify its funding sources and geographic exposure.

Asset composition: The focus on non-HK and non-China assets is notable, as it would allow Link to potentially unlock value from properties that might be valued differently in different markets. Singapore investors might value certain international assets more favorably than Hong Kong investors.

However, it’s worth noting that these are still preliminary discussions, and Link REIT may ultimately decide not to proceed. The company hasn’t provided any official comment on these reports.

This would be a significant move if it materializes, potentially creating one of the larger cross-border REIT structures in Asia and giving Singapore investors access to Link’s diversified portfolio outside Greater China.

Link REIT’s Singapore IPO Strategy: Swimming Against the Current

Link REIT’s potential Singapore IPO of its non-Hong Kong, non-China assets represents a fascinating case study in strategic timing and market dynamics. This move comes at a particularly challenging period for Singapore’s capital markets, where the exchange is experiencing what analysts describe as a “moribund” equity market with delistings crowding out new listings Bloomberg The Edge Malaysia.

Singapore’s Capital Market Challenges

The broader context is sobering. SGX is set to see more delistings than listings this year Making the Singapore market great again | The Edge Singapore, continuing a multi-year trend that has weakened the exchange’s appeal. The Monetary Authority of Singapore recently introduced measures to simplify the IPO process, but analysts say this is unlikely to reverse a yearslong trend of delistings crowding out new listings Singapore Bourse Risks Further Delistings Despite New Proposals – Bloomberg.

However, there are some positive undercurrents. At least five companies from mainland China or Hong Kong are planning IPOs, dual listings, or share placements in Singapore in the next 12 to 18 months Exclusive: Some Chinese companies eye Singapore listings to expand markets amid trade war | Reuters, suggesting renewed Chinese interest in Singapore as a listing destination amid global trade tensions.

The REIT Market Context

Singapore’s REIT sector presents a more nuanced picture. While 2024 was a turbulent year for global REITs with Singapore-listed REIT ETFs down 11.6% and 9.9% respectively S-REITs Fell in 2024: Are They Still Attractive in 2025 with Higher for Longer Rates? | Dr Wealth, the fundamentals remain relatively attractive. The average current dividend yield of S-REITs was 6.9% at the 28 February 2025, compared with the 10-year Singapore benchmark government bond yield of 2.7% Overview of the S-REIT Industry | REITAS – REIT Association of Singapore.

The Singapore REIT market has shown some resilience, with total Singapore REIT market capitalisation increased by 1.86% to S$87.81 billion, up from S$86.21 billion in January 2025 Singapore REITs Monthly Update (15 February 2025).

Strategic Analysis of Link REIT’s Timing

Contrarian Opportunity: Link REIT’s potential move could be seen as contrarian investing at its finest. Entering a weak IPO market when investor appetite is subdued could allow for more reasonable valuations and less competition for investor attention.

Market Diversification Benefits: For Singapore, attracting a marquee name like Link REIT would be significant. Link REIT is Hong Kong’s largest REIT with substantial international assets, and a Singapore listing would:

Add quality and scale to the S-REIT market
Provide Singapore investors access to diversified international real estate assets
Potentially catalyze renewed interest in the Singapore exchange
Strengthen Singapore’s position as a regional financial hub

Strategic Rationale for Link REIT:

Valuation arbitrage: Singapore investors might value Link’s international assets more favorably than Hong Kong investors
Funding diversification: Access to Singapore’s deep pool of institutional capital
Reduced China concentration risk: Aligns with global investor preference for non-China exposure
Regulatory advantages: Singapore’s stable regulatory environment and international connectivity

Potential Impact on Singapore

Positive Impacts:

Market credibility boost: A successful Link REIT IPO could restore confidence in Singapore’s capital markets
Benchmark creation: Could establish a pricing benchmark for other international REITs considering Singapore listings
Investor base expansion: Link’s quality assets could attract new international investors to the S-REIT market
Financial hub positioning: Reinforces Singapore’s role as a regional listing destination for quality Asian assets

Challenges and Risks:

Market timing: Weak overall market sentiment could impact reception and pricing
Competition for capital: May draw investment away from existing S-REITs
Execution risk: A poorly received IPO could further damage market confidence
Economic headwinds: Global economic uncertainty and higher interest rates remain challenges

Conclusion

Link REIT’s potential Singapore IPO represents a high-stakes bet on market timing and strategic positioning. While Singapore’s IPO market faces structural challenges, the REIT sector’s defensive characteristics and attractive yields provide a more supportive backdrop. Success would likely require careful pricing, strong execution, and possibly waiting for improved market conditions.

The move could be transformational for both Link REIT and Singapore’s capital markets if executed well, potentially serving as a catalyst for renewed international interest in Singapore as a listing venue. However, the challenging market environment means this remains a significant test of investor appetite and market confidence.

Link REIT’s Singapore IPO Strategy: Swimming Against the Delisting Tide

Executive Summary

Link REIT’s potential Singapore IPO of its non-Hong Kong, non-China assets represents a bold strategic gambit that runs counter to Singapore’s deteriorating capital market conditions. While the Singapore Exchange (SGX) grapples with a chronic delisting crisis—where companies leaving the exchange significantly outnumber new listings—Link REIT’s move signals a calculated bet on long-term positioning over short-term market sentiment. This analysis examines the strategic rationale behind this contrarian approach and its potential transformative impact on Singapore’s financial ecosystem.

The Singapore Delisting Crisis: A Market in Decline

The Stark Reality of SGX’s Decline

Singapore’s capital markets are experiencing an unprecedented exodus. The numbers paint a sobering picture: in 2024, 20 companies delisted while only 4 new companies went public. The trend has accelerated in 2025, with only 1 new company (Vin’s Holdings) listing on SGX in 2025, with another (YLF Group Marketing) cancelling its planned IPO. This continues what analysts describe as a “concerning trend” that has persisted for years.

The Monetary Authority of Singapore’s recent attempts to simplify the IPO process appear insufficient to reverse the tide. Singapore’s move to simplify the initial public offering process, part of recent measures to boost its moribund equities market, is unlikely to reverse a yearslong trend of delistings crowding out new listings, according to market analysts.

Structural Challenges Driving the Exodus

The delisting trend reflects deeper structural issues plaguing SGX:

Liquidity Crisis: “We believe that the trend of delistings will continue in the near future, driven by long-term structural challenges such as low liquidity, compressed valuations, and the growing attractiveness of private capital,” said Shekhar Jaiswal, an analyst at RHB Bank. This liquidity crunch creates a vicious cycle where reduced trading activity leads to lower valuations, which in turn prompts more companies to consider delisting.

Valuation Compression: Companies listed on SGX often find themselves trading at significant discounts to their intrinsic value or compared to peers on other exchanges. This persistent undervaluation makes delisting an attractive option, particularly when private capital markets offer more favorable terms.

Competition from Private Markets: The rise of private equity and venture capital has provided alternative funding sources that don’t require the compliance costs and public scrutiny of a public listing. For many companies, staying private has become increasingly attractive.

Link REIT: A Giant Seeking Strategic Diversification

Portfolio Composition and Scale

Link REIT stands as Asia’s largest REIT, with a total valuation of around HK$226 billion (As at 31 March 2025). The trust’s portfolio spans multiple geographies and asset classes, including retail facilities, car parks, offices and logistics assets in Hong Kong, Mainland China, Australia, Singapore and the UK.

Crucially for the Singapore IPO consideration, Link REIT’s portfolio consists of 126 properties with about 9 million sq ft of retail and office space in Hong Kong, as well as 7 properties with about 6 million sq ft of retail and office space outside Hong Kong. This international component forms the likely basis for the Singapore listing.

The China Concentration Challenge

A critical driver behind Link REIT’s Singapore IPO consideration is its heavy exposure to Greater China. Currently, the two markets account for nearly 90% of the firm’s existing REIT portfolio. This concentration poses several strategic challenges:

Geopolitical Risk: Rising US-China tensions and trade uncertainties have made China-focused investments less attractive to global investors.

Regulatory Uncertainty: Evolving regulations in Hong Kong and mainland China create ongoing compliance and operational challenges.

Valuation Discount: International investors increasingly apply “China discount” valuations to assets with significant mainland exposure.

Diversification Imperative: Hong Kong’s biggest real estate investment trust says it will focus on opportunities outside of China with a planned new fund, reflecting management’s recognition of the need to reduce China concentration.

Strategic Rationale: Why Singapore, Why Now?

The Contrarian Investment Thesis

Link REIT’s timing appears counterintuitive—why enter a declining market? However, this contrarian approach may be strategically brilliant for several reasons:

Reduced Competition: With few new listings, Link REIT would face minimal competition for investor attention and capital allocation.

Valuation Opportunity: Weak market conditions could allow for more conservative pricing that benefits long-term performance.

Market Leadership: A successful large-scale REIT IPO could establish Link as a market leader and benchmark for future listings.

Relationship Building: Early entry builds relationships with Singapore’s institutional investor base ahead of potential market recovery.

Geographic and Regulatory Advantages

Singapore offers several compelling advantages as a listing venue:

Regulatory Stability: Singapore’s consistent and predictable regulatory environment contrasts favorably with the evolving landscape in Hong Kong and China.

International Connectivity: As a global financial hub, Singapore provides access to diverse international investor bases, including sovereign wealth funds and pension funds.

REIT-Friendly Framework: Singapore has a well-established and sophisticated REIT regulatory framework that supports complex international structures.

Strategic Location: Singapore’s position as the gateway to Southeast Asia aligns with Link REIT’s regional expansion ambitions.

Asset Portfolio Optimization

The Singapore IPO would likely focus on Link REIT’s non-Greater China assets, which include:

Australian Assets: The REIT acquired two overseas office assets in 2020, namely 100 Market Street in Sydney and The Cabot in London. In Nov-21, Link REIT acquired 50% interest in three retail properties in Sydney.

UK Assets: Premium London office properties that offer exposure to developed market real estate.

Singapore Assets: Existing properties in Singapore that could serve as anchor assets for the new REIT structure.

This diversified international portfolio would appeal to Singapore investors seeking non-China Asian real estate exposure.

Potential Impact on Singapore’s Financial Ecosystem

Immediate Market Effects

Capital Market Credibility: A successful Link REIT IPO would provide a much-needed credibility boost to Singapore’s capital markets. The listing of Asia’s largest REIT would demonstrate that Singapore remains an attractive listing destination for quality international assets.

Investor Base Expansion: Link REIT’s established investor relationships and premium assets could attract new international investors to the Singapore market, potentially reversing the trend of declining foreign participation.

Market Capitalization Boost: Given Link REIT’s scale, even a partial listing of its international assets could significantly boost SGX’s market capitalization and improve its global ranking.

Trading Volume Increase: A liquid, large-cap REIT could provide the sustained trading volume that SGX desperately needs to improve market dynamics.

Long-term Structural Impact

Benchmark Creation: Link REIT’s listing could establish new pricing and performance benchmarks for international REITs in Singapore, potentially attracting similar listings from other regional players.

Institutional Infrastructure: The listing would likely drive improvements in Singapore’s institutional infrastructure to support large, complex international REITs.

Regional Hub Positioning: Success could reinforce Singapore’s position as the preferred listing venue for high-quality Asian assets seeking international capital.

REIT Market Deepening: Adding a large, diversified international REIT could improve the depth and sophistication of Singapore’s REIT market.

Risks and Potential Negative Impacts

Market Disruption: Link REIT’s size could overwhelm the relatively small Singapore REIT market, potentially drawing capital away from existing S-REITs.

Execution Risk: A poorly received IPO could further damage confidence in Singapore’s capital markets and discourage other potential issuers.

Valuation Pressure: If Link REIT’s assets are perceived as overvalued, it could negatively impact valuations across the Singapore REIT sector.

Liquidity Concentration: Concentrating trading activity in one large REIT could reduce liquidity for other listed entities.

The Broader Chinese Capital Flight Context

Link REIT’s potential Singapore listing should be viewed within the broader context of Chinese capital seeking alternative markets. At least five companies from mainland China or Hong Kong are planning IPOs, dual listings, or share placements in Singapore in the next 12 to 18 months, suggesting a strategic shift among Chinese companies seeking diversified funding sources.

This trend reflects several factors:

US Market Access Constraints: Ongoing tensions have made US listings more difficult for Chinese companies.

Hong Kong Market Challenges: Political uncertainties and regulatory changes have reduced Hong Kong’s appeal.

Southeast Asian Expansion: Many Chinese companies are expanding operations in Southeast Asia and view Singapore listings as supporting this strategy.

International Credibility: Singapore listings provide international credibility while maintaining proximity to Chinese operations.

Market Timing and Execution Considerations

The Window of Opportunity

Despite challenging conditions, several factors suggest the timing might be optimal:

Interest Rate Environment: With global interest rates potentially peaking, real estate investment trusts may become more attractive to yield-seeking investors.

China Diversification Premium: International investors are increasingly willing to pay premiums for non-China Asian exposure.

Singapore Government Support: Recent regulatory reforms and government initiatives to revitalize the capital markets could provide supportive tailwinds.

Limited Competition: The lack of other large IPOs means Link REIT would have undivided investor attention.

Execution Challenges

Market Sentiment: Overcoming prevailing negative sentiment toward Singapore listings will require exceptional execution and compelling value proposition.

Pricing Strategy: Balancing the need for attractive returns for investors while achieving Link REIT’s strategic objectives will be critical.

Investor Education: International investors may need education about Singapore’s REIT framework and the specific advantages of the structure.

Regulatory Coordination: Managing the complexities of cross-border REIT structures will require careful regulatory coordination.

Conclusion: A Catalytic Moment for Singapore

Link REIT’s potential Singapore IPO represents far more than a single listing—it could serve as a catalytic moment for Singapore’s capital markets. While the current environment appears hostile to new listings, Link REIT’s contrarian bet could prove prescient if executed successfully.

The strategic rationale is compelling: Link REIT needs geographic diversification away from Greater China, and Singapore offers regulatory stability, international connectivity, and access to diverse capital sources. For Singapore, landing such a marquee listing could reverse years of declining market credibility and position the city-state as the preferred venue for high-quality Asian assets.

The stakes are high for both parties. Success could trigger a virtuous cycle of renewed confidence, increased investor participation, and additional quality listings. Failure could further entrench negative perceptions about Singapore’s capital markets and make Link REIT’s diversification strategy more challenging.

Ultimately, Link REIT’s Singapore IPO consideration reflects broader shifts in Asian capital markets, where geopolitical tensions, regulatory changes, and evolving investor preferences are reshaping traditional listing patterns. Singapore’s ability to capitalize on this opportunity will determine whether it can emerge from its current capital market malaise or continue its slide toward irrelevance in the global financial ecosystem.

The next 12-18 months will be critical in determining whether Link REIT’s contrarian bet pays off and whether Singapore can reverse its troubling delisting trend. The outcome will have profound implications for both Link REIT’s strategic evolution and Singapore’s position as a regional financial hub.

The Bridge Builder

Chapter 1: The Unexpected Call

Mei Lin Tan stared at the rain streaking down her 42nd-floor office window at Marina Bay Financial Centre, watching the evening rush hour traffic snake through Singapore’s CBD below. Her phone buzzed with a Hong Kong number she recognized immediately—her former mentor at Link REIT, David Chen, the Chief Investment Officer.

“Mei Lin, I need you in Hong Kong tomorrow. We have a proposition that requires your expertise.”

Six months earlier, Mei Lin had returned to Singapore after five transformative years at Link REIT’s Hong Kong headquarters, where she’d risen from Senior Asset Manager to Regional Director for International Markets. Now 34, she led Link’s Singapore office—a modest operation managing three retail properties, but strategically positioned in Southeast Asia’s financial hub.

The next morning, as her flight descended into Hong Kong’s harbor, Mei Lin couldn’t shake the feeling that this meeting would change everything.

Chapter 2: The Audacious Plan

The Link REIT boardroom on the 45th floor of Two International Finance Centre hummed with nervous energy. CEO George Hongchoy sat at the head of the polished table, flanked by the company’s senior leadership team. Charts displaying the trust’s HK$226 billion portfolio covered the walls—a empire built on Hong Kong’s retail infrastructure, but increasingly vulnerable to geopolitical headwinds.

“Mei Lin,” Hongchoy began, his voice carrying the weight of difficult decisions, “we need to talk about diversification. Our China exposure has become a liability with international investors. The valuations don’t reflect our asset quality anymore.”

David Chen pulled up a presentation showing Link REIT’s geographic concentration—nearly 90% in Greater China. “We’re caught in a perfect storm. US-China tensions, regulatory uncertainty in Hong Kong, and the ‘China discount’ that investors are applying to our units. We need a bold solution.”

Mei Lin studied the numbers, her analytical mind already processing the implications. “You’re thinking about a spin-off of the international assets,” she said, more statement than question.

“Singapore IPO,” Hongchoy confirmed. “And we want you to lead it.”

The room fell silent except for the distant hum of Hong Kong’s traffic 45 floors below. Mei Lin felt the weight of the moment—this wasn’t just another transaction. This was potentially the largest REIT IPO in Singapore’s history, at a time when the market was hemorrhaging listings.

Chapter 3: The Singapore Challenge

Back in Singapore, Mei Lin found herself walking through Marina Bay at dawn, her usual ritual for processing complex decisions. The Singapore Flyer turned slowly against the emerging skyline, a reminder of her city’s ambition to reach beyond its physical constraints.

The numbers from SGX were sobering. In 2024, twenty companies had delisted while only four went public. The trend had accelerated in 2025—just one new listing, with another IPO cancelled entirely. Investment bankers she’d spoken with were frank about the challenges.

“The market’s dead, Mei Lin,” Richard Lim from Goldman Sachs had told her over coffee at the Fullerton. “Liquidity’s dried up, valuations are compressed, and institutional investors are looking elsewhere. Why would Link want to IPO here now?”

But Mei Lin saw something others missed. During her years in Hong Kong, she’d watched Singapore’s REIT market mature. The regulatory framework was sophisticated, the investor base included some of the world’s largest sovereign wealth funds, and the city-state’s stability contrasted sharply with Hong Kong’s recent volatility.

More importantly, she understood the psychology of contrarian investing. When everyone was fleeing a market, that’s often when the best opportunities emerged.

Chapter 4: Building the Coalition

Mei Lin’s first crucial meeting was with the Monetary Authority of Singapore. She sat across from Deputy Managing Director Leong Sing Chiong in the MAS building’s sterile conference room, laying out Link REIT’s vision.

“This isn’t just about one company going public,” she emphasized, her presentation deck highlighting Link’s international portfolio. “This could be the catalyst Singapore’s capital markets need. Link REIT has premium assets in Australia, the UK, and Southeast Asia—exactly the diversified exposure Singapore investors want.”

Leong listened intently as Mei Lin outlined the potential impact. “A successful Link REIT IPO could attract other international REITs to Singapore. We’re talking about potentially reversing years of capital market decline.”

The regulatory support was crucial, but Mei Lin knew the real challenge lay in convincing institutional investors. She spent weeks flying between Singapore, Australia, and London, meeting with pension funds, sovereign wealth funds, and asset managers.

At GIC’s Raffles Place headquarters, she faced skeptical portfolio managers. “Why Singapore?” asked Susan Loh, GIC’s head of real estate investments. “Link could easily list in Sydney or London and get better valuations.”

“Because Singapore is where the growth story is,” Mei Lin replied, pulling up demographic and economic projections for Southeast Asia. “This region is where the next generation of real estate returns will come from. Link’s Singapore IPO positions investors at the center of that story.”

Chapter 5: The Execution Challenge

Six months into the process, Mei Lin found herself coordinating a complex web of advisors, regulators, and stakeholders across multiple time zones. Her Singapore office had become a war room, with teams from Morgan Stanley, DBS, and UBS working around the clock on the IPO structure.

The challenge was unprecedented—carving out approximately S$15 billion worth of Link REIT’s international assets into a separate trust that would appeal to Singapore investors while maintaining operational synergies with the parent company.

Late one evening, as she reviewed draft prospectus documents, her deputy, Sarah Koh, knocked on her office door. “The Hong Kong team is getting cold feet,” Sarah reported. “The board’s seeing the latest SGX statistics—more delistings announced this week. They’re wondering if we should wait for better market conditions.”

Mei Lin set down her pen and looked out at Singapore’s glittering skyline. Marina Bay Sands’ infinity pool glowed in the distance, a testament to Singapore’s ability to create something extraordinary from nothing.

“Get David Chen on the phone,” she said. “It’s time to make the case for moving forward.”

Chapter 6: The Defining Moment

The Link REIT board meeting in Hong Kong was tense. Around the mahogany table sat some of Asia’s most experienced real estate executives, all wrestling with the same question: was Singapore’s troubled capital market worth the risk?

CFO Andy Cheung presented the sobering market data. “SGX market cap has declined 15% this year. Daily trading volumes are at multi-year lows. We could be walking into a disaster.”

Mei Lin had prepared for this moment. She stood, her presentation remote steady in her hand despite the magnitude of what she was about to propose.

“Ladies and gentlemen, we have a choice. We can wait for perfect market conditions that may never come, or we can create them.”

She clicked to her first slide—a comparison of Link REIT’s trading multiple in Hong Kong versus comparable international REITs. “We’re trading at a 30% discount to our intrinsic value because of China concentration concerns. That discount isn’t going away—it’s getting worse.”

Her next slide showed Singapore’s institutional investor base. “GIC, Temasek, CPF Investment Board—these are among the world’s most sophisticated real estate investors. They understand quality assets, and they’re hungry for diversified Asian exposure that isn’t China-dependent.”

CEO Hongchoy leaned forward. “But Mei Lin, the timing—”

“The timing is perfect precisely because it’s terrible,” she interrupted, her voice carrying conviction. “When Link REIT succeeds in this market, we’ll establish ourselves as the premium international REIT in Singapore. We’ll have first-mover advantage when conditions improve.”

She clicked to her final slide—a timeline showing Singapore’s economic development over the past 60 years. “This city-state has built its entire success story on making bold moves when others were cautious. That’s exactly what we need to do now.”

The room was quiet for a long moment. Finally, Chairman Nicholas Sallnow-Smith spoke. “Mei Lin, if we proceed with this IPO and it fails, it will be one of the most public failures in Singapore’s capital market history.”

“And if we succeed,” Mei Lin replied, “it will be one of the most important successes.”

Chapter 7: The Market Test

The roadshow began in Singapore on a sweltering Monday morning in October 2025. Mei Lin stood before 200 institutional investors at the Shangri-La Hotel’s ballroom, knowing that this presentation could make or break not just Link REIT’s IPO, but potentially Singapore’s capital market credibility.

“Ladies and gentlemen, Link REIT International represents more than just another REIT IPO,” she began, her voice carrying across the packed room. “This is your opportunity to invest in a portfolio of premium international real estate assets—from Sydney’s CBD to London’s financial district—managed by Asia’s most experienced REIT operator.”

The questions came fast and sharp. Pension fund managers grilled her on currency hedging strategies. Sovereign wealth fund analysts probed the governance structure. Private banking chiefs questioned the timing amid Singapore’s IPO drought.

Mei Lin had answers for all of them, drawing on months of preparation and years of experience. But the real test came from an unexpected source—a young analyst from a local family office.

“Ms. Tan, why should we believe Link REIT International will trade any better in Singapore than Link REIT trades in Hong Kong? Aren’t we just importing the same China discount to our market?”

The room fell silent. This was the question that cut to the heart of the entire strategy.

Mei Lin smiled, recognizing the opportunity. “That’s exactly the point. Link REIT International will have zero China exposure. You’re investing in premium assets in Australia, the UK, and Southeast Asia—markets with transparent regulation, stable currencies, and growing economies. This is the anti-China play that international investors have been waiting for.”

The murmur of approval from the audience told her she’d hit the mark.

Chapter 8: The Final Push

Three weeks before the IPO launch, Mei Lin’s team faced their biggest crisis yet. Global markets had turned volatile following unexpected inflation data from the US, and several institutional investors were reconsidering their allocations.

“We might need to postpone,” David Chen’s voice crackled through the conference call from Hong Kong. “Market sentiment is terrible. The bookrunners are talking about reducing the deal size by 40%.”

Mei Lin looked around her war room—charts tracking every aspect of the IPO covered the walls, empty coffee cups and takeout containers testified to the team’s dedication, and the faces of her colleagues showed the strain of months of intensive work.

“David, give me 48 hours,” she said. “I have an idea.”

Her idea was audacious—instead of reducing the IPO size, they would use the market volatility as a selling point. Working through the night, her team restructured the marketing message to emphasize Link REIT International’s defensive characteristics and stable income stream.

She scheduled emergency meetings with GIC, Temasek, and Singapore’s major banks. Her pitch was simple but powerful: “In volatile times, quality real estate with predictable income becomes more valuable, not less. This volatility is exactly when sophisticated investors should be increasing their allocations to defensive assets.”

The strategy worked. By Friday afternoon, the order book was oversubscribed by 2.3 times.

Chapter 9: Launch Day

November 15, 2025. Mei Lin stood on the trading floor of SGX at 9:00 AM, surrounded by Link REIT’s senior management team, government officials, and media representatives. The ceremonial gong waited to mark the beginning of trading for Link REIT International Trust.

Her phone buzzed with messages from colleagues around the world—London asset managers wishing her luck, Australian pension funds confirming their positions, and Hong Kong team members who’d worked tirelessly to make this moment possible.

MAS Deputy Managing Director Leong Sing Chiong approached her. “Mei Lin, regardless of how today goes, you’ve already achieved something remarkable. You’ve shown that Singapore can still attract world-class issuers.”

At 9:30 AM sharp, Mei Lin struck the gong. The sound echoed across the trading floor as Link REIT International Trust began trading under the symbol “LRIT.”

The first trade came within seconds—a block of 500,000 units at S$1.02, a 2% premium to the IPO price of S$1.00. Then another. And another.

By lunch, the stock was trading at S$1.15, up 15% from the IPO price on volume of 150 million units—making it one of the most actively traded debuts in SGX history.

Chapter 10: The Ripple Effect

Six months later, Mei Lin sat in the same Marina Bay office where her journey had begun, but everything had changed. Link REIT International Trust had become one of Singapore’s most liquid REITs, trading consistently above its IPO price and generating steady returns for investors.

More importantly, the success had catalyzed broader changes in Singapore’s capital markets. Three other international REITs had announced Singapore listings, two technology companies had switched their IPO plans from Hong Kong to Singapore, and daily trading volumes on SGX had increased 35%.

Her assistant knocked and entered. “Mei Lin, there’s a call from the CEO of CapitaLand Investment. They want to discuss a potential spin-off of their international assets.”

As Mei Lin reached for the phone, she glanced at the framed newspaper clipping on her wall—the Straits Times headline from the day after the IPO: “Link REIT Success Signals Singapore Capital Markets Revival.”

Below it was a smaller frame containing a quote from Warren Buffett that had guided her throughout the process: “Be fearful when others are greedy, and greedy when others are fearful.”

Sometimes, she reflected, the best opportunities came disguised as the worst possible timing.

Epilogue: The Builder’s Legacy

Two years later, Mei Lin stood on the observation deck of Marina Bay Sands, looking out over the Singapore skyline she’d helped reshape. The city’s financial district gleamed in the afternoon sun, its towers housing the headquarters of companies that had chosen Singapore as their listing destination—partly because of the precedent she’d helped establish.

Link REIT International Trust had grown to become one of Asia’s most respected REITs, with a market capitalization exceeding S$20 billion. The success had prompted Link REIT to establish Singapore as its international hub, creating hundreds of high-paying jobs and reinforcing the city-state’s position as a regional financial center.

But perhaps more importantly, the IPO had restored confidence in Singapore’s capital markets. The SGX had recorded its first year of positive net listings in over a decade, with international companies increasingly viewing Singapore as a stable, sophisticated alternative to Hong Kong and other regional exchanges.

Mei Lin’s phone buzzed—a message from her former colleague David Chen, now based in Singapore as Link REIT’s Regional CEO for Southeast Asia: “Drinks tonight to celebrate the two-year anniversary? The usual place at Marina Bay?”

She smiled, typing back her response: “Absolutely. We have a lot to celebrate.”

As the sun set over Singapore’s harbor, painting the sky in shades of gold and crimson, Mei Lin reflected on the journey that had brought her to this moment. Sometimes, the greatest achievements required swimming against the tide, building bridges when others saw only obstacles, and having the courage to act when conventional wisdom counseled caution.

In the end, she realized, that’s what Singapore itself had always done—and that’s exactly why Link REIT’s bold bet had paid off for everyone involved.

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Link REIT explores a Singapore IPO