Simple reason.

Yield is at 5% for Mapletree Commercial. '

Yield is at 5% for HPH Trust, in a depreciating US Dollar.

DBS NCPS was offered at 4.7%.

Why bother taking on more risk for a poor return, when one can easily have gotten 0.3% less yield for a much better peace of mind with DBS NCPS?

Mapletree Commercial might make for a good stag, but I sure am not holding it for it's yield....