Singapore has probably done more than any other Asian country to grow and foster its Real Estate Investment Trust (REIT) market.  Since the first REIT was listed till now in 2012, the number of listed REITs in Singapore has grown and looks set to surpass Japan for the top spot in terms of market capitalisation in the next 5 years.  Its foundation was not without trouble though. In the beginning.... The first REIT to be listed in Singapore did not take off.  Its public offering took place in November 2001.  The developer was Capitaland and the REIT was SingMall Property Trust.  Offered at S$1.00 each with a forecasted earnings yield of 5.75% for 2002 and 6.05% for 2003, it was scrapped when the issue was only 80% subscribed.  The cause for the weak market sentiment was probably due to the aftermath of Sept 2011  and the uncertainty ......