When I blogged about Second Chance Properties Ltd in December 2012, I said:
"
As an investment for growth, we have to be prepared for some headwind as real estate prices have very likely peaked. With more supply coming on stream, rental rates and property values could face downward pressure in the coming years."
Well, the company has done something very clever! They are selling "
all 45 properties in its portfolio to REIT manager Celestine Management Pte Ltd for $175.4 million with the intention of listing the property fund as a REIT."
And this is what they said in a press release:
"
Going forward, the board thinks that it is prudent to significantly reduce the group’s exposure to its investments in properties. Additionally, the opportunity to sell the properties en masse is a rare one and provides the group with an easier and more expedient means of disposing ......
