Starhill Global REIT (SGX: P40U) is a retail office REIT comprising 11 properties located in Singapore, Malaysia, Australia, China and Japan. As at 30 June 2017, Starhill Global REIT’s total property portfolio is worth S$3.1 billion. Two Singaporean properties form the bulk of Starhill Global REIT’s portfolio value and gross revenue: Ngee Ann City and Wisma Atria, both located along Orchard Road, Singapore’s prime shopping belt. The REIT has a 27.2% and 74.2% interest in Ngee Ann City and Wisma Atria respectively. Together, both properties comprise 68.5% of Starhill Global REIT’s portfolio value and contribute 62.2% of gross revenue. Due to competition from suburban malls and the growth of e-commerce, Orchard Road has seen falling shopper numbers and malls with increasingly empty shops. The issue has become pressing enough that the Singapore government has set up a ministerial committee to explore ways to rejuvenate ......