As early as July 2016, I wrote about the uncertainties surrounding Frasers Commercial Trust (FCOT), a Singapore/Australia commercial office REIT.

Of a few uncertainties, one of the biggest was that their anchor tenant HP Singapore and Enterprises moving out of their premises in Alexandra Technopark and into their own premises, built by Mapletree Industrial REIT.

HP eventually moved out of ATP, agreeing to sign on to Alexandra Technopark on very short leases.

My friend Caveman did observe something of a similar nature while reviewing Mapletree Commercial Trust’s recent results.

Seeing the results triggered him to remember an order announced by local construction firm Lum Chang.

The announcement was that Lum Chang worn a contract to build PSA Singapore’s corporate headquarters and some alteration works on Pasir Panjang Terminal Building 3.  The construction would estimate to be in 2 years so we should see it being ready in 2020.

While this