The Q4 earnings season reporting and dividend distribution will kick off tomorrow with SPH Reit taking the lead. I don’t expect any surprise. The loss of income support to Clementi Mall may have some impact but it should be cushioned by the new earning stream from Railway Mall. Paragon should be ok. I expect the DPU to be 1.3 cents / share. With every SPH Reit results announcement, the anticipation is always on whether SPH will offload Seletar Mall to SPH Reit. The latter has low gearing and can easily purchase it via debt if it wants. I got the feeling that this time it will be more real than previously. The reason being it has been four years already since Seletar Mall was opened. I think it is relative stable and mature. But the real push is because SPH needs cash. It has been on a “shopping” spree ......