While Temasek-linked REITs had been hogging the limelight amid the current bull run in the sector, Parkway Life REIT had been under the radar of many investors. The 3-month average trading volume amounted to a mere 8.29mm! Despite the extremely poor liquidity, the unit price of Parkway Life REIT had been on a roll and even stormed to a record high of $3.36 recently.

The stunning form of Parkway Life REIT unit price completely knocked the wind out of Raffles Medical share price, which had been in goofy form in recent years. I know, I know. It is not fair to compare price performance of a REIT to a share. But let’s face it. Both Raffles Medical and Parkway Life REIT operate in the same sector (private hospital) and both entities share basically the same challenges. But their destinies are remarkably different.

With a market capitalization of $2 billion,