Eagle Hospitality Trust (SGX: LIW) was probably the most-talked-about REIT of 2019 due to its free-falling unit price.

The trust went public on 24 May 2019 at a price of US$0.78.

But right now, it’s trading at US$0.385.

That translates to a plunge of around 51% within nine months.

Much of the fall could be attributed to pains surrounding Eagle Hospitality Trust’s The Queen Mary, a luxury cruise ship that has been converted into a hotel.

The Fifth Person’s article touches briefly on what had happened:

“The Edge Singapore pointed out that the retired cruise ship might sink into disrepair due to poor maintenance.

Even if the repairs are carried out, it would cost a bomb and the amount would balloon to as high as twice the amount of its asset value.”

Shortly after The Edge Singapore report was released on 23 October 2019, Urban Commons (Eagle Hospitality Trust’s sponsor) confirmed to