While the title may sound contradictory, it reflects a deeper reality. Reading and researching about the Singapore REIT sector and how, over the years, retail investors have suffered substantial losses, it dawned onto me the reality of investing in Singapore. The Lippo Playbook- Enriching Themselves not Singapore Investors The Lippo Group owns stakes in several SGX-listed REITs, many of which now trade well below their IPO prices. The recurring pattern is familiar: Properties are sold by the parent company into a Singapore-listed REIT at high valuations, often supported by temporary income support guarantees. These guarantees help justify the valuation during the IPO or acquisition phase. However, once the income support expires, the underlying performance of the assets frequently fails to meet expectations. The REIT is then left servicing high levels of debt incurred to fund these acquisitions—without the corresponding cash flow to support them. Over time, this results in declining book value, falling unit prices,...