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We will work on improving the occupancy of 9 Tai Seng
Drive and explore building enhancement opportunities
with the property. Additionally, we will continue to
prepare for eventual expiry of those master leases
which may not be renewed, such as through working
on early renewals with underlying tenants. In terms of
acquisition pipeline, the deal flow has remained robust
and we expect to make selective acquisitions in 2012,
if attractive opportunities arise. Lastly, with the yield
accretion expected in 2012 from the five new properties
acquired in 2011, we are confident that Sabana Shari’ah
Compliant REIT will be able to deliver the projected 2012
DPU of 8.67 cents as highlighted in the Prospectus.
Looking to The Future
We would l ike to thank our Unitholders for your
continuing support. Sabana Shari’ah Compliant REIT
will be holding its first Annual General Meeting for the
Trust on 12 April 2012, and we look forward to meeting
you then.
We would also like to thank our Trustee, as well as
our strategic partners, lenders and tenants for their
continued support in our journey towards IPO and
after. Finally, we would like to thank and honour the
dedication, hard work and professionalism of the Board
of Directors, the management and staff, which are
essential to the success of Sabana Shari’ah Compliant
REIT.
We are pleased with our performance in 2011 and we
expect 2012 to be another good year for the Trust. As
we see it, our story is just beginning. This is the first of
many letters from us that we hope you will look forward
to reading in the years ahead.
Mr Steven Lim Kok Hoong
Chairman and Independent
Non-executive Director
Mr Kevin Xayaraj
Co-founder, Chief Executive Officer
and Executive Director
Letter from Chairman & CEO
Since our IPO, Sabana Shari’ah Compliant
REIT has received eight international
awards – an indicator of our growing
recognition within the global investment
community.
(2) Source: Ministry of Trade and Industry (“MTI”), Press Release,
16 February 2012.
Our commitment to comply with Shari’ah compliance
standards set by GCC limits the total rental income from
lessees, tenants and/or sub-tenants engaging in activities
which are non-permissible under the Shari’ah investment
principles to 5.0% or less. For the financial period ended
31 December 2011, less than 0.3% of Sabana Shari’ah
Compliant REIT’s gross revenue was considered to be
non-Shari’ah income, well below the permissible limit.
To increase global awareness of Sabana Shari’ah
Compliant REIT, we continue to participate in investment
and Islamic finance-related seminars and conferences,
both in Singapore and abroad. Since its IPO, Sabana
Shari’ah Compliant REIT has received eight international
awards – an indicator of our growing recognition within
the global investment community.
Working on The Fundamentals
Amidst subdued global economic conditions, the
Monetary Authority of Singapore (“MAS”) expects
Singapore’s economic growth for 2012 to be between 1.0
to 3.0 %
(2)
. On the industrial property sector in Singapore,
we expect rentals and capital values to be stable.
Whi le macroeconomic conditions are expected to
continue to support a modest economic growth in 2012,
uncertainties relating to the Eurozone debt crisis, political
unrest in the North African and Middle East region may
adversely affect Singapore’s economic growth. That
said, we will continue to work on the fundamentals.
SABANA SHARI’AH COMPLIANT REIT
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