222 Property Investment/Development Companies

Past version: Effective from 07 Feb 2020 to 11 Feb 2021

In addition to the requirements for listing on the SGX Mainboard, a property investment/development company applying for admission to the Official List must also meet the following requirements:—

(1) Minimum Leasehold Period

Properties that have remaining leases of less than 30 years must not, in aggregate, account for more than 50% of the group's operating profits for the past three years. If the property is located in a jurisdiction outside Singapore, the Exchange may require or accept a different remaining length of lease as a basis for this rule.

(2) Independence Of Valuer

An issuer must appoint a valuer to conduct a valuation of all its principal freehold and leasehold properties. The valuer must be an independent external valuer, unless otherwise approved by the Exchange. The valuer must not be a substantial shareholder, director or employee of the issuer or any of its subsidiaries, or in partnership with or employed by a substantial shareholder, director or employee. The Exchange may require an issuer to appoint a second valuer to conduct a valuation on the properties.

(3) Valuation Report

The valuation report must state the effective date at which the properties are valued, which should not be more than six months from the date of the application for listing.

Amended on 7 February 20207 February 2020.