222 Property Investment/Development Companies

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) Appointment of Property Valuer

An issuer must appoint a property valuer to conduct a valuation of all its principal freehold and leasehold properties. The Exchange may require an issuer to appoint a second property valuer to conduct a valuation on the properties.
(3) Property Valuation Report
(a) The property 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.
(b) A summary property valuation report must be included in the offer document. The property valuation report must be made available for inspection, without charge, at the issuer's Singapore registered office.
(c) A summary property valuation report must contain the following:
(i) information required for prospectuses and circulars in accordance with the standards of the Singapore Institute of Surveyors and Valuers, as set out in Practice Note 2.4; and
(ii) the name, professional qualifications and the relevant licence registration number of the property valuer in charge of the valuation, and the standards employed by the property valuer.

Amended on 7 February 20207 February 2020 and 12 February 2021.