Lendlease REIT 4.28% Perp Reality | SGX Daily Pulse 15 Apr | 🦖EP1548
Lendlease REIT 4.28% Perp Reality | SGX Daily Pulse 15 Apr | 🦖EP1548
The market cheered Lendlease's 4.28% perp pricing as a refinancing win, but an ICR of 1.8x means the income floor is one bad quarter from cracking. With gearing at 38.4% against a 35% forensic ceiling, this is not de-risking — it is a debt wall dressed in a lower coupon.
For anyone deploying S$100,000 from CPF or SRS into a yield play right now, the math is unforgiving. The 6-month T-Bill sits at 1.47%, the forensic floor is 3.2%, and the minimum equity hurdle is 4.7% — and LREIT's perp clears none of those bars on a risk-adjusted basis. Capital protection demands you ask what you are paid to accept, not just what the manager is willing to offer.
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