Corporate investment and ownership in real estate in Singapore: Some empirical evidence

The proportion of real estate in a non‐property company’s asset portfolio has increased to an extent where it has become an asset capable of enhancing corporate wealth. This initial study hopes to establish the foundation and provide background information on corporate real estate holding profiles of listed Singapore business firms. Using financial statement data and firm market values from 1987 to 1996, this paper provides an analysis of real estate holdings in both absolute and relative terms. Real estate holdings by business segment and asset subtype, growth in corporate real estate holdings over time; and key financial characteristics of corporate real estate (eg real estate as a percentage of shareholders’ equity and real estate relative to market value of the firm) are included in the paper.