Sabana REIT (M1GU.SG) at $1.01, 3.8% off $1.05 IPO price, likely reflecting Singapore market’s apathy towards new listings after spate of debutantes in recent weeks suffer tepid starts.

While CIMB notes REIT’s main positive is “attractive” prospective 8.22% FY11 yield, 8.25% FY12 yield; also fact it’s first Shariah-compliant REIT in Singapore which will “open up opportunities for capital to flow from Muslim investors in Malaysia, Indonesia and the Middle East,” says smallish sponsor could pose growth challenges.