SINGAPORE (April 22): Maybank Kim Eng is maintaining its negative rating on all three Singapore office REITs.

Although 1Q results for the office REITs were in line and occupancies held up well despite weak market conditions, they were achieved at lower signing rents in general.

“We stay cautious on office REITs as the sector has just tipped over and is unlikely to bottom until 2018,” says lead analyst Derrick Heng in a Friday report.

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