SINGAPORE (May 7): Few real estate investment trust managers have spoken extensively about the use of technology in their properties. William Tay, the new CEO of Ascendas REIT’s manager, emphasised that PropTech was among his priorities when he met analysts and the media on April 23 at its year-end results briefing. Ascendas REIT is Singapore’s largest REIT by assets under management (AUM) and market cap, and it is encouraging that Tay is able to link being a player in Singapore’s Smart Nation initiative back to distributions to unitholders. Only a handful of REITs have articulated that they are committed to smart, green buildings. This is because of the costs associated with upgrading buildings either through redevelopment or asset enhancement initiatives (AEIs).

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