With the exception of Bukit Sembawang Estates, developers have had a tough 12 months. The pandemic has upended certain sectors of the economy, causing revaluation losses in malls, hotels and serviced residences. In addition, developers and the REITs they sponsor had to provide rental support for their SME tenants. All these impacted earnings. Downward revaluations in properties also affected NAVs and, in many cases, raised gearing ratios. CapitaLand and City Developments (CDL) announced headline losses.

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