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Ministry of Trade and Industry
3. Parliamentary replies

Oral reply to PQ on Rationale for excluding Singapore Real Estate Investment Trusts (S-REITs) from the new rules under the "family office option" of the Global Investor Programme

8 April 2025

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Question

Ms Usha Chandradas: To ask the Deputy Prime Minister and Minister for Trade and Industry (a) whether he can clarify the rationale for excluding Singapore Real Estate Investment Trusts (S-REITs) from the new rules under the "family office option" of the Global Investor Programme, which require new applicants to allocate at least $50 million of their assets under management to equities listed on approved Singapore exchanges; and (b) whether there are any future plans to review this exclusion.

Oral Answer (to be attributed to Minister of State for Trade and Industry Alvin Tan)

1. As part of measures announced by the Equities Market Review Group to strengthen Singapore’s equities market, the Government has refined the scope of qualifying investment categories for the Family Office option under the Global Investor Programme (GIP).

2. From 21 February 2025, new GIP applicants under this option, who are required to establish a Singapore-based Single Family Office (SFO) with at least S$200 million of Assets Under Management (AUM), must deploy a minimum of S$50 million into equities listed on approved Singapore exchanges.

3. This enhancement is intended to draw investments into our equities market, which has comparatively less trading liquidity than S-REITS and bonds. In so doing, the Review Group hopes to make Singapore a more attractive location for companies to raise equity capital.

4. SFOs applying for GIP can continue to deploy their remaining AUM in other investment categories including S-REITs. SFOs whose owners are not applying for the GIP are not affected by this change. The criteria for MAS tax incentives for SFOs remain unchanged. SFOs under these schemes can continue to invest their funds into various investment products including S-REITs.

5. The Government will continue to review the GIP to ensure it remains relevant and effective in attracting entrepreneurs and business owners who intend to drive their businesses and investment growth from Singapore.