Released on: May 10, 2008, 4:09 am

Press Release Author: varma

Industry: Real Estate

Press Release Summary: It's destination Singapore once again for realty majors
Indiabulls and DLF Assets. After deferring their decision earlier this year, the two
companies are once again planning to list their real estate investment trusts or
REITs.


Press Release Body: It's destination Singapore once again for realty majors
Indiabulls and DLF Assets. After deferring their decision earlier this year, the two
companies are once again planning to list their real estate investment trusts or
REITs.

Indian realty giants are headed to Singapore again. Both Indiabulls and DLF Assets
will tap the Singapore market for their REITs, after having deferred their plans
earlier this year due to market volatility.

The rethink is on account of a revival in the Singapore REIT market. Yields had
taken a beating in the new year but have now recovered and are back at levels seen
in October 2007. Unitech, which also has the required approvals, has no immediate
plans of going ahead with its USD 700 million REIT. Indiabulls Property Investment
Trust has already filed its prospectus with the SGX.

CNBC-TV18 has learned from sources that DLF Assets is likely to refile its
prospectus for its REIT DLF Office Trust or DOT in June. Sources say DOT's portfolio
comprises 4 IT/ITes SEZs with a total built up area of 20.5 million sq ft. We
believe DOT is planning to raise over USD 2 billion from the IPO.

There's good news for shareholders of DLF Ltd. DOT had purchased properties from DLF
Ltd at a fixed cap rate of 9%, which is quite high in the international market. If
the true cap rate is discovered at a lower rate during the IPO, all the benefits
will be passed on to DLF Ltd's shareholders. ..........
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