FUNDS 13.5.4

(1) A Fund Manager of a REIT must ensure, subject to (2), that any investment made in respect of property under development whether on its own or in a joint venture is undertaken only where the REIT intends to hold the developed property upon completion.
(2) The total purchase price and development cost of the property under development in (1) must not exceed 30% of the net asset value of the Fund Property of the REIT.
(3) For the purposes of this Rule 13.5.4, the Regulator would not consider property development activities to include refurbishment, retrofitting and renovation.