Real estate

Real estate has been a key driver of both local and global economy for over decades. For many organisations, real estate and physical infrastructure are major components of operational costs and typically involve significant investments which dominate the balance sheet.

Our real estate practice

PwC Singapore real estate industry practice listens to different points of view to help organisations solve their business issues as well as identify and maximise the opportunities they seek. Our team comprises of experienced professionals with comprehensive understanding of industry specific regulations and issues distinctive to both local and global environments.

At the heart of our mission is to assist our clients in identifying, assessing and managing a spectrum of business issues; working with them to develop solutions that address the challenges they face, ultimately, delivering value to their businesses.

Our strategy is aligned across these key functions that are crucial to all businesses.

Maximising profit

Tax optimisation

Tax structuring advisory
Tax compliance
Transfer pricing

Operational efficiency & people sustainability

Change management
Performance improvement
Project management
Data information systems
Outsourcing alternatives
Compensation benefits

Minimising risks

Regulatory compliance

Accounting advisory
Assurance services
Controls & governance
Stakeholders management

Ownership governance & crisis management

Risk management for real estate companies/ funds
Board structure & effectiveness
Dispute analysis & investigations
Litigation support

Optimising growth

Mergers and acquisitions & business planning

Financial & operational due diligence
Business structuring
Financial modelling
Deal advisory & valuation
Strategy

Financing growth & portfolio restructuring

Capital raising assessment & sourcing
Capital markets & REITs advisory
Initial public offering
Real estate portfolio analysis and structuring
Structuring of SPVs

How PwC can help you

Our services

Finance

Assurance services
Financial accounting & reporting
Accounting advisory
Initial public offerings
Finance function effectiveness
Global investment performance standard (GIPS)

Governance, risks and compliance

Regulatory compliance
Governance & board communications
Risk management
Internal audit
Internal controls
Forensics & investigation
Property manager operational review

Technology

Reporting & forecasting
System selection assistance
System implementation assurance
Information technology effectiveness
IT security
Data privacy & management
IT asset management
Business continuity planning

Operations and transactions

Valuation
Transaction due diligence
Corporate finance
Loan origination & securitisation services
Transaction support & structuring
Procurement function assessment & development
Data analytics
Restructuring & insolvency services
Asset monitory & asset management
Litigation & arbitration
Hospitality & leisure services
Financing growth
Portfolio restructuring
Financial modelling
Board structure & effectiveness
Structuring of Special Purpose Vehicles (SPV)
Change management
Performance improvement
Compensation & benefits
Sustainability
Crisis management

Tax

Investment tax structuring
Post-acquisition tax planning & restructuring planning opportunities
Pre-IPO & warehousing stage tax planning
Asset vs share deal analysis
Tax due diligence
Interest deduction advice & optimisation
Tax ruling applications
Fund & REIT structuring
Tax incentive planning & application
Stamp duty advice, including relief analysis & application
Withholding tax planning, including treaty benefit analysis & application
Transfer pricing
Tax function effectiveness
Carried interest taxation
Capital allowance maximisation study
Exit tax planning, including documentation development
Tax compliance
Tax solutions

With strong network connectivity, we form teams across our lines of services and network to help our clients create value through mergers, acquisitions, disposals and restructuring.

In M&A, we support our clients through a deal process as follow:

1. Identify - Where are the opportunities in today’s market?

Growth strategy
Lead advisory
Market study
Market entry strategy
Investment partnering strategy
Tax efficient investment structure

2. Evaluate - Is this a good investment opportunity?

Pros cons analysis of asset vs share deal
Financial tax due diligence
Commercial market due diligence
Human resources due diligence
Synergies validation

3. Execute - What is the most efficient way to close the deal?

Deal structuring
Valuation advice
Negotiation support
Completion assistance
Purchase price allocation
GAAP conversion reconciliation
Review documents for tax efficiencies

4. Stabilise - How do I achieve stability early post-deal wins?

Add-on deal identification
Integration planning project management
Corporate governance internal controls alignment
Restructuring turnaround strategy
Post-acquisition tax planning
Exit tax planning

5. Maximise - How do I maximise downstream value through change?

Strategic repositioning
Back office coast reduction restructuring
Business process infrastructure improvement

6. Harvest - How do I harvest value from the deal?

Divestment advice
Refinancing advice
IPO advice capital raising
Review exit tax planning

As reporting auditor or advisors, we our with clients from the beginning to the end of the IP process order to maximise value out of the transaction.

We add value in an IPO process as follow:

1. Pre-IPO Process - “Assess” current landscape and facilitate listing process

Identify the suitable listing destination
Understand and evaluate the potential listing structures available
Understand financial reporting requirements for the various listing destinations or structures
Identify the acceptable accounting standards and restate historical financial statements
Strategic business planning to create a well-constructed, and attractive IPO story for the investors
Group restructuring and management reorganization
Review effectiveness of existing finance function, technology infrastructure, and management information and reporting systems
Review corporate governance and internal controls requirements
Identify tax leakages and the associated tax minimization strategies
Identify tax efficient corporate structure for warehousing phase

2. Listing Process - “Design and Construct” for listing readiness

Compliance with the listing criteria
Compliance with the financial information and prospectus disclosure requirements
Preparation of historical financial information
Preparation of financial forecast
Obtain ruling from tax authorities for certainty of tax treatment and tax exemption/relief
Appoint independent directors and board subcommittees

3. Post Listing - “Implement and sustain” listed status

Corporate strategy and development
Compliance with continuous listing requirements
Compliance with corporate governance code
Establish risk management and internal controls framework
Review management information and reporting systems to meet the requirement of the listed company
Set up investor relations functions
Set up effective tax functions and compliance process