SMU professors David Lee, Phang Sock Yong and Phoon Kok Fai, SMU researcher Karol Wee, as well as head of research at Savills Singapore, Alan Cheong, made a case for a Reit comprising Housing and Development Board (HDB) residential and commercial units. The paper noted that the strong demand for public housing has pushed up HDB rental yields, and that having an HDB-focused Reit can help to tackle some of these challenges.