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Hi Ivan,
Let me try to answer every questions of yours below.

  1. If ARA does not own Reits, what are those strategic stake they indicate in the non-current financial assets such as 94m units in Suntec,16.5m In Cache and 36.2m in AmFirst?

ARA previous business model is to receive the fees in cash (and some fees are paid in units but dispose off six months later) without being the owner of Suntec REIT. Their recent move to own stake in a REIT has shifted away from its original biz model which I believe ARA want to have a sense of security for its re-appointment as REIT manager. 

  1. ARA increase their stake in suntec from 34m in 2014 to current 94m, they mention its alignment of interests with unitholders but among other reits, they only increase their stake significantly in suntec reit which is their flagship product, are they protecting their interests?  just speaking out my tots.

I’m with you on this. Other REITs under their care, have sponsor except Suntec. ARA and Straits trading is trying to be the sponsor of Suntec REIT. By doing so, the manager is trying to protect their economic moat. 

  1. the non-current financial assets was reported as 373m slightly more than its total equity of 329m, is this e sign that u look at for the company becoming more asset heavy?

Yes. Coupled with its private equity venture that requires seed capital, ARA has moved away from its original asset light business model. I foresee it’s necessary to grow their AUM moving forward.