Manulife US REIT (SGX:BTOU), Prime US REIT (SGX:OXMU), Keppel Pacific Oak US REIT (SGX:CMOU)
U.S. Office Reits Among Hardest Hit in Tariff-Driven Selloff
Singapore-listed S-Reits took a hit on Wednesday (Apr 9) following the implementation of U.S. tariffs, including a 104% levy on Chinese goods. Leading the slump was Manulife US REIT (BTOU), which plunged 10.2% to US$0.053, followed by Prime US REIT (OXMU) down 5.9%, and Keppel Pacific Oak US REIT (CMOU) sliding 5.1%.
Sasseur REIT (SGX:CRPU), CapitaLand China Trust (SGX:AU8U)
China-Exposed REITs Under Pressure
REITs with significant exposure to China also declined. Sasseur REIT (CRPU), which owns outlet malls in China, dropped 9.8%, while CapitaLand China Trust (AU8U), holding retail and business parks, fell 8%.
ESR-LOGOS REIT (SGX:J91U), Frasers Logistics & Commercial Trust (SGX:BUOU), Mapletree Logistics Trust (SGX:M44U)
Industrial REITs See Broad Sell-Off
ESR-LOGOS REIT (J91U) declined 9.1%, Frasers Logistics & Commercial Trust (BUOU) fell 5.4%, and Mapletree Logistics Trust (M44U) dropped 8.7% to S$1.05, largely due to their regional and China exposure.
CapitaLand Integrated Commercial Trust (SGX:C38U), CapitaLand Ascendas REIT (SGX:A17U), CapitaLand Ascott Trust (SGX:HMN), OUE REIT (SGX:TS0U), Parkway Life REIT (SGX:C2PU)
Analysts Highlight Defensive Picks Amid Volatility
Despite the selloff, analysts continue to back S-Reits as long-term defensive plays. OCBC Investment Research noted that S-Reits outperformed the broader market from Apr 3–7, with the FTSE ST All-Share Reit Index down 5.2% versus the Straits Times Index’s 10.1% fall.
Maybank Securities and DBS Group Research named top picks like CapitaLand Integrated Commercial Trust (C38U), Ascendas REIT (A17U), Ascott Trust (HMN), OUE REIT (TS0U), and Parkway Life REIT (C2PU) for their defensive characteristics and diversified exposure.
Mapletree Industrial Trust (SGX:ME8U), Keppel REIT (SGX:K71U), Digital Core REIT (SGX:DCRU), Daiwa House Logistics Trust (SGX:DHLU)
Domestic-Focused REITs Preferred Over China-Exposed Peers
DBS favors REITs with Singapore and U.S. exposure such as Mapletree Industrial Trust (ME8U), Keppel REIT (K71U), and Digital Core REIT (DCRU) over Asia-exposed names like Daiwa House Logistics Trust (DHLU) and Mapletree Logistics Trust (M44U).
Interest Rate Cuts Could Offset Recession Risk
Analysts from RHB and Maybank expect that potential Fed rate cuts and government support may ease pressure on S-Reits, especially those in healthcare, suburban retail, and industrial segments. Longer lease expiries and Singapore’s limited tariff exposure also offer stability.
Thank you
