OCBC Investment Research
Date of Report: 7 July 2025
Singapore S-REITs Weekly Update: Key Moves, Sector Analysis, and Comprehensive Peer Review (July 2025)
The Singapore S-REIT landscape has witnessed significant developments and performance shifts over the past week. This in-depth analysis brings you the latest sector updates, detailed company breakdowns, and comparative data to empower investors, analysts, and market watchers with actionable insights.
Recent Developments in S-REITs: Major Moves and Announcements
- CapitaLand India Trust (CLINT) issued SGD 100 million of 4.4% subordinated perpetual securities on 3 July 2025, strengthening its funding profile.
- Stoneweg Europe Stapled Trust (SERT) finalized its EUR 50 million investment into the newly rebranded AiOnX data centre fund. A fifth data centre in Cambridgeshire, UK (scaling to 330MW) was added, increasing embedded value and giving SERT options for direct project participation or stake increases in future phases.
- Elite UK REIT established a new property management agreement for three government-leased UK properties, valid through 19 June 2030. The agreement includes management and lease fees (2% and 1% of gross revenue), marketing commissions (0.5-2.4 months’ rent), and project management fees (1.5-3% of construction cost). Total value: GBP 9.3 million.
- CapitaLand Ascott Trust (CLAS) fully redeemed and cancelled SGD 250 million of fixed rate perpetual securities.
- Lendlease Global Commercial REIT (LREIT) received an IRAS tax ruling classifying its SGD 120 million 4.75% perps as debt securities, potentially entitling holders to tax concessions and exemptions.
Market Performance Overview
- The FTSE ST REIT Index rose 0.6% week-on-week, while the Straits Times Index (STI) gained 1.2% in the same period.
- 12-month forward price-to-book (P/B) ratio for the iEdge S-REIT Index: 0.86x (8-year average: 0.97x).
- 12-month forward distribution yield: 6.2% (8-year average: 6.1%).
Peer Comparison Table: Sector-Wise Deep Dive
| Sector |
Company |
Price |
Market Cap |
Yield (Fwd) |
YTD Return |
D/A (%) |
P/B (x) |
| Office |
IREIT Global |
SGD 0.285 |
383.3m |
7.9% |
3.5% |
37.7 |
0.52 |
| Keppel REIT |
SGD 0.890 |
3,453.6m |
6.4% |
6.3% |
42.1 |
0.72 |
| Manulife US REIT |
USD 0.066 |
117.3m |
N.M. |
-25.8% |
59.4 |
0.29 |
| OUE REIT |
SGD 0.300 |
1,652.1m |
7.3% |
7.8% |
40.6 |
0.52 |
| Suntec REIT |
SGD 1.130 |
3,319.8m |
5.9% |
-0.8% |
43.4 |
0.56 |
| Keppel Pacific Oak US REIT |
USD 0.205 |
214.1m |
N.M. |
0.0% |
43.7 |
0.30 |
| Prime US REIT |
USD 0.156 |
204.1m |
N.A. |
-8.1% |
46.8 |
0.28 |
| Elite UK REIT |
GBP 0.320 |
192.9m |
9.4% |
17.0% |
42.2 |
0.80 |
| Office Sector Average |
|
7.8% |
0.0% |
44.5 |
0.50 |
| Retail |
BHG Retail REIT |
SGD 0.430 |
223.4m |
N.A. |
-3.9% |
40.2 |
0.60 |
| CapitaLand Integrated Comm |
SGD 2.200 |
16,097.7m |
5.3% |
15.9% |
38.7 |
1.04 |
| CapitaLand China Trust |
SGD 0.720 |
1,252.8m |
7.2% |
3.1% |
42.6 |
0.64 |
| Lendlease Global Comm. REIT |
SGD 0.525 |
1,284.5m |
7.2% |
-1.2% |
38.0 |
0.71 |
| Lippo Malls Indo Retail Trust |
SGD 0.014 |
107.8m |
N.A. |
-22.2% |
44.2 |
0.25 |
| Mapletree Pan Asia Comm Trust |
SGD 1.260 |
6,641.6m |
6.5% |
7.6% |
37.7 |
0.71 |
| Starhill Global REIT |
SGD 0.515 |
1,183.2m |
7.4% |
5.8% |
36.6 |
0.73 |
| Sasseur REIT |
SGD 0.640 |
803.5m |
9.7% |
-1.7% |
25.9 |
0.77 |
| United Hampshire US REIT |
USD 0.455 |
268.7m |
10.8% |
1.1% |
39.2 |
0.61 |
| Retail Sector Average |
|
7.5% |
1.1% |
38.2 |
0.70 |
| Industrial |
AIMS APAC REIT |
SGD 1.330 |
1,086.1m |
7.4% |
10.6% |
28.9 |
1.06 |
| CapitaLand Ascendas REIT |
SGD 2.740 |
12,621.2m |
5.8% |
11.8% |
38.9 |
1.21 |
| ESR-REIT |
SGD 2.430 |
1,949.0m |
7.6% |
-3.7% |
41.9 |
0.88 |
| Frasers Logistics & Comm Trust |
SGD 0.860 |
3,242.2m |
6.7% |
-0.9% |
36.1 |
0.80 |
| Mapletree Industrial Trust |
SGD 2.040 |
5,817.5m |
6.5% |
-4.6% |
40.1 |
1.19 |
| Mapletree Logistics Trust |
SGD 1.180 |
5,988.7m |
6.4% |
-4.0% |
40.7 |
0.90 |
| Sabana REIT |
SGD 0.405 |
455.6m |
N.A. |
15.8% |
37.8 |
0.83 |
| Daiwa House Logistics Trust |
SGD 0.565 |
395.2m |
8.5% |
1.4% |
41.1 |
0.81 |
| Industrial Sector Average |
|
7.0% |
3.3% |
40.3 |
0.96 |
| Hospitality |
Acrophyte Hospitality Trust |
USD 0.285 |
165.3m |
6.3% |
48.1% |
42.3 |
0.40 |
| CapitaLand Ascott Trust |
SGD 0.885 |
3,380.3m |
7.0% |
5.9% |
39.9 |
0.80 |
| CDL Hospitality Trusts |
SGD 0.800 |
1,013.0m |
7.0% |
-4.4% |
41.8 |
0.55 |
| Far East Hospitality Trust |
SGD 0.570 |
1,152.3m |
6.7% |
-3.1% |
31.2 |
0.63 |
| Hospitality Sector Average |
|
6.7% |
13.8% |
38.0 |
0.69 |
| Healthcare |
First REIT |
SGD 0.270 |
567.8m |
9.3% |
8.7% |
40.7 |
0.99 |
| Parkway Life REIT |
SGD 4.110 |
2,681.4m |
4.4% |
10.0% |
36.1 |
1.70 |
| Healthcare Sector Average |
|
6.8% |
9.3% |
38.4 |
1.34 |
| Data Centre |
Keppel DC REIT |
SGD 2.300 |
5,189.5m |
4.7% |
3.6% |
30.2 |
1.50 |
| Digital Core REIT |
USD 0.520 |
675.2m |
7.1% |
-6.6% |
38.0 |
0.67 |
| Data Centre Sector Average |
|
5.9% |
-1.5% |
34.1 |
1.08 |
| Others |
Stoneweg Europe Stapled Trust |
EUR 1.540 |
852.4m |
8.8% |
0.7% |
42.9 |
0.78 |
Key sector averages:
- Office: Fwd yield 7.8%, D/A 44.5%, P/B 0.50x
- Retail: Fwd yield 7.5%, D/A 38.2%, P/B 0.70x
- Industrial: Fwd yield 7.0%, D/A 40.3%, P/B 0.96x
- Hospitality: Fwd yield 6.7%, D/A 38.0%, P/B 0.69x
- Healthcare: Fwd yield 6.8%, D/A 38.4%, P/B 1.34x
- Data Centre: Fwd yield 5.9%, D/A 34.1%, P/B 1.08x
Business Trusts and Infrastructure Trusts Coverage
| Company |
Price |
Market Cap |
Yield (Fwd) |
YTD Return |
D/A (%) |
P/B (x) |
| CapitaLand India Trust |
SGD 1.090 |
1,473.4m |
7.6% |
3.1% |
41.5 |
0.79 |
| Dasin Retail Trust |
SGD 0.022 |
17.7m |
N.A. |
-31.3% |
39.3 |
0.02 |
| Asian Pay Television Trust |
SGD 0.088 |
159.0m |
N.A. |
18.9% |
56.9 |
0.23 |
| Keppel Infrastructure Trust |
SGD 0.415 |
2,525.3m |
N.A. |
-4.0% |
40.8 |
2.88 |
| NetLink NBN Trust |
SGD 0.885 |
3,448.8m |
6.1% |
5.4% |
28.3 |
1.40 |
| First Ship Lease Trust |
SGD 0.041 |
72.5m |
N.A. |
-16.3% |
22.8 |
1.61 |
| Hutchison Port Holdings |
USD 0.173 |
1,507.0m |
9.1% |
11.1% |
23.4 |
0.47 |
Weekly Sector and Stock Performance
Top 5 Performers (Weekly %):
– Acrophyte Hospitality Trust: +5.6%
– OUE REIT: +3.4%
– United Hampshire US REIT: +3.4%
– CapitaLand China Trust: +2.9%
– CDL Hospitality Trusts: +2.6%
Bottom 5 Performers (Weekly %):
– Keppel Pacific Oak US REIT: -8.9%
– Prime US REIT: -4.3%
– Digital Core REIT: -2.8%
– BHG Retail REIT: -2.3%
– Keppel DC REIT: -1.3%
Weekly Sector Performance (%):
- Industrial: +1.3%
- Hospitality: +1.1%
- Retail: +0.3%
- Office: +0.2%
- Healthcare: 0.0%
- Others: -0.8%
- Data Centre: -1.5%
Valuation and Coverage Universe: Analyst Ratings and Fair Values
| Company |
Ticker |
Price |
Fair Value |
Rating |
Next Results Release |
| CapitaLand Ascendas REIT |
CLAR SP |
SGD 2.74 |
3.21 |
BUY |
28/07/2025 |
| CapitaLand Ascott Trust |
CLAS SP |
SGD 0.885 |
0.920 |
BUY |
24/07/2025 |
| CapitaLand India Trust |
CLINT SP |
SGD 1.090 |
1.23 |
BUY |
28/07/2025 |
| CapitaLand Integrated Comm |
CICT SP |
SGD 2.20 |
2.35 |
BUY |
11/08/2025 |
| CapitaLand China Trust |
CLCT SP |
SGD 0.720 |
0.715 |
BUY |
28/07/2025 |
| First REIT |
FIRT SP |
SGD 0.270 |
0.270 |
BUY |
26/07/2025 |
| Frasers Logistics & Comm Trust |
FLT SP |
SGD 0.860 |
1.07 |
BUY |
06/08/2025 |
| Keppel DC REIT |
KDCREIT SP |
SGD 2.30 |
2.35 |
BUY |
25/07/2025 |
| Keppel REIT |
KREIT SP |
SGD 0.890 |
0.920 |
BUY |
30/07/2025 |
| Mapletree Pan Asia Comm Trust |
MPACT SP |
SGD 1.26 |
1.45 |
BUY |
30/07/2025 |
| Mapletree Industrial Trust |
MINT SP |
SGD 2.04 |
2.46 |
BUY |
28/07/2025 |
| Mapletree Logistics Trust |
MLT SP |
SGD 1.18 |
1.47 |
BUY |
22/07/2025 |
| OUE REIT |
OUEREIT SP |
SGD 0.300 |
0.315 |
BUY |
23/07/2025 |
| Parkway Life REIT |
PREIT SP |
SGD 4.11 |
4.65 |
BUY |
24/07/2025 |
| Starhill Global REIT |
SGREIT SP |
SGD 0.515 |
0.460 |
HOLD |
28/07/2025 |
| Stoneweg Europe Stapled Trust |
SERT SP |
EUR 1.54 |
1.81 |
BUY |
06/08/2025 |
| Suntec REIT |
SUN SP |
SGD 1.13 |
1.14 |
HOLD |
24/07/2025 |
Distribution Details
- Elite UK REIT announced a distribution per unit (DPU) of GBP 1.420, with ex-date 17 June 2025 and pay date 25 July 2025.
Geographical Exposure by Asset Portfolio
| Name |
Singapore |
Hong Kong |
China |
Rest of Asia |
Australia/NZ |
UK |
Europe |
US |
| IREIT Global |
– |
– |
– |
– |
– |
– |
100% |
– |
| Keppel REIT |
79% |
– |
– |
4% |
18% |
– |
– |
– |
| OUE REIT |
100% |
– |
– |
– |
– |
– |
– |
– |
| Suntec REIT |
78% |
– |
– |
– |
12% |
10% |
– |
– |
| Elite UK REIT |
– |
– |
– |
– |
– |
100% |
– |
– |
- Retail REITs: Significant China and Singapore footprints, with some regional diversification (e.g., Mapletree Pan Asia Commercial Trust: Singapore 56%, Hong Kong 26%, China 9%, Asia 8%).
- Industrial REITs: Broad international presence; e.g., Mapletree Industrial Trust (Singapore 48%, US 46%).
- Hospitality REITs: Far East Hospitality Trust (100% Singapore), CapitaLand Ascott Trust (diversified across Asia, Europe, US).
- Healthcare REITs: Parkway Life REIT (Singapore 59%, Japan 33%, Europe 8%).
- Data Centre REITs: Keppel DC REIT (Singapore 66%, Europe 15%, Asia/ANZ 15%).
- Others: Stoneweg Europe Stapled Trust (UK 3%, Rest of Europe 97%).
Conclusion: S-REITs Outlook and Investment Takeaways
The Singapore REIT and business trust market continues to offer dynamic opportunities across asset classes, supported by ongoing acquisitions, strategic capital management, and attractive yields. With sectoral averages remaining compelling, especially in retail, office, and industrial segments, and with the flexibility to adapt to evolving market conditions, S-REITs remain a focus for yield-seeking and diversified investors. Recent corporate actions and geographic diversification reinforce the resilience and adaptability of leading trusts.
Investors should monitor upcoming results, keep an eye on sector rotations, and consider both headline yields and underlying asset quality in portfolio construction.
Published by OCBC Investment Research
