OCBC Investment Research Private Limited
Date of Report: 18 August 2025
Singapore S-REITs: Weekly Sector Tracker and Peer Analysis – Key Developments, Top Performers, and Detailed Portfolio Breakdown
Introduction: S-REITs Market Update and Sector Highlights
Singapore’s Real Estate Investment Trusts (S-REITs) continue to provide investors with both yield and diversification. This week’s sector tracker delivers a deep dive into recent corporate actions, earnings updates, and a comprehensive peer comparison across office, retail, industrial, hospitality, healthcare, and data centre REITs. The review offers granular details on key developments, forward yields, price-to-book ratios, and sector-wide returns.
Key Takeaways from This Week’s S-REITs Developments
- Stoneweg Europe Stapled Trust (SERT): 1H25 distribution per stapled security (DPS) fell 7% YoY to 6.553 Euro cents due to higher interest costs, aligning with expectations. Forecasts for FY25 and FY26 DPS nudged down by 0.1% and 0.4%. Fair value estimate rises slightly to EUR1.82.
- Sasseur REIT: Appointed Mr. Cheng Hsing Yuen as CEO effective 29 Oct 2025.
- Mapletree Logistics Trust (MLT): Announced divestment of 28 Bilston Drive, Australia, at a 7.1% premium to latest valuation, with portfolio to stand at 174 properties post-transaction.
- OUE REIT: Entered into a SGD100m revolving credit facility.
- Parkway Life REIT (PLIFE): Completed divestment of strata units in Kuala Lumpur and signed a new facility agreement.
- Keppel DC REIT: Will divest NetCo bonds and preference shares, with expected proceeds of SGD79.2m, to fund acquisitions, asset enhancements, and reduce borrowings.
Market Performance Overview
- FTSE ST REIT Index: Down 0.6% week-on-week
- Straits Times Index (STI): Down 0.2% over the same period
- Forward P/B Ratio: iEdge S-REIT Index at 0.87x (8-year average: 0.97x)
- Forward Distribution Yield: 6.1% (8-year average: 6.1%)
Comprehensive Peer Comparison: S-REITs by Sector
| REIT |
Price |
Market Cap (\$m) |
Float (%) |
FYE |
Current DPU (cents) |
Fwd DPU (cents) |
Current Yield (%) |
Fwd Yield (%) |
YTD Return (%) |
D/A (%) |
P/B (x) |
| OFFICE |
|
| IREIT Global |
SGD 0.280 |
376.6 |
70.4 |
Dec |
1.50 |
2.25 |
5.4 |
8.0 |
9.3 |
41.1 |
0.48 |
| Keppel REIT |
SGD 0.945 |
3,676.3 |
65.7 |
Dec |
5.40 |
5.70 |
5.7 |
6.0 |
15.6 |
41.7 |
0.78 |
| Manulife US REIT |
USD 0.066 |
117.3 |
90.2 |
Dec |
N.M. |
N.M. |
N.M. |
N.M. |
-25.8 |
57.4 |
0.31 |
| OUE REIT |
SGD 0.320 |
1,764.4 |
41.9 |
Dec |
2.00 |
2.10 |
6.3 |
6.6 |
20.8 |
40.3 |
0.56 |
| Suntec REIT |
SGD 1.250 |
3,677.4 |
57.5 |
Dec |
6.30 |
6.70 |
5.0 |
5.4 |
11.3 |
41.1 |
0.63 |
| Keppel Pacific Oak US REIT |
USD 0.200 |
208.9 |
84.0 |
Dec |
N.M. |
N.M. |
N.M. |
N.M. |
0.0 |
43.7 |
0.29 |
| Prime US REIT |
USD 0.172 |
225.0 |
75.3 |
Dec |
0.30 |
1.70 |
1.7 |
9.9 |
-0.4 |
46.7 |
0.31 |
| Elite UK REIT |
GBP 0.355 |
214.1 |
77.9 |
Dec |
3.00 |
3.10 |
8.5 |
8.7 |
32.3 |
40.7 |
0.89 |
Sector Averages and Noteworthy Observations
- Office REITs: Average forward yield 7.5%, P/B 0.53x
- Retail REITs: Average forward yield 7.1%, P/B 0.76x
- Industrial REITs: Average forward yield 7.0%, P/B 0.99x
- Hospitality REITs: Average forward yield 6.5%, P/B 0.70x
- Healthcare REITs: Average forward yield 6.8%, P/B 1.34x
- Data Centre REITs: Average forward yield 6.0%, P/B 1.02x
- Others (Stoneweg Europe Stapled Trust): Forward yield 8.8%, P/B 0.75x
Weekly Sector and REIT Performance: Winners and Laggards
| Top 5 Performers (%) |
Bottom 5 Performers (%) |
- Manulife US REIT: 4.8%
- BHG Retail REIT: 4.7%
- Elite UK REIT: 4.4%
- United Hampshire US REIT: 2.1%
- Acrophyte Hospitality Trust: 1.7%
|
- IREIT Global: -5.1%
- Digital Core REIT: -3.8%
- CapitaLand Integrated Comm: -2.7%
- Daiwa House Logistics Trust: -2.6%
- Parkway Life REIT: -2.2%
|
Weekly Sector Performance
- Others: +1.0%
- Retail: +0.9%
- Office: +0.2%
- Hospitality: +0.2%
- Industrial: -0.4%
- Data Centre: -0.7%
- Healthcare: -1.8%
Detailed Distribution and Dividend Timetable
| REIT |
DPU (Cents) |
Announced |
Ex-date |
Record Date |
Pay Date |
| IREIT Global |
0.710 EUR |
7 Aug 2025 |
14 Aug 2025 |
15 Aug 2025 |
28 Aug 2025 |
| CapitaLand Ascott Trust |
2.526 SGD |
29 Jul 2025 |
5 Aug 2025 |
6 Aug 2025 |
29 Aug 2025 |
Geographical Diversification Across S-REITs
The asset portfolios of Singapore REITs display considerable geographical spread, enabling risk diversification and exposure to global property markets.
| REIT |
Singapore |
Hong Kong |
China |
Rest of Asia |
Australia & NZ |
UK |
Rest of Europe |
US |
| Keppel REIT |
79% |
– |
– |
4% |
18% |
– |
– |
– |
| Suntec REIT |
78% |
– |
– |
– |
12% |
10% |
– |
– |
Company-by-Company Insights and Notable Updates
Stoneweg Europe Stapled Trust (SERT)
- Reported 1H25 DPS of 6.553 Euro cents, down 7% YoY due to higher interest costs, but within expectations.
- Fair value nudged up to EUR1.82 after adjusting cost of equity and terminal growth assumptions.
- Forward yield remains attractive at 8.8% with a 0.75x P/B.
Sasseur REIT
- New CEO appointment: Mr. Cheng Hsing Yuen will take the helm from 29 October 2025.
- Strong forward yield at 8.9% and a healthy P/B of 0.89x.
Mapletree Logistics Trust (MLT)
- Divested an Australian property at a 7.1% premium to valuation, proceeds to optimize the portfolio which will consist of 174 properties post-transaction.
- Forward yield at 6.4%, with a P/B of 0.91x, reflecting stability and prudent capital management.
OUE REIT
- Secured a SGD100m revolving credit facility, supporting liquidity and future growth initiatives.
- Offers a forward yield of 6.6% and trades at a P/B of 0.56x.
Parkway Life REIT (PLIFE)
- Completed divestment of Kuala Lumpur strata units and entered a new facility agreement to strengthen capital flexibility.
- Healthcare sector leader with a 4.5% forward yield, P/B at 1.66x.
Keppel DC REIT (KDCREIT)
- Divestment of NetCo bonds and preference shares to an unrelated party expected to bring in SGD79.2m for growth, asset enhancement, or debt reduction.
- Leading data centre REIT with a 4.8% forward yield and 1.46x P/B.
Coverage Universe: Ratings and Price Targets
| REIT |
Ticker |
Price |
Fair Value |
Rating |
Next Results Release |
| CapitaLand Ascott Trust |
CLAS SP |
SGD 0.875 |
SGD 1.02 |
BUY |
28/10/2025 |
| Keppel DC REIT |
KDCREIT SP |
SGD 2.31 |
SGD 2.59 |
BUY |
24/10/2025 |
Conclusion: Navigating S-REITs for Yield and Growth in 2025
The Singapore REITs sector remains a diverse and resilient space, offering investors a broad choice of geographies, assets, and yields. Defensive names like Parkway Life REIT and Keppel DC REIT provide stability, while higher yielders such as Sasseur REIT and Stoneweg Europe Stapled Trust deliver strong income potential. The sector’s forward yields and conservative gearing ratios position it well against macroeconomic uncertainty. Investors are encouraged to monitor upcoming earnings, distribution schedules, and management changes to optimize their portfolios for both income and growth in the evolving real estate landscape.
