Broker: OCBC Investment Research
Date of Report: 18 August 2025
Singapore S-REITs: Weekly Performance Review, Peer Analysis & Latest Portfolio Moves
Sector Overview: S-REITs See Mixed Performance Amid Key Corporate Developments
The Singapore S-REIT sector experienced a week of mixed movements as the FTSE ST REIT Index declined 0.6% week-on-week, with the broader Straits Times Index (STI) also in the red at -0.2%. Distribution yields remain attractive, with the 12-month forward yield of the iEdge S-REIT Index stable at 6.1%, matching its eight-year average.
Recent weeks have seen a flurry of portfolio activities, management changes, and financial facility announcements across leading REITs, reflecting active capital management and portfolio rebalancing strategies.
Key Developments & Announcements
- Stoneweg Europe Stapled Trust (SERT): 1H25 DPS dropped 7% YoY to 6.553 Euro cents due to higher interest costs but remained in line with expectations. Forecasts for FY25 and FY26 DPS have been marginally trimmed (-0.1% and -0.4% respectively). The fair value estimate is raised slightly to EUR1.82, driven by lower cost of equity and terminal growth assumptions.
- Sasseur REIT: Appointed Mr. Cheng Hsing Yuen as CEO effective 29 October 2025.
- Mapletree Logistics Trust (MLT): Announced divestment of 28 Bilston Drive, Victoria, Australia, at AUD60m—a 7.1% premium to the latest valuation. Portfolio to be 174 properties after completion (expected by 3QFY26).
- OUE REIT (OUEREIT): Entered a SGD100m revolving credit facility.
- Parkway Life REIT (PLIFE): Completed divestment of Kuala Lumpur strata units and entered a new facility agreement.
- Keppel DC REIT (KDCREIT): Divesting NetCo bonds and preference shares; proceeds (SGD79.2m if completed 11 Aug) to be used for acquisitions, asset enhancement, or debt reduction.
Price and Yield Trends
The S-REIT sector continues to offer value, with the 12-month forward price-to-book (P/B) ratio at 0.87x, below the eight-year average of 0.97x. Forward yields are robust, with the index’s yield at 6.1%, reflecting sustained investor appetite for income-generating assets.
Peer Comparison: S-REITs and Business Trusts in Focus
| Sector |
Name |
Price |
Market Cap (S\$ m) |
Yield (Fwd %) |
D/A (%) |
P/B (x) |
YTD Return (%) |
| Office |
IREIT Global |
0.280 |
376.6 |
8.0 |
41.1 |
0.48 |
9.3 |
| Office |
Keppel REIT |
0.945 |
3,676.3 |
6.0 |
41.7 |
0.78 |
15.6 |
| Office |
OUE REIT |
0.320 |
1,764.4 |
6.6 |
40.3 |
0.56 |
20.8 |
| Retail |
CapitaLand Integrated Comm |
2.200 |
16,723.3 |
5.4 |
37.9 |
1.03 |
18.5 |
| Industrial |
Mapletree Industrial Trust |
1.990 |
5,676.6 |
6.6 |
40.1 |
1.18 |
-5.4 |
| Data Centre |
Keppel DC REIT |
2.310 |
5,213.7 |
4.8 |
30.0 |
1.46 |
8.8 |
| Healthcare |
Parkway Life REIT |
4.040 |
2,635.8 |
4.5 |
35.4 |
1.66 |
11.2 |
| Others |
Stoneweg Europe Stapled Trust |
1.540 EUR |
891.6 |
8.8 |
43.3 |
0.75 |
5.4 |
Note: Table shows selected S-REITs and Business Trusts across various sectors. For a full breakdown, see detailed tables in the report.
Top Weekly Performers and Laggards
| Top 5 Performers (%) |
Bottom 5 Performers (%) |
| Manulife US REIT: 4.8 |
IREIT Global: -5.1 |
| BHG Retail REIT: 4.7 |
Digital Core REIT: -3.8 |
| Elite UK REIT: 4.4 |
CapitaLand Integrated Comm: -2.7 |
| United Hampshire US REIT: 2.1 |
Daiwa House Logistics Trust: -2.6 |
| Acrophyte Hospitality Trust: 1.7 |
Parkway Life REIT: -2.2 |
Weekly Sector Performance
| Sector |
Weekly Return (%) |
| Others |
1.0 |
| Retail |
0.9 |
| Office |
0.2 |
| Hospitality |
0.2 |
| Industrial |
-0.4 |
| Data Centre |
-0.7 |
| Healthcare |
-1.8 |
Distribution Details
| REIT/Trust |
DPU (cents) |
Ex-date |
Record date |
Pay date |
| IREIT Global |
0.710 EUR |
14 Aug 2025 |
15 Aug 2025 |
28 Aug 2025 |
| CapitaLand Ascott Trust |
2.526 SGD |
5 Aug 2025 |
6 Aug 2025 |
29 Aug 2025 |
| CDL Hospitality Trusts |
1.980 SGD |
6 Aug 2025 |
7 Aug 2025 |
29 Aug 2025 |
Geographical Asset Portfolio Breakdown
Singapore’s REITs continue to offer global diversification. Below is a snapshot of portfolio exposure by region for selected REITs:
| Name |
Singapore |
Hong Kong |
China |
Rest of Asia |
Australia/NZ |
UK |
Europe (rest) |
US |
| Keppel REIT |
79% |
– |
– |
4% |
18% |
– |
– |
– |
| Mapletree Industrial Trust |
48% |
– |
– |
7% |
– |
– |
– |
46% |
| CapitaLand Ascott Trust |
19% |
– |
3% |
23% |
10% |
11% |
13% |
19% |
| Keppel DC REIT |
66% |
– |
6% |
4% |
5% |
3% |
15% |
– |
| Stoneweg Europe Stapled Trust |
– |
– |
– |
– |
– |
3% |
97% |
– |
Investment Ratings and Fair Value Estimates
OCBC Investment Research provides ratings and fair value targets for leading S-REITs. Most sector giants such as CapitaLand Ascott Trust, CapitaLand India Trust, CapitaLand Integrated Comm, Frasers Centrepoint Trust, Keppel DC REIT, Mapletree Industrial Trust, Mapletree Logistics Trust, OUE REIT, Parkway Life REIT, and Stoneweg Europe Stapled Trust are rated BUY, with fair value targets offering moderate to attractive upside from current prices. Some trusts, including CapitaLand China Trust and Starhill Global REIT, are rated HOLD, reflecting more muted near-term return potential.
Conclusion: Navigating S-REITs in 2H25
Singapore’s S-REIT sector remains a magnet for yield-seeking investors, with diverse global exposure, steady distribution yields, and strong capital management discipline. The sector’s landscape continues to evolve with active portfolio rebalancing, management changes, and strategic divestments, positioning REITs for long-term growth and resilience amid macroeconomic headwinds.
Investors should monitor upcoming result releases and distribution announcements, as well as sector rotation trends, to identify opportunities and manage risks in their S-REIT portfolios.
