Broker: OCBC Investment Research
Date of Report: 18 August 2025

Singapore S-REITs Weekly Tracker: Key Insights, Sector Updates, and Peer Comparisons for Investors

Singapore REITs Sector: Weekly Overview and Market Highlights

The Singapore real estate investment trust (S-REIT) market continues to evolve, with new management appointments, strategic portfolio movements, and capital raising activities shaping the sector’s future. This week’s update offers a comprehensive look at recent developments, performance metrics, peer comparisons, and sector trends, providing investors with actionable insights.

Sector News: Developments Impacting Singapore S-REITs

• Stoneweg Europe Stapled Trust (SERT): Reported a 7% year-on-year decline in 1H25 distribution per stapled security (DPS) to 6.553 Euro cents due to higher interest costs, which was in line with expectations. Revised forecasts resulted in a slight uptick in fair value estimate from EUR1.81 to EUR1.82.
• Sasseur REIT: Announced the appointment of Mr. Cheng Hsing Yuen as Chief Executive Officer effective 29 October 2025.
• Mapletree Logistics Trust (MLT): Proposed divestment of 28 Bilston Drive, Australia, for AUD60m—a 7.1% premium over the latest valuation. Portfolio to comprise 174 properties post-divestment.
• OUE REIT: Secured a SGD100m revolving credit facility.
• Parkway Life REIT: Completed divestment of Kuala Lumpur strata units and entered a new facility agreement.
• Keppel DC REIT: Announced divestment of NetCo bonds and preference shares, with proceeds of SGD79.2m earmarked for acquisitions, asset enhancements, or debt reduction.

Market Performance: Indices and Yield Trends

The FTSE ST REIT Index posted a week-on-week decline of 0.6%, while the Straits Times Index (STI) was down 0.2%. Forward price-to-book (P/B) of the iEdge S-REIT Index stands at 0.87x, below its 8-year average of 0.97x, and the forward distribution yield remains steady at 6.1%.

Peer Comparison: Comprehensive S-REIT Financial Table

Below is a detailed comparison of all listed Singapore REITs, business trusts, and other entities, organized by sector and featuring key metrics including price, market cap, distribution yield, debt-to-asset ratio, and price-to-book ratio.

For the full table, see the peer comparison section above, which covers all major S-REITs and business trusts, including metrics such as market cap, yield, debt-to-asset, and P/B. This allows for direct peer benchmarking and comprehensive sector analysis.

Distribution Details: Upcoming Payouts and Key Dates

Investors tracking income can note the latest declared distribution per unit (DPU), ex-dates, record dates, and payment dates for a wide selection of REITs and trusts.

Weekly Sector Performance: Winners and Losers

Sector returns for the week highlighted a mixed performance landscape:

• Top gainers: Manulife US REIT (+4.8%), BHG Retail REIT (+4.7%), Elite UK REIT (+4.4%)
• Top laggards: IREIT Global (-5.1%), Digital Core REIT (-3.8%), CapitaLand Integrated Commercial Trust (-2.7%)

Sector breakdown:

• Others: +1.0%
• Retail: +0.9%
• Office: +0.2%
• Hospitality: +0.2%
• Industrial: -0.4%
• Data Centre: -0.7%
• Healthcare: -1.8%

Coverage Universe and Analyst Ratings

Analyst ratings provide key guidance for investors. The following REITs are covered with respective fair value targets and recommendations:

Geographic Asset Breakdown: Diversification Across Regions

S-REITs portfolios reflect diverse geographic exposure. Below is a summary of major REITs’ asset allocation by region:

• Office REITs: IREIT Global (100% Europe), Manulife US REIT (100% USA), Keppel REIT (79% Singapore, 18% Australia), Suntec REIT (78% Singapore, 12% Australia, 10% UK)
• Retail REITs: CapitaLand Integrated Commercial Trust (95% Singapore), CapitaLand China Trust (100% China), Frasers Centrepoint Trust (100% Singapore), Sasseur REIT (100% China)
• Industrial REITs: Mapletree Industrial Trust (48% Singapore, 46% USA), Mapletree Logistics Trust (broadly diversified: 20% Singapore, 23% Hong Kong, 18% China, 31% rest of Asia, 7% Australia)
• Hospitality REITs: CapitaLand Ascott Trust (diversified globally), CDL Hospitality Trusts (62% Singapore, 16% UK)
• Healthcare REITs: Parkway Life REIT (59% Singapore, 33% rest of Asia, 8% Europe)
• Data Centre REITs: Keppel DC REIT (66% Singapore, diversified across Asia and Europe), Digital Core REIT (majority USA and Europe)
• Others: Stoneweg Europe Stapled Trust (97% Europe, 3% UK)

Strategic Takeaways for Investors

• Interest rate sensitivity continues to impact distributions for several REITs. SERT’s DPS decline reflects this trend.
• Portfolio rationalization and asset sales (Mapletree Logistics Trust, Keppel DC REIT) are driving capital recycling for growth and debt management.
• Leadership changes and new financing facilities (Sasseur REIT, OUE REIT, Parkway Life REIT) point to evolving management strategies and capital structures.
• Yield spreads and price-to-book ratios suggest pockets of value and potential re-rating opportunities, especially as forward yields remain attractive.

Conclusion: Navigating the S-REIT Landscape

The Singapore S-REIT universe offers both stability and growth, with attractive yields and diversified asset portfolios. Investors should monitor distribution schedules, sector performance, management changes, and strategic asset movements to maximize returns. Comprehensive peer benchmarking and geographic diversification insights further enhance decision-making for both institutional and retail investors.