S-Reits Roar Back: Q3 Rally Builds as Rate-Cut Bets Grow

Singapore’s S-Reits rebounded sharply in Q3 to date, with the iEdge S-Reit Index up 10.3% since end-June to 1,107.83 on Sep 12, its YTD high. All 30 constituents are positive in Q3 so far, lifting YTD total returns to 15%. The move comes as markets price a high likelihood of a Fed cut this week, while domestic funding costs ease (3-month SORA fell from 3.02% on Jan 2 to 1.53% on Sep 12). Retail investors have been net buyers YTD (~S$600m inflows) even as institutions logged ~S$800m outflows; institutions turned net buyers between Sep 8–11 (S$5.4m).

SGX:TS0U.SI:OUE REIT
OUE REIT was among the YTD outperformers, reporting a 5.4% H1 DPU increase as finance costs fell 17.3% year on year; its Singapore office portfolio stayed resilient with positive Q2 rental reversion of 9.1%.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust
CICT’s H1 DPU rose 3.5% amid stable revenue and lower finance costs; overall portfolio occupancy held at 96.3%, with positive rent reversions across retail and office.

SGX:JYEU.SI:Lendlease Global Commercial REIT
Lendlease Global Commercial REIT ranked among the YTD leaders, supported by a predominantly Singapore portfolio and resilient first-half operating metrics.

SGX:K71U.SI:Keppel REIT
Keppel REIT’s net property income increased 11.8% year on year in H1, with its Singapore assets continuing to drive growth.

SGX:OXMU.SI:Prime US REIT
Prime US REIT featured among YTD outperformers within the US-office S-Reit cohort.

SGX:CMOU.SI:Keppel Pacific Oak US REIT
Keppel Pacific Oak US REIT was also an outperformer YTD among US-focused S-Reits.

SGX:T82U.SI:Suntec REIT
Suntec REIT recorded net institutional inflows YTD, bucking sector-wide institutional outflows alongside OUE REIT and CICT.

Thank you