Yield is what you want. Pricing Power is what you NEED. đź“Š
As an SGX Academy SREITS Trainer, the most common question I’m getting this month is: “Kenny, the S-REIT index is down nearly 7% YTD—is the dividend dream over?”
My answer: The dream isn’t over, but the strategy must change.
We are currently navigating a shifting rate environment caused by heightened tensions in the Middle East. In this “new normal,” the Interest Coverage Ratio (ICR) is more important than the Dividend Yield. If a REIT can’t pass on costs or manage its debt, that 8% yield is a ticking time bomb.
In my upcoming webinar with Tiger Brokers, I’ll be conducting a “Stress Test” on 5 major REITs to show you:
🟢Which sectors possess the strongest pricing power right now. 🟢How to identify the “Yield Shield” in your own portfolio. 🟢Why industrial and prime commercial assets are reacting differently to the oil shock.
Kenny Loh is a distinguished Wealth Advisory Director (RNF# LKK300389588 Representing Financial Alliance) with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.
In addition to his advisory role, Kenny is an esteemed SGX Academy trainer specializing in S-REIT investing and regularly shares his insights on MoneyFM 89.3. He holds the titles of Certified Estate & Legacy Planning Consultant and CERTIFIED FINANCIAL PLANNER (CFP).
With over a decade of experience in holistic estate planning, Kenny employs a unique “3-in-1 Will, LPA, and Standby Trust” solution to address clients’ social considerations, legal obligations, emotional needs, and family harmony. He holds double master’s degrees in Business Administration and Electrical Engineering, and is an Associate Estate Planning Practitioner (AEPP), a designation jointly awarded by The Society of Will Writers & Estate Planning Practitioners (SWWEPP) of the United Kingdom and Estate Planning Practitioner Limited (EPPL), the accreditation body for Asia.
Arrange for a non-obligatory one-to-one free consultation here!
When we hear the term “estate planning,” most of us think of one thing: writing a Will. It’s a vital first step, certainly. But viewing a Will as the entirety of your estate plan is like bringing only an umbrella to a hurricane. It might help in one specific kind of weather, but it won’t protect you from the flood, the wind, or the power outage.
True estate planning isn’t about a single document; it is about creating a comprehensive, resilient structure designed to address the multifaceted reality of life’s “what-ifs.” This is especially critical once you pass age 40, a time when family responsibilities are often highest, assets have grown more complex, and the risks of health crises become more tangible.
The objective is clear: to ensure your family is protected in every conceivable life state. To achieve this, you must move beyond simple asset distribution and embrace a structure that proactively manages different scenarios.
Understanding the Three Life States
To appreciate the need for a robust structure, we must first recognize that estate planning addresses more than just death. It must manage your affairs across three distinct scenarios:
Good Health: This is where you are now—active, capable, and in control. The goal here is organization and laying the groundwork for the future.
Mental Incapacity: This is the oft-ignored middle ground. Due to accident, illness, or age, you may become alive but unable to make your own decisions. Without a plan, your family faces a legal nightmare just to pay your bills or make medical choices for you.
Death: The final state. The focus here shifts to the efficient, harmonious transfer of your legacy to the next generation.
The Anatomy of a Proper Estate Planning Structure
A simple Will only addresses the third scenario (Death). A proper estate planning structure coordinates multiple tools, each designed to excel in different scenarios while complementing the others.
The Role of a Will: The Base Asset Manager
A Will is the cornerstone of distribution. It specifies who gets what assets, points a finger at who will be in charge (the Executor), and—most critically for parents—appoints guardians for minor children. It provides clarity and prevents your estate from falling into the rigid, one-size-fits-all rules of government intestacy law.
The Role of an LPA: The Living Guardian
The Lasting Power of Attorney (LPA) is perhaps the most critical component while you are alive. It bridges the gap during mental incapacity. It allows you to appoint trusted individuals (Donees) to manage your property, finances, and personal welfare if you lose the ability to do so yourself. Without an LPA, your family may have to apply to court for deputyship—a costly, lengthy, and distressing process.
The Role of a Trust: The Ultimate Strategy and Protection Tool
A Trust adds a layer of sophistication, protection, and flexibility that a Will cannot match. By transferring assets to a Trust, they are managed by Trustees for your chosen beneficiaries. This provides several powerful scenario-based advantages:
Scenario: Spendthrift Heirs. Instead of giving a large lump sum to a financially immature beneficiary, a Trust can distribute income gradually, ensuring the inheritance lasts.
Scenario: Minor Children. A Will can nominate guardians, but a Trust manages the money precisely for the child’s maintenance, education, and healthcare until they reach a responsible age.
Scenario: Creditor/Divorce Protection. Properly structured Trusts can shield assets from potential lawsuits, business creditors, or a beneficiary’s matrimonial disputes.
Scenario: Mental Incapacity. Unlike a Will, which only activates upon death, a standby trust can immediately activate upon incapacity, allowing Trustees to use assets for your care without legal delays.
Scenario Matrix: Putting the Structure to the Test
To maximize clarity, consider how these different tools interact to protect a family, such as a married couple (“Me” and “Spouse”).
Scenario 1: Both “Me” and “Spouse” are in Good Health.
Need: The baseline plan is set up, organized, and reviewed annually. Assets are nominated correctly (CPF, Insurance), and the structure is “active status,” ready for any shift.
Need: Immediate management of medical care and bills.
Structured Solution: My LPA activates. My designated Donee takes control of finances. If a Trust exists, Trustees can also deploy funds for my maintenance. My Will remains inactive.
Scenario 3: “Me” Dies.
Need: Efficient transfer of assets, care for minor children, support for surviving spouse.
Structured Solution: My Will activates. CPF and Insurance pay out directly to nominees. Jointly held property passes to the spouse. If I have young children, guardians are appointed via the Will, and assets might flow into a Testamentary Trust for their managed support.
Scenario 4: The Complex Scenario (Concurrent Events).
Example: “Me” becomes mentally incapacitated, and subsequently, “Spouse” dies.
Need: Who is managing the incapacitated person’s care while also managing the deceased spouse’s estate?
Structured Solution: This requires a robust structure. “Me” has an active LPA with backup donees. “Spouse” had a Will & Testamentary Trust, providing managed income to support “Me” and their children, overseen by reliable Trustees.
The Dangers of “Just a Will”
Failing to set up this broader structure leaves gaping holes:
No Protection in Incapacity: A Will provides zero guidance or authority if you are alive but incapacitated.
Inflexibility: A Will is rigid. It generally provides lump-sum distributions, which may not suit vulnerable or immature beneficiaries.
Probate Delays: A Will must go through probate—a court process that can take months, freezing assets when your family needs them most. Trusts can often bypass probate entirely.
No Creditor Shield: Assets distributed via a Will become the beneficiary’s property, making them vulnerable to creditors or divorce settlements.
Take Action: It’s Time to Structure Your Legacy
Estate planning is not a morbid task to be feared; it is an act of profound love and responsibility. It is the ultimate gift of certainty and harmony to those you care about.
Delaying your planning is simply planning to delay your family’s security. A comprehensive structure minimizes the potential for family disputes, speeds up wealth transfer, avoids unnecessary legal costs, and protects you and your assets while you are alive.
Do not settle for just an umbrella. Work with qualified estate planning professionals—lawyers, financial advisors, and trust experts—to build a multi-layered, resilient “Safety Net” structure that guarantees your family is truly protected, in every life state, for generations to come.
Start today. Your family is worth it.
Kenny Loh is a distinguished Wealth Advisory Director (RNF# LKK300389588 Representing Financial Alliance) with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.
In addition to his advisory role, Kenny is an esteemed SGX Academy trainer specializing in S-REIT investing and regularly shares his insights on MoneyFM 89.3. He holds the titles of Certified Estate & Legacy Planning Consultant and CERTIFIED FINANCIAL PLANNER (CFP).
With over a decade of experience in holistic estate planning, Kenny employs a unique “3-in-1 Will, LPA, and Standby Trust” solution to address clients’ social considerations, legal obligations, emotional needs, and family harmony. He holds double master’s degrees in Business Administration and Electrical Engineering, and is an Associate Estate Planning Practitioner (AEPP), a designation jointly awarded by The Society of Will Writers & Estate Planning Practitioners (SWWEPP) of the United Kingdom and Estate Planning Practitioner Limited (EPPL), the accreditation body for Asia.
Arrange for a non-obligatory one-to-one free consultation here!
Technical Analysis of FTSE ST REIT Index (FSTAS351020)
FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) declined sharply from 721.34 to 664.56 (-7.87%) compared to the previous update, marking a decisive breakdown below the previous support at ~695.
Over this period, the index has transitioned from consolidation into a clear downside impulse within 2 days, with price slicing through prior 695 support that had held multiple times since Sep 2025, likely due to the volatility brought about from the Iran war.
On the downside, the next key support lies around 622, which previously acted as a base during earlier cycles. If selling momentum persists, these levels are likely to be tested.
On the upside, any rebound is expected to face strong resistance at ~695, followed by ~725, where prior consolidation and supply zones exist. A recovery back above 695 (previous support) is needed to stabilize price action.
Overall, the index has entered a short-term bearish trend with strong momentum, and the medium-term outlook has shifted to bearish bias following the breakdown of key support. The long-term structure is now at risk of rolling over if lower support levels fail to hold.
The following is the compilation of 40 Singapore REITs with colour-coding of the Distribution Yield, Gearing Ratio and Price to NAV Ratio.
The Financial Ratios are based on past data and these are lagging indicators.
All REITs have the latest Q3 2025 values, except Centurion Accommodation REIT where their values are based on their IPO Prospectuses.
I have introduced weighted average (weighted by market cap) to the financial ratios, in addition to the existing simple average ratios. This is another perspective where smaller market cap REITs do not disproportionately affect the average ratios. As of May 2025, I have removed EC World REIT from these calculations.
I have included Centurion Accommodation REIT in this latest update, using values from the IPO Prospectus.
FY DPU: If Green, FY DPU for the recent 4 Quarters is higher than that of the preceding 4 Quarters. If Lower, it is Red.
Yield (ttm): Yield, calculated by DPU (trailing twelve months) and Current Price as of March 23rd, 2026.
Gearing (%): Leverage Ratio.
Price/NAV: Price to Book Value. Formula: Current Price over Net Asset Value per Unit.
Yield Spread (%): REIT yield (ttm) reference to Gov Bond Yields. REITs are referenced to SG Gov Bond Yield.
As of May 2024, all REITs’ Yield Spread will be referenced to SG Gov Bond Yields, regardless of trading currency.
Price/NAV Ratios Overview
Price/NAV decreased to 0.78(Weighted Average: 0.93)
Decreased from 0.86 from January 2026. (Weighted Average was 1.02)
Singapore Overall REIT sector is slightly undervalued (or at fair value if weighted)
Most overvalued REITs (based on Price/NAV)
ParkwayLife REIT
1.56
Keppel DC REIT
1.35
AIMS APAC REIT
1.17
Mapletree Industrial Tr
1.16
Capitaland Ascendas REIT
1.09
Capitaland Integrated Commercial Trust
1.09
EC World REIT is currently suspended and has a N.M P/NAV value.
Most undervalued REITs (based on Price/NAV)
Lippo Malls Indonesia Retail Trust
0.20
Keppel Pacific Oak US REIT
0.26
Prime US REIT
0.30
Manulife US REIT
0.32
Acrophyte Hospitality Trust
0.33
IREIT Global
0.47
Distribution Yields Overview
TTM Distribution Yield increased to 5.94%. (Weighted Average increased to 5.62%)
Increased from 5.41% in January 2026. (Weighted Average was 5.17%)
13 of 40 Singapore REITs have ttm distribution yields of above 7%.
Highest Distribution Yield REITs (ttm)
Sasseur REIT
9.74
ESR REIT
9.53
Elite UK REIT
9.18
Stoneweg European Stapled Trust
8.93
Daiwa House Logistics Trust
8.84
First REIT
8.68
Reminder that these yield numbers are based on current prices.
Some REITs opted for semi-annual reporting and thus no quarterly DPU was announced.
A High Yield should not be the sole ratio to look for when choosing a REIT to invest in.
Yield Spreadincreased to 3.84%. (Weighted Average is 3.75%)
Increased from 3.42% in January 2026. (Weighted Average was 3.86%)
From May 2024 onwards, all my yield spread measurements are now in relation to SG Gov Bond Yields, no longer a mix with US Gov Bond Yields.
Gearing Ratios Overview
Gearing Ratio remained similar at 39.94%. (Weighted Average: 37.61%)
Remained similar at 39.94% in January 2026. (Weighted Average: 37.5%)
Gearing Ratios are updated quarterly. Therefore, no values changed and all values are based on the most recent Q2 2025 updates.
S-REITs Gearing Ratio has been on a steady uptrend. It was 35.55% in Q4 2019.
Highest Gearing Ratio REITs
EC World REIT
73.5
Manulife US REIT
58.0
Keppel REIT
47.9
Prime US REIT
45.0
IREIT Global
44.6
Keppel Pacific Oak US REIT
44.1
MUST and EC World REIT’s gearing ratio has exceeded MAS’s gearing limit of 50%. However, the aggregate leverage limit is not considered to be breached if exceeding the limit is due to circumstances beyond the control of the REIT Manager.
Market Capitalisation Overview
Total Singapore REIT Market Capitalisation decreased by 6.8% to S$94.20 Billion.
Decreased from S$101.07 Billion in January 2026.
Biggest Market Capitalisation REITs (S$m):
Capitaland Integrated Commercial Trust
17734.33
Capitaland Ascendas REIT
11515.00
Mapletree Pan Asia Commercial Trust
6918.32
Mapletree Logistics Tr
6010.92
Mapletree Industrial Tr
5591.88
Keppel DC REIT
4948.16
Smallest Market Capitalisation REITs (S$m):
Lippo Malls Indonesia Retail Trust
76.97
Manulife US REIT
140.40
Acrophyte Hospitality Trust
170.13
EC World REIT
226.74
BHG Retail REIT
239.02
Keppel Pacific Oak US REIT
239.72
Disclaimer: The above table is best used for “screening and shortlisting only”. It is NOT for investing (Buy / Sell) decision. If you want to know more about investing in REITs, scroll down for more information on the REITs courses.
Top 20 Best/Worst Performers of February/March 2026
SG 10 Year Government Bond Yield
SG 10 Year: 2.12% (decreased from 2.20%)
Summary
The Singapore REIT sector has reversed its recent recovery, with the FTSE ST All-Share REIT Index declining from 721.34 to 664.56 (-7.87%)over the past two months, with most of the losses occurring in the past week, from 700 to 664.56. The index has broken decisively below the 695–700 support range, which had previously underpinned the recovery, signaling a clear deterioration in market structure.
On the macro front, interest rate dynamics have turned less supportive at the margin. The US 10-year Treasury yield has risen to ~4.38%, breaking above recent consolidation levels (highest since mid-2025 levels) and indicating renewed upward pressure on global rates. This move represents a key headwind for REIT valuations, particularly after a period of relative stability.
In contrast, the Singapore 10-year government bond yield remains subdued at ~2.1–2.2%, suggesting that domestic financing conditions are still relatively stable. However, the divergence between US and Singapore yields may limit the extent of local rate relief, especially given the global nature of capital flows.
Valuations remain attractive, with many REITs still trading below NAV, particularly within industrial, retail, and selected hospitality segments. Sector yields in the mid-5% to 6% range continue to offer a reasonable premium over risk-free rates. Yield spreads have tightened modestly as prices recovered, but remain supportive on a historical basis.
US 10 Year Risk Free Rate
According to the CME FedWatch tool, markets continue to price a delayed and gradual easing cycle, with the highest probabilities centered around the 350–400 bps range through 2026, and only a slow progression towards lower rates into 2027. This reinforces the view that near-term rate relief is limited, and higher-for-longer conditions may persist.
Valuations have become more compelling following the recent correction, with many REITs trading at wider discounts to NAV. Sector yields have likely expanded back towards the mid-6% range, improving the relative attractiveness of income spreads versus risk-free rates.
However, the increase in bond yields partially offsets this benefit, and investor sensitivity to interest rate movements remains elevated. As such, valuation support alone may not be sufficient to drive a near-term rebound without stabilization in rates.
Kenny Loh is a distinguished Wealth Advisory Director (RNF# LKK300389588 Representing Financial Alliance) with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.
In addition to his advisory role, Kenny is an esteemed SGX Academy trainer specializing in S-REIT investing and regularly shares his insights on MoneyFM 89.3. He holds the titles of Certified Estate & Legacy Planning Consultant and CERTIFIED FINANCIAL PLANNER (CFP).
With over a decade of experience in holistic estate planning, Kenny employs a unique “3-in-1 Will, LPA, and Standby Trust” solution to address clients’ social considerations, legal obligations, emotional needs, and family harmony. He holds double master’s degrees in Business Administration and Electrical Engineering, and is an Associate Estate Planning Practitioner (AEPP), a designation jointly awarded by The Society of Will Writers & Estate Planning Practitioners (SWWEPP) of the United Kingdom and Estate Planning Practitioner Limited (EPPL), the accreditation body for Asia.
Arrange for a non-obligatory one-to-one free consultation here!
