Singapore REITs Monthly Update (January 12th, 2026)
Technical Analysis of FTSE ST REIT Index (FSTAS351020)
FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) increased from 698.76 to 721.34 (3.23%) compared to two month’s ago update. Over this period, the REIT Index has remained in a short-term uptrend, rebounding strongly from the key support zone around 694–696, which has held on multiple pullbacks.
The index is currently trading above its 20-day and 50-day moving averages, indicating improving short-term momentum, while the 200-day moving average near 676 continues to slope upward, confirming a medium-term bullish structure. Recent price action shows a series of higher lows, suggesting accumulation and strengthening buying interest.
On the upside, the index is approaching a major resistance zone around 729–731, which has capped gains on several occasions (January 2024, September 2024, and recently). A decisive breakout above 731 could open the door for a move towards 740–750, levels last seen in mid-2023. On the downside, immediate support is seen around 706–708 (50-day moving average), followed by stronger support at 694–696. A break below 694 would weaken the current bullish setup and may signal a deeper pullback towards the 200-day moving average.
Overall, the index remains constructively bullish, but a confirmed breakout above the 731 resistance level is needed to validate further upside, while failure at this level could result in continued consolidation.
- Short-term direction: Up
- Medium-term direction: Sideways
- Long-term direction: Up
- Immediate Support: 20D SMA (707)
- Immediate Resistance: 729 (line)
FTSE REIT Index Chart (2 years)
Previous chart on FTSE ST REIT index can be found in the last post: Singapore REIT Fundamental Comparison Table on November 23rd, 2025.
Fundamental Analysis of 39 Singapore REITs
The following is the compilation of 39 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.
Data from REITsavvy Screener. https://screener.reitsavvy.com/
What does each Column mean?
- 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 January 18th, 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 increased to 0.86 (Weighted Average: 1.02)
- Increased from 0.83 from November 2025 (Weighted Average was 0.99)
- Singapore Overall REIT sector is slightly undervalued (or at fair value if weighted)
- Most overvalued REITs (based on Price/NAV)
ParkwayLife REIT 1.73 Keppel DC REIT 1.41 Capitaland Ascendas REIT 1.30 AIMS APAC REIT 1.25 Mapletree Industrial Tr 1.24 Capitaland Integrated Commercial Trust 1.13 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 0.19 Keppel Pacific Oak US REIT 0.33 Manulife US REIT 0.33 Acrophyte Hospitality Trust 0.38 Prime US REIT 0.40 CDL Hospitality Trust 0.59
Distribution Yields Overview
- TTM Distribution Yield decreased to 5.41%. (Weighted Average increased to 5.17%)
- Decreased from 5.58% in November 2025. (Weighted Average was 5.32%)
- 10 of 39 Singapore REITs have ttm distribution yields of above 7%.
- Highest Distribution Yield REITs (ttm)
Sasseur REIT 8.80 Elite UK REIT 8.36 IREIT Global 8.27 Daiwa House Logistics Trust 8.18 First REIT 7.96 United Hampshire REIT 7.96 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 Spread decreased to 3.42%. (Weighted Average is 3.86%)
- Decreased from 3.77% in November 2025. (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 at 39.99%. (Weighted Average: 37.61%)
- Remained at 39.99% in November 2025. (Weighted Average: 37.54%)
- 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 71.1 Manulife US REIT 56.2 Prime US REIT 46.6 Lippo Malls Indonesia Retail Trust 43.3 ESR REIT 43.3 Keppel Pacific Oak US REIT 43.1 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 increased by 2.84% to S$101.07 Billion.
- Increased from S$98.28 Billion in November 2025.
- Biggest Market Capitalisation REITs (S$m):
Capitaland Integrated Commercial Trust 17634.45 Capitaland Ascendas REIT 13127.10 Mapletree Pan Asia Commercial Trust 7701.21 Mapletree Logistics Tr 6876.90 Mapletree Industrial Tr 5962.77 Keppel DC REIT 4903.98 - Smallest Market Capitalisation REITs (S$m):
Lippo Malls Indonesia Retail Trust 76.97 Manulife US REIT 165.34 Acrophyte Hospitality Trust 194.13 EC World REIT 226.74 BHG Retail REIT 249.41 Keppel Pacific Oak US REIT 309.19
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 December 2025
SG 10 Year Government Bond Yield
- SG 10 Year: 2.20% (increased from 2.02%)
Summary
The Singapore REIT sector has extended its recovery, with the FTSE ST All-Share REIT Index rising from 698.76 to 721.34 (+3.23%) over the past two months. The index continues to trade within a higher range of 695–730, supported by higher lows and improving momentum. Prices remain above the 20-day and 50-day moving averages, while the rising 200-day moving average suggests medium-term stabilisation. Resistance at 729–731 remains key, with 695–700 acting as critical downside support.
On the macro front, interest rates have stabilised at supportive levels. The US 10-year Treasury yield is consolidating around 4.1–4.2%, while the Singapore 10-year yield has eased to approximately 2.2%. Although the pace of yield decline has slowed, the lack of renewed upside pressure continues to support REIT valuations and income demand.
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 CME FedWatch, markets continue to price in a gradual easing cycle from late 2026, rather than near-term aggressive cuts. While immediate financing relief is limited, downside rate risk appears contained. REITs with shorter debt maturities and higher floating-rate exposure are likely to benefit earlier, with more visible DPU improvements expected into 2026–2027.
Overall, the Singapore REIT sector remains in an early recovery phase, supported by improving technicals, reasonable valuations, and a stabilising rate environment. Near-term performance is likely to be driven by stock selection, with quality large-cap REITs attracting flows, while selective value opportunities persist among mid- and small-cap names.
Kenny Loh is a distinguished Wealth Advisory Director 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.
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