Weekly S-REITs Tracker: Key Insights, Sector Updates, and Top Performers (March 2025)

Overview

On 3 March 2025, OCBC Investment Research Private Limited released an in‐depth report covering the latest trends, key takeaways, and detailed peer comparisons across Singapore REITs and Business Trusts. The exhaustive analysis provides investors with a deep dive into each listed company, outlining performance metrics, distribution forecasts, and tailored recommendations based on medium-term views. The report not only evaluates current distribution per unit (DPU), pricing, yields and fundamentals, but also projects risk-adjusted fair value estimates taking into account refinancing activities, ESG ratings, and sector-specific demand‐supply dynamics.

Sector Updates & Key Considerations

The report’s initial key takeaways highlight significant developments affecting the sector. Stoneweg European REIT’s (SERT) FY24 DPU of 14.106 Euro cents met expectations at 100.5% of forecast, although an early refinancing resulted in lowered FY25 and FY26 DPU forecasts by 11.8% and 8.6%, respectively. Furthermore, a raised risk‐free rate from 2.5% to 2.75% combined with an adjusted beta penalty after an ESG downgrade resulted in a reduction of the fair value estimate from EUR1.89 to EUR1.81. Meanwhile, robust real estate fundamentals in Singapore have favored retail and industrial assets, even as industrial properties face supply challenges and rental consolidation after a long period of growth. The office sector remains neutral amidst uncertain global economic conditions, and the hospitality sector is expected to see normalizing growth with potential downside risks.

Detailed Company Analyses by Sector

Office REITs

The office segment comprises companies with distinct asset exposure and operating strategies. Analysts provided the following insights on each listed company:

IREIT Global

Price & Market Metrics: Trading at SGD 0.260 with a market cap of SGD 349.7 million and a DPU forecast of 1.41 cents (current) and 2.81 cents (forward).
Performance Metrics: A year-to-date return of 5.4% and a debt-to-asset ratio of 10.8% coupled with a very attractive price-to-book ratio of 0.47×.
Focus: As a pure office REIT, IREIT Global is fully exposed to the sector with a 100% geographical allocation to its operating market.

Keppel REIT

Price & Market Metrics: At SGD 0.800, with a robust market cap of SGD 3,096.5 million and a current DPU of 5.60 cents, rising to 5.70 cents forward.
Performance: YTD return sits at 7.0% with a debt-to-asset ratio of 7.1% and a price-to-book of 0.65×.
Geographic & Asset Exposure: Operating with an approximate 77% asset allocation in Singapore and adding minor exposure in Hong Kong (4%) and the United Kingdom (19%).

Manulife US REIT

Price & Metrics: Priced at USD 0.073, it has a market cap of USD 129.7 million, with a DPU forecast of 90.2 cents in December on a semi-annual basis.
Performance: Although key DPU figures are not marked (N.M.), the security has a notable YTD return decline of 15.7% and a comparatively high price-to-book of 0.32×.
Exposure: Manulife US REIT offers 100% exposure to the United States, making it a pure play office REIT in its region.

OUE REIT

Price & Distribution: Trading at SGD 0.275, with a market cap of SGD 1,512.5 million, posting a current DPU of 1.90 cents and a forward DPU of 2.00 cents.
Performance: It has a YTD return of 6.9%, a low debt-to-asset ratio of 7.3%, and a price-to-book ratio of 0.47×.
Distribution Schedule: Distribution details include an announced DPU of SGD 0.200 on 23 Jan 2025, with key dates including ex-date on 3 Feb 2025 and pay date on 5 Mar 2025.
Recommendation: Listed as BUY with a fair value target of SGD 0.345 and the next results release on 23 April 2025.

Suntec REIT

Price & Performance: At SGD 1.140 with a substantial market cap of SGD 3,344.7 million, Suntec REIT reported a current DPU of 6.30 cents escalating to 6.80 cents forward.
YTD Return: It posted a 5.5% year-to-date return and has a debt-to-asset ratio of 6.0%, supporting stability with a price-to-book ratio of 0.56×.
Recent Developments: The company entered a GBP 205 million facility agreement to refinance an earlier GBP 175 million term loan, showcasing proactive balance sheet management.
Recommendation: While trading at its fair value, its outlook remains rated as HOLD with further monitoring as results are updated.

Keppel Pacific Oak US REIT

Price & Metrics: Trading at USD 0.210 with a market cap of USD 219.3 million, and a December DPU forecast at 84.0 cents on a semi-annual distribution cycle.
Performance: Although detailed DPU data (N.M.) are not available, the company posted a YTD return of 4.9% and records a price-to-book ratio of 0.30×.
Focus: With 100% exposure to the United States, it is positioned as a pure play in the US office market.

Prime US REIT

Price & Distribution: At USD 0.140 with a market cap of USD 183.2 million, Prime US REIT anticipates a current DPU of 75.3 cents and a forward DPU of 2.80 cents on a semi-annual basis.
Performance: Despite a modest YTD return of 1.4%, the REIT shows a significantly high debt-to-asset ratio of 20.0% and a price-to-book multiple of 0.25×, while facing a YTD return decline of 15.7%.
Market Position: It is entirely focused on the US market, offering pure office exposure.

Elite UK REIT

Price & Metrics: Trading at GBP 0.300, Elite UK REIT holds a market cap of GBP 176.1 million and displays a current DPU of 77.9 cents, with a slight increase to 78.0 cents forward.
Performance: Posting a YTD return of 9.7%, it has a healthy debt-to-asset ratio of 10.0% and a price-to-book ratio of 0.73×.
Focus: With 100% geographical focus on the United Kingdom, Elite UK REIT presents an attractive option for office space exposure in Europe.

Retail REITs

The retail segment is dominated by strong performers with resilient demand and distribution growth. Detailed highlights include:

BHG Retail REIT

Price & Operating Metrics: Trading at SGD 0.460 with a market cap of SGD 239.0 million and a forecasted FYE DPU of 67.5 cents on a semi-annual basis. Distribution details are currently not available.
Performance: It maintains a relatively stable performance profile with modest yield and a price-to-book ratio of 0.64×.

CapitaLand Integrated Commercial Trust

Price & Valuation: Priced at SGD 1.970, this trust boasts a substantial market cap of SGD 14,378.0 million. It forecasts a DPU of 76.0 cents with an expected increase from 11.10 to 11.70 cents (current to forward) on a semi-annual cycle.
Performance: A YTD return of 5.6%, a debt-to-asset ratio of 5.9%, and an attractive price-to-book of 0.93× support its strong fundamentals.
Geographic Exposure: The trust is primarily focused on Singapore with minor international asset exposure.
Recommendation: With robust fundamentals, it is rated as BUY by the research team.

CapitaLand China Trust

Price & Distribution: Trading at SGD 0.665 with a market cap of SGD 1,144.0 million, the trust anticipates a current DPU of 67.9 cents (with a semi-annual distribution), increasing marginally from 5.70 to 5.60 cents in the forward cycle.
Performance: With an 8.6% YTD return and a conservative debt profile (8.4%), it is supported by a price-to-book ratio of 0.59×.
Recommendation: The research team assigns a BUY rating with a fair value target of approximately SGD 0.76, expecting stable performance as retail demand remains robust.

Frasers Centrepoint Trust

Price & Metrics: At SGD 2.050 with a market cap of SGD 3,727.4 million, it shows a strong DPU performance – 60.3 cents currently and 12.00 to 12.40 cents forward, distributed semi-annually.
Performance: Delivering a YTD return of 5.9%, with lean financials reflected in a debt-to-asset ratio of 6.0% and a price-to-book of 0.92×.
Recommendation: Rated BUY with an expectation of ongoing DPU growth supported by its robust sponsorship.

Lippo Malls Indo Retail Trust

Price & Scale: At a nominal value of SGD 0.015 and a market cap of SGD 115.5 million, the trust focuses on the Indonesian retail sector with a forecasted FYE DPU of 41.2 cents on a quarterly distribution basis.
Performance: It has experienced a significant YTD return decline of 16.7%, with a modest price-to-book ratio of 0.26×, highlighting market challenges.

Paragon REIT

Price & Distribution: Trading at SGD 0.965, Paragon REIT has a market cap of SGD 2,739.6 million. It forecasts a current DPU of 78.4 cents, slightly adjusting from 4.60 to 4.40 cents forward on its semi-annual schedule.
Performance: With a YTD return of 4.8% and a low debt-to-asset ratio at 12.9%, along with a price-to-book ratio of 1.03×, it signals operational stability.
Recommendation: The report implies a favorable outlook, with the asset well positioned for future growth.

Starhill Global REIT

Price & Metrics: At SGD 0.485 and a market cap of SGD 1,111.6 million, this REIT delivers a current DPU of 61.9 cents versus 3.70 to 3.80 cents forward as per its semi-annual cycle.
Performance: It has posted a YTD return of 7.6% with a debt-to-asset ratio of 7.8% and a price-to-book multiple of 0.68×.
Recommendation: With a balanced profile, it is rated as HOLD by the research team.

Sasseur REIT

Price & Distribution: Trading at SGD 0.690 and a market cap of SGD 863.0 million, the trust forecasts a current DPU of 42.4 cents, moving to a forward DPU range that supports a semi-annual distribution mechanism.
Performance: Recording a YTD return of 8.8% and a comparatively lower debt-to-asset ratio of 9.1%, it offers a competitive price-to-book of 0.83×.
Recommendation: It is considered attractive with its underlying yield profile.

United Hampshire US REIT

Price & Metrics: At SGD 0.490 with a market cap of SGD 285.9 million, the trust operates on a semi-annual schedule with a current DPU of 70.3 cents and 4.10 to 4.40 cents forward.
Performance: With a YTD return of 8.4%, a debt-to-asset ratio of 9.0%, and a price-to-book ratio of 0.65×, it remains competitive.
Recommendation: The outlook is supportive, with the trust providing consistent retail asset returns in the US market.

Industrial REITs

This segment encompasses companies benefiting from industrial rental growth, albeit facing pressure from supply challenges and rental consolidation. The detailed analyses are as follows:

AIMS APAC REIT

Price & Distribution: Trading at SGD 1.230, with a market cap of SGD 1,001.2 million, AIMS APAC REIT forecasts a DPU of 9.40 to 9.50 cents on a quarterly distribution basis.
Performance: Posting a YTD return of 7.6% and a moderate debt-to-asset ratio of 7.7%, paired with a price-to-book ratio of 0.98×.
Recommendation: With its diversified asset base, it is rated as BUY within the coverage universe.

CapitaLand Ascendas REIT

Price & Metrics: At SGD 2.570 trading value and a market cap of SGD 11,309.4 million, it displays an impressive FYE DPU of 82.3 cents. The forward DPU is raised from 15.20 to 15.90 cents on a semi-annual cycle.
Performance: Delivering a YTD return of 5.9% with a debt-to-asset ratio of 6.2% and a very appealing price-to-book ratio of 1.13×.
Geographic Exposure: The asset portfolio is predominantly concentrated in Singapore with minor allocations overseas.
Recommendation: With a strong operational track record, CapitaLand Ascendas REIT is touted as a BUY by the team.

EC World REIT

Price & Details: Key metrics are not available for EC World REIT, though it reports a FYE DPU of 45.2 cents on an irregular distribution cycle.
Performance: Further details are not marked in the report.

Frasers Logistics & Commercial Trust

Price & Distribution: With a trading price of SGD 0.835 and a market cap of SGD 3,141.4 million, the trust maintains a steady DPU of 6.40 cents on a semi-annual basis.
Performance: It records a YTD return of 7.7%, a debt-to-asset ratio of 7.7% and a relatively lower price-to-book ratio of 0.74×.
Recommendation: Given supply challenges in the industrial market, the trust remains attractive at current levels and is marked as BUY.

Mapletree Industrial Trust

Price & Valuation: Trading at SGD 1.980 with a market cap of SGD 5,639.9 million, it forecasts a DPU of 73.9 cents, while the forward DPU is set at 13.80 to 13.60 cents on a quarterly cycle.
Performance: Recording a YTD return of 7.0%, a debt-to-asset ratio of 6.9% and a price-to-book ratio of 1.14×, it benefits from attractive industrial asset positioning.
Recommendation: With solid asset performance, it is rated as BUY.

Mapletree Logistics Trust

Price & Metrics: At SGD 1.230 and a market cap of SGD 6,232.1 million, the trust expects a DPU of 67.9 cents currently and 8.10 to 8.00 cents forward on a quarterly basis.
Performance: Achieving a YTD return of 6.6%, with a debt-to-asset ratio of 6.5% and a price-to-book ratio of 0.92×, it is shaped by diversified logistics operations.
Recommendation: Rated as BUY, given its exposure to stable rental income from logistics properties.

Sabana REIT

Price & Distribution: Trading at SGD 0.365 with a market cap of SGD 410.6 million, Sabana REIT reports a FYE DPU of 79.1 cents with irregular distribution details presently unavailable.
Performance: The trust’s forward performance metrics are not fully detailed, although its market positioning remains noteworthy.

Daiwa House Logistics Trust

Price & Metrics: Trading at SGD 0.585 with a market cap of SGD 408.6 million, it forecasts an 86.0 cents DPU for its December semi-annual distribution cycle.
Performance: Demonstrating a YTD return of 8.5%, a debt-to-asset ratio of 8.5% and a price-to-book ratio of 0.79×, it is well positioned in the logistics segment.
Recommendation: It is considered attractive and is rated as BUY given its stable cash flow profile amid a robust industrial demand environment.

Hospitality REITs

The hospitality sector is witnessing a transitional phase with normalization in growth and associated downside risks. Detailed breakdown for each involved REIT is as follows:

Acrophyte Hospitality Trust

Price & Distribution: Trading at USD 0.215, with a market cap of USD 124.7 million, the trust expects a current DPU of 56.4 cents and a semi-annual DPU that rises to 1.70 to 1.80 cents.
Performance: It returns a YTD figure of 7.9% and features a low debt-to-asset ratio of 8.4% alongside a modest price-to-book of 0.29×.
Recommendation: Acrophyte is seen as a niche play in the hospitality segment, though currently it is not the primary focus for aggressive growth, serving as a complementary investment option.

CapitaLand Ascott Trust

Price & Metrics: At SGD 0.860 with a large market cap of SGD 3,277.8 million, it has a current DPU of 60.0 cents, increasing modestly to 6.10 and 6.40 cents on a semi-annual distribution schedule.
Performance: With a YTD return of 7.1% and a debt-to-asset ratio of 7.4%, the trust maintains robust financial discipline and a price-to-book of 0.75×.
Recommendation: It is rated as BUY given its strong asset portfolio and the attractiveness of its distribution yield.

CDL Hospitality Trusts

Price & Details: Trading at SGD 0.775 with a market cap of SGD 975.6 million, it forecasts a FYE DPU of 69.2 cents on a semi-annual basis, with forward DPU ranging from 5.70 to 6.00 cents.
Performance: A YTD return of 7.4% along with a moderate debt-to-asset ratio (7.7%) and a price-to-book ratio of 0.53× support its profile.
Recommendation: Rated as BUY by the team, contingent on normalization in the hospitality segment.

Far East Hospitality Trust

Price & Metrics: With a trading price of SGD 0.545 and a market cap of SGD 1,099.0 million, the trust maintains a current DPU of 45.8 cents and a forward DPU that remains unchanged at 3.90 cents on a semi-annual basis.
Performance: It shows a YTD return of 7.2% but faces headwinds with a notably lower debt-to-asset ratio and a price-to-book ratio of 0.60×.
Recommendation: The outlook has a cautious tone given potential downside risks, though it is a key player in its segment.

Frasers Hospitality Trust

Price & Distribution: Trading at SGD 0.520 with a market cap of SGD 1,001.6 million, it offers a current DPU of 37.5 cents which remains unchanged in the forward period. Distribution frequency is noted as semi-annual with an upcoming DPU announcement.
Performance: It posted a YTD return of 4.0% and features a relatively higher debt-to-asset ratio at 4.0%, with a price-to-book ratio of 0.81×.
Recommendation: Frasers Hospitality Trust is viewed as a more defensive position in the hospitality sector and is rated as BUY by the research team.

Healthcare REITs

First REIT

Price & Metrics: Trading at SGD 0.265 with a market cap of SGD 556.2 million, it projects a current DPU of 54.5 cents on a quarterly basis with an expected slight increment to 2.50–2.60 cents.
Performance: It shows a healthy YTD return of 9.4% and maintains a prudent debt-to-asset ratio of 9.8% alongside a price-to-book of 0.93×.
Recommendation: The research team assigns a HOLD rating, citing its stability in a specialized healthcare niche.

Parkway Life REIT

Price & Distribution: Trading at SGD 3.790 and encompassing a market cap of SGD 2,472.6 million, Parkway Life REIT provides strong distribution figures with a current DPU of 66.9 cents and a forward DPU rising from 15.00 to 17.80 cents on a semi-annual basis.
Performance: With a modest YTD return of 4.0% and a conservative debt-to-asset ratio of 4.7%, it supports a price-to-book ratio of 1.57×.
Recommendation: The REIT is rated as BUY with an expectation of steady performance due to strong growth potential in healthcare assets.

Data Centre REITs

Keppel DC REIT

Price & Metrics: Trading at SGD 2.070 with a significant market cap of SGD 4,669.0 million, Keppel DC REIT forecasts a current DPU of 80.9 cents with a semi-annual distribution cycle, rising from 10.10 to 11.00 cents in the forward period.
Performance: It posts a YTD return of 4.9%, a low debt-to-asset ratio of 5.3%, and a robust price-to-book ratio of 1.35×.
Recommendation: Given its forward momentum and emphasis on sustainability, it is rated as BUY, especially considering its role in the burgeoning data centre space.

Digital Core REIT

Price & Distribution: Trading at USD 0.565 with a market cap of USD 733.7 million, Digital Core REIT records a current DPU of 66.6 cents with an upward adjustment to 3.60–3.90 cents in the forward period on a semi-annual basis.
Performance: It has a YTD return of 6.4%, a moderate debt-to-asset ratio of 6.9%, and a modest price-to-book ratio of 0.72×.
Recommendation: The trust is seen as a solid play in the data centre arena, earning a BUY recommendation for its potential to capitalize on institutional demand.

Other REITs

Stoneweg European REIT

Price & Distribution: Trading at EUR 1.500 with a market cap of EUR 843.6 million, this REIT reported a FY24 DPU of 14.106 Euro cents, meeting forecast expectations at 100.5%. However, due to an early refinancing and an adjusted beta penalty following an ESG rating downgrade, forward DPU forecasts were reduced by 11.8% for FY25 and 8.6% for FY26.
Performance: Despite these adjustments, Stoneweg maintains a stable distribution profile with a forward fair value target lowered from EUR 1.89 to EUR 1.81.
Recommendation: The REIT is rated as BUY, supported by consistent DPU growth backed by strong sponsors and geographic diversification in Europe.

Business Trusts

In addition to the REIT categories, the report extends its coverage to Business Trusts across real estate, infrastructure, and port & shipping segments.

Real Estate Business Trusts

CapitaLand India Trust

Price & Metrics: At SGD 0.960 with a market cap of SGD 1,295.4 million and a FYE DPU of 94.4 cents on a semi-annual distribution cycle.
Performance: It posts a healthy return with a DPU forecast of 7.40 to 8.50 cents, a solid yield, and a price-to-book ratio of 0.70×.
Recommendation: Rated as BUY given its robust exposure to the Indian market and consistent distribution growth.

Dasin Retail Trust

Price & Metrics: Trading at a nominal SGD 0.020 with a market cap of SGD 16.1 million, it reflects a current FYE DPU of 83.0 cents on a semi-annual basis.
Performance: The trust shows limited performance with a significant YTD return decline of 37.5%, and a minimal price-to-book ratio of 0.02×.

Infrastructure Business Trusts

Asian Pay Television Trust

Price & Metrics: Trading at SGD 0.084 with a market cap of SGD 151.7 million, it reports a FYE DPU of 78.9 cents on a quarterly basis.
Performance: With a modest yield and a high price-to-book of 0.22×, it remains a niche infrastructure play.

Keppel Infrastructure Trust

Price & Metrics: At SGD 0.440 with a market cap of SGD 2,676.7 million, it is focused on infrastructure assets and is expecting a forward DPU of 4.00 cents on a semi-annual schedule.
Performance: It has a low YTD return but a respectable price-to-book ratio of 3.06×, reflecting its scale and positioning.

NetLink NBN Trust

Price & Distribution: Trading at SGD 0.855 with a market cap of SGD 3,331.9 million, this trust forecasts a current DPU of 75.1 cents and increases slightly to 5.30–5.40 cents forward on a semi-annual cycle.
Performance: With a YTD return of 6.2% and a conservative debt-to-asset ratio of 6.3%, alongside a price-to-book ratio of 1.36×, it remains a mainstay in the infrastructure segment.

Port and Shipping Business Trusts

First Ship Lease Trust

Price & Metrics: Trading at SGD 0.043 with a market cap of SGD 76.0 million and a FYE DPU of 27.1 cents on an irregular distribution schedule.
Performance: It shows a YTD return decline of 12.2% and carries a high price-to-book of 1.59×.

Hutchison Port Holdings

Price & Metrics: Priced at USD 0.165 with a market cap of USD 1,437.3 million, the trust has a FYE DPU of 72.3 cents on a semi-annual distribution cycle.
Performance: It recorded a healthy YTD return of 9.6%, a debt-to-asset ratio of 10.1%, and a price-to-book of 0.45×.
Recommendation: Hutchison Port Holdings is considered a well-positioned play in its sector and is rated as BUY on the strength of its asset base and distribution stability.

Coverage Universe & Investment Recommendations

The report outlines the coverage universe and assigns clear recommendations for each key player through a detailed summary that includes ticker, price, fair value estimates, and next results release dates. The research team’s medium-term outlook is based on total expected returns over a 12-month period, with BUY ratings indicating expected total returns (including dividends) in excess of 10% for larger companies (and 30%+ for companies with market capitalisation under SGD 150m).

Summary of Key Recommendations

AIMS APAC REIT (AAREIT): Trading at SGD 1.23, fair value SGD 1.49 – BUY (Next RT: 05/05/2025)
CapitaLand Ascendas REIT (CLAR): Trading at SGD 2.57, fair value SGD 3.30 – BUY (Next RT: 06/05/2025)
CapitaLand Ascott Trust (CLAS): Trading at SGD 0.86, fair value SGD 0.99 – BUY (Next RT: 22/04/2025)
CapitaLand India Trust (CLINT): Trading at SGD 0.96, fair value SGD 1.27 – BUY (Next RT: 27/04/2025)
CapitaLand Integrated Commercial Trust (CICT): Trading at SGD 1.97, fair value SGD 2.35 – BUY (Next RT: 04/05/2025)
CapitaLand China Trust (CLCT): Trading at SGD 0.67, fair value SGD 0.76 – BUY (Next RT: 05/05/2025)
Stoneweg European REIT (SERT): Trading at EUR 1.50, fair value EUR 1.81 – BUY (Next RT: 12/05/2025)
First REIT (FIRT): Trading at SGD 0.265, fair value SGD 0.270 – HOLD (Next RT: 11/05/2025)
Frasers Centrepoint Trust (FCT): Trading at SGD 2.05, fair value SGD 2.45 – BUY (Next RT: 23/04/2025)
Frasers Logistics & Commercial Trust (FLT): Trading at SGD 0.835, fair value SGD 1.14 – BUY (Next RT: 07/05/2025)
Keppel DC REIT (KDCREIT): Trading at SGD 2.07, fair value SGD 2.43 – BUY (Next RT: 23/04/2025)
Keppel REIT (KREIT): Trading at SGD 0.80, fair value SGD 0.92 – BUY (Next RT: 22/04/2025)
Mapletree Industrial Trust (MINT): Trading at SGD 1.98, fair value SGD 2.71 – BUY (Next RT: 23/04/2025)
Mapletree Logistics Trust (MLT): Trading at SGD 1.23, fair value SGD 1.61 – BUY (Next RT: 28/04/2025)
OUE REIT (OUEREIT): Trading at SGD 0.275, fair value SGD 0.345 – BUY (Next RT: 23/04/2025)
Parkway Life REIT (PREIT): Trading at SGD 3.79, fair value SGD 4.60 – BUY (Next RT: 28/04/2025)
Starhill Global REIT (SGREIT): Trading at SGD 0.49, fair value SGD 0.50 – HOLD (Next RT: 23/04/2025)
Suntec REIT (SUN): Trading at SGD 1.14, fair value SGD 1.14 – HOLD (Next RT: 23/04/2025)

Distribution Calendars & Geographical Breakdown

The report also presents detailed distribution schedules for each REIT. Key dates for DPU announcements, ex-dates, record dates, and pay dates are specified for companies such as OUE REIT, CapitaLand Ascendas REIT, Parkway Life REIT, and others. Additionally, a comprehensive geographical breakdown shows asset portfolios across regions, with the majority of assets concentrated in Singapore, meeting international exposure in Hong Kong, China, Rest of Asia, Australia & New Zealand, United Kingdom, Rest of Europe, and the United States, depending on each company’s core investment focus.

Conclusion

This comprehensive report by OCBC Investment Research Private Limited on 3 March 2025 offers keen insights into the dynamics across Singapore REITs and Business Trusts. By examining company fundamentals, latest distribution details, geographic exposure, and tailored medium-term recommendations, investors receive a meticulous breakdown across the office, retail, industrial, hospitality, healthcare, data centre, and other segments. With a clear emphasis on quality sponsors, robust financial positions, and attractive DPU growth potential, the research supports a predominantly BUY stance for the vast majority of the coverage universe while assigning HOLD ratings where market conditions demand prudence.

OCBC Investment Research Private Limited remains committed to providing actionable insights, equipping investors with a detailed view of fundamental and market-driven narratives.