--- title: "Money and Me: S-REITs Are Back - But Not All Recoveries Are Equal" description: "Money and Me: S-REITs Are Back - But Not All Recoveries Are Equal" --- [Skip to content](https://reitsavvy.com/insights/money-and-me-s-reits-are-back-but-not-all-recoveries-are-equal#main-content) [![op can-4](https://reitsavvy.com/hs-fs/hubfs/op%20can-4.png?width=7114&height=2442&name=op%20can-4.png)](https://reitsavvy.com/) ![menu-toggle](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-toggle.svg) ![menu-close](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-close.svg) ![menu-toggle](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-toggle.svg) ![menu-close](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-close.svg) - [Home](https://reitsavvy.com) - [What's a REIT](https://reitsavvy.com/what-is-reits) - [S-REITs Overview](https://reitsavvy.com/s-reits-overview) - [REITsavvy Subscription](https://reitsavvy.com/reits-screener) - [REITsavvy Screener Login](https://screener.reitsavvy.com/) - [REITsavvy Insights](https://reitsavvy.com/insights) - [Events](https://reitsavvy.com/events) - [About Us](https://reitsavvy.com/about-us) - [Home](https://reitsavvy.com) - [What's a REIT](https://reitsavvy.com/what-is-reits) - [S-REITs Overview](https://reitsavvy.com/s-reits-overview) - [REITsavvy Subscription](https://reitsavvy.com/reits-screener) - [REITsavvy Screener Login](https://screener.reitsavvy.com/) - [REITsavvy Insights](https://reitsavvy.com/insights) - [Events](https://reitsavvy.com/events) - [About Us](https://reitsavvy.com/about-us) [MoneyFM](https://reitsavvy.com/insights/tag/moneyfm), [2025](https://reitsavvy.com/insights/tag/2025) # Money and Me: S-REITs Are Back - But Not All Recoveries Are Equal [By- Kenny Loh,](https://reitsavvy.com/insights/author/kenny-loh) As we move into 2026, the Singapore REIT (S-REIT) landscape is undergoing a massive transformation. After years of battling a "high-for-longer" interest rate environment, the sector is finally seeing a resurgence. However, as I discussed on MoneyFM 89.3, the narrative has shifted from "Can they survive?" to "Who is actually thriving?" If you missed the live segment, here is a summary of the key takeaways on why this recovery is fragmented and how investors should navigate the "new normal." 1. The "Refinancing Recovery" is Here If 2024 was about survival and 2025 was about stabilization, 2026 is officially the year of the Refinancing Recovery. We have moved past the peak of the interest rate mountain. For the "Thrivers," this means the "cost-of-debt" drag is finally turning into a tailwind as they replace expensive debt with more favorable rates. 2. Survivors vs. Thrivers: The Performance Gap The market is no longer moving as one. We are seeing a clear divide in the landscape: - The Survivors: These REITs are still in defensive mode. Characterized by high gearing (near 45%) and exposure to struggling global office markets, their goal is "damage control"—divesting assets to pare down debt. - The Thrivers: These are the offensive players with "fortress balance sheets" and ICRs (Interest Coverage Ratios) above 3.5x. They aren't just paying dividends; they are recycling capital—selling low-yield assets to acquire high-growth ones like Data Centres and modern Logistics. 3. The "Singapore Shield" Effect Is the tide rising for everyone? Not quite. We are seeing a fragmented recovery. - The Winners: Domestic, Singapore-centric assets are benefiting from a "Singapore Shield." Limited supply and high demand in suburban retail and Grade-A CBD offices are driving positive rental reversions. - The Laggards: REITs with heavy exposure to overseas commercial real estate (specifically B-grade offices in the US or China) are still facing "valuation gravity." 4. Top Property Sectors to Watch - Data Centres & Logistics: Driven by the AI boom and supply chain shifts, these remain the structural favorites. - Suburban Retail: The "defensive darling." With hybrid work here to stay, neighborhood malls are seeing higher occupancy and stickier spending than prime Orchard Road spots. - Hospitality: A strong recovery play as international visitor arrivals in Singapore hit new peaks. 5. Looking Ahead: The Budget 2026 Wishlist With the Singapore Budget around the corner, the investment community is looking for structural support to keep the sector competitive. My personal wishlist includes: - Green Retrofitting Grants: Incentives to help REITs modernize older buildings into "Green" assets without diluting unitholder DPU. - Land Tenure Clarity: For industrial REITs, clearer paths for 30-year lease extensions would provide a massive boost to Net Asset Value (NAV). The Bottom Line for Investors You can no longer "buy the index" and expect easy wins. In 2026, asset relevance is the new alpha. Focus on REITs that have the pricing power to pass on costs and the agility to recycle capital into high-growth sectors. ![op can-4](https://reitsavvy.com/hubfs/op%20can-4.png) **[Insights](https://reitsavvy.com/insights)** **[REITs Screener](https://screener.reitsavvy.com/)** Unless otherwise specified, all return figures shown above are for illustrative purposes only, are not actual customer or model returns and are not indicative of future performance or results. Actual returns will vary greatly and depend on various factors including personal and market circumstances. Investment involves risk. It is important to note that the capital value of investments and the income from them may go down as well as up and may become valueless. Some of the statements contained in this website may be considered forward-looking statements which provide current expectations or forecasts of future events. There is no assurance that the conditions described in this website will remain in the future and actual results may differ materially. This website is for information purposes only and is not and should not be construed as an offer or the solicitation of an offer or a recommendation for the purchase or sale of any investment or subscribe for, or to participate in, any services. The information contained within this website has not been reviewed in the light of your personal circumstances. You should carefully consider whether any investment views and investment products/services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances or seek financial advice. All advertisements on the website have not been reviewed by the Monetary Authority of Singapore. Any notification from the REITsavvy application is not a product advertisement that has been reviewed by the Monetary Authority of Singapore. This advertisement has not been reviewed by the Monetary Authority of Singapore. Copyright © 2023-2024 REITsavvy. All Rights Reserved. [Disclaimer & Privacy Policy |](https://reitsavvy.com/disclaimer-and-privacy-policy) [Terms of Service](https://reitsavvy.com/terms-of-service) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Kenny Loh", "url" : "https://reitsavvy.com/insights/author/kenny-loh" }, "dateModified" : "2026-02-10T22:45:33.032Z", "datePublished" : "2026-02-10T22:43:39.000Z", "headline" : "Money and Me: S-REITs Are Back - But Not All Recoveries Are Equal", "mainEntityOfPage" : { "@id" : "https://reitsavvy.com/insights/money-and-me-s-reits-are-back-but-not-all-recoveries-are-equal", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject" } } } ```