13 Aug 2025 - SGX Auditorium

Navigating 2H2025 Investment Landscape: From Falling Yield to REIT Opportunities in Singapore - Click here to register

You will gain insights on:

• Falling Yields on Safe-Haven Products: Yields on Singapore Treasury Bills (T-bills) and Singapore Savings Bonds (SSBs) have declined to multi-year lows, with 6-month T-bills falling below 2% and SSBs offering an average of around 2.49%. As these rates become less competitive prompting investors to seek alternative options for parking with Cash
  
  
• Where to Park Your Money Now: Explore how recent rate cuts impact REITs and what they mean for investors seeking better returns
  
  
• Singapore REITs: Although Singapore REITs have underperformed US equities in recent years, they are showing signs of recovery in 2025, supported by resilient fundamentals, attractive valuations, and dividend yields around 6%. Amid global uncertainty and interest rate sensitivity, investors should focus on REITs with strong balance sheets, low gearing, and sustainable distributions to balance risk and opportunity.

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26 Aug 2025 - SGX Auditorium

REITs Forum: Beyond Borders: Outlook for Global REITs - Click here to register

Gain fresh perspectives on the REITs market—both at home and abroad—at the REITs Investment Forum 2025!

As the real estate investment landscape evolves, REITs continue to play a pivotal role in offering investors a unique blend of stability, income, and long-term growth.

The REITs Investment Forum 2025 brings together leading experts and stakeholders from both the Singapore and global REIT ecosystems for a deep-dive into what lies ahead for the sector.

This dual-session event is designed to provide a comprehensive view of the REITs market—starting with Singapore’s homegrown resilience and expanding to the challenges and opportunities in international markets.

Whether you are a seasoned REIT investor, a financial advisor, or simply looking to diversify your portfolio, this forum delivers valuable insights to help guide your strategy in 2025 and beyond.

( YTD: -8.60% | 5D: -1.94%)

28 Jul - First Quarter Financial Year 2025/2026

• Higher net property income year-on-year mainly due to contributions from the Japan Portfolio as well as new leases and renewals across various Singapore property clusters
  
  
• Unlocks value and strengthens portfolio through strategic divestments
  
  
• Reclassification of property portfolio to better reflect portfolio composition and sharpen focus on growing Data Centres and Hi-Tech Buildings and Business Space

Gross revenue and net property income for 1QFY25/26 increased by 0.3% and 0.8% year-on-year to S$175.9 million and S$133.6 million respectively. The increase was mainly driven by revenue contributions from the freehold mixed-use facility in Tokyo acquired on 29 October 2024, the completion of the final phase of fitting-out works of the Osaka Data Centre on 2 May 2025, as well as new leases and renewals across various Singapore property clusters.

The Distribution to Unitholders for 1QFY25/26 was S$93.3 million, 4.1% lower than the corresponding quarter last year, largely attributable to the lower cash distribution declared by the joint venture, Mapletree Rosewood Data Centre Trust due to higher borrowing costs from the repricing of matured interest rate swaps. Correspondingly, DPU decreased by 4.7% year-on-year to 3.27 cents in 1QFY25/26 due to the absence of the distribution of net divestment gain from the Tanglin Halt Cluster.

On a quarter-on-quarter basis, DPU for 1QFY25/26 declined by 2.7% to 3.27 cents. Excluding the distribution of net divestment gain and one-off compensation released in 4QFY24/25, DPU for 1QFY25/26 would have risen by 2.8% quarter-on-quarter.

For more information, please click here

( YTD: +2.30% | 5D: -2.20%)

29 Jul - Half Yearly Results

Key highlights

• 1H Total core distribution increases by 1%, delivering stable distribution
• Announces asset enhancement initiatives for three additional properties to uplift profitability and asset value

CapitaLand Ascott Trust (CLAS) achieved a 6% increase in gross profit year-on-year (y-o-y), reaching S$182.5 million for 1H 2025. Revenue was also up 3% y-o-y to S$398.5 million. The higher gross profit and revenue were mainly attributed to stronger operating performance, CLAS’ portfolio reconstitution strategy and asset enhancement initiatives (AEI). On a same-store basis, both gross profit and revenue grew 4% y-o-y in 1H 2025.

CLAS’ revenue per available unit1 (REVPAU) for 1H 2025 rose 3% to S$150, compared to 1H 2024. CLAS’ REVPAU for 2Q 2025 also saw a 3% increase y-o-y to S$159 on the back of higher average occupancy rates. Most of CLAS’ key markets registered REVPAU growth.

Driven by the operating performance of the portfolio, CLAS’ total core distribution2 for 1H 2025 increased by 1% y-o-y to S$91.6 million. Total distribution remained at S$96.5 million. Core Distribution per Stapled Security2 (DPS) and DPS remained relatively stable at 2.40 cents and 2.53 cents respectively. CLAS is committed to distributing stable core distributions, through enhancing core distribution income from operating performance and distributing non-periodic and/or divestment gains when appropriate.

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( YTD: -2.44% | 5D: -11.11%)

29 Jul -  HALF YEAR ENDED 30 JUNE 2025

• Leased 281,230 sf or 5.9% of portfolio net lettable area (NLA) of office space in 1H 2025
• Achieved positive rental reversion of 3.3% and 0.5% for 2Q 2025 and 1H 2025 respectively.
• Portfolio committed occupancy remained healthy at 88.2% as at 30 June 2025.
• Aggregate leverage of 43.7% as at 30 June 2025 is within regulatory limits.

Financial Performance

Net property income (NPI) of US$40.7 million for 1H 2025 was lower than 1H 2024 by 3.2% mainly due to increased repair and maintenance expenses and amortisation of leasing commission offset by lower property tax. Excluding the non-cash adjustments, adjusted NPI was 4.6% lower year-on-year mostly as a result of lower cash rental income from higher free rents due to timing differences in leases completed for the respective periods, as well as increased repair and maintenance expenses offset by lower property tax.

Income available for distribution was US$19.9 million for 1H 2025, 16.2% lower than 1H 2024. This was mainly due to lower cash NPI and higher other trust expenses. No distribution is declared for 1H 2025.Income available for distribution was US$19.9 million for 1H 2025, 16.2% lower than 1H 2024. This was mainly due to lower cash NPI and higher other trust expenses. No distribution is declared for 1H 2025.

Pursuant to the Recapitalisation Plan announced on 15 February 2024, KORE has temporarily suspended distributions for the period starting from 2H 2023 through to the 2H 2025 distribution that would otherwise be paid in 1H 2026. This allows KORE to address its capital needs and leverage concerns over the two-year period. If market conditions allow, distributions may re-commence at an earlier date than planned.

Capital Management

As at 30 June 2025, KORE’s aggregate leverage and interest coverage ratio was 43.7% and 2.5 times, respectively. All-in average cost of debt was 4.45%. The weighted average term to maturity of KORE’s debt was 2.0 years.

All of KORE’s borrowings are US dollar-denominated and 100% unsecured. The Manager has implemented proactive measures to alleviate the effects of the prevailing inflationary environment. 75.7%1 of KORE’s loans have been hedged with floating-to-fixed interest rate swaps, reducing exposure to interest rate fluctuations.

Portfolio Review

In 2Q 2025, 155,034 sf of office space, equivalent to 3.2% of portfolio NLA, was leased. This translated into 281,230 sf of space leased in 1H 2025, equivalent to 5.9% of portfolio NLA. KORE’s portfolio committed occupancy remained healthy at 88.2% as at 30 June 2025. New leases and expansions comprised 35.3% and 17.1% respectively of all leases signed for 1H 2025, and of the remaining leases signed 47.6% were renewals. Rental reversion for 1H 2025 and 2Q 2025 was positive 0.5% and positive 3.3% respectively.

The weighted average lease expiry by CRI for KORE’s portfolio and its top 10 tenants was 3.7 years and 3.6 years, respectively. KORE’s top 10 tenants account for only 29.1% of CRI, reflecting low tenant concentration risk which is a key unique value proposition of KORE.

In its June 2025 Office National Report, CoStar reported an average office rental growth of 0.6% for the last 12 months. For KORE, the average office rental growth for its key growth markets was 0.3%, whilst the gateway cities recorded a 0.2% decrease on average.

For more information, please click here

( YTD: +9.20% | 5D: +1.60%)

30 Jul - Half Year Ended 30 June 2025

Key Highlights

• Net property income (NPI) and the share of results of associates for 1H 2025 recorded strong year-on-year increases of 11.8% and 13.6% respectively
• The portfolio achieved a strong rental reversion of 12.3% and maintained a high occupancy of 95.9%
• The weighted average lease expiry (WALE) for the portfolio and the top 10 tenants were extended to approximately 4.8 years[1] and 9.0 years[1]  respectively
• The Singapore portfolio continued to be an engine of growth and key contributor to the overall performance, consistently delivering positive rental reversions and organic growth
• Distributable income from operations would have increased by 5.9% year-on-year, if management fees were paid entirely in Units

Financial Performance

Keppel REIT’s 1H 2025 property income and NPI increased 9.1% and 11.8% year-on-year to $136.5 million and $108.3 million respectively. The increase was mainly due to contribution from 255 George Street which was acquired in May 2024, and higher occupancy at 2 Blue Street. Additionally, the share of results of associates increased 13.6% year-on-year to $49.3 million, driven mainly by higher rentals achieved by the Singapore CBD properties and lower borrowing costs.

Capital Management

As at 30 June 2025, Keppel REIT’s aggregate leverage stood at 41.7%, with 63% of total borrowings2 on fixed rates. The weighted average cost of debt was 3.51% per annum for 1H 2025, and the interest coverage ratio3 was 2.6 times. The debt maturity profile remained well-staggered, with a weighted average term to maturity of 3.0 years. Sustainability-focused funding increased to 84% of total borrowings2 as at 30 June 2025.

Portfolio Review

In 1H 2025, Keppel REIT committed approximately 1,159,600 sf (attributable area of approximately 559,000 sf) of leases. New and expansion demand was primarily driven by the banking, insurance and financial services (40.0%1) sector and technology, media and telecommunications (30.6%1) sector.

For more information, please click here

( YTD: +3.47% | 5D: -4.49%)

30 Jul - 1H 2025 net property income of RMB580.3 million

Quick Summary

CapitaLand China Trust (CLCT) reported a net property income (NPI) of RMB580.3 million for the six months ended 30 June 2025 (1H 2025). NPI was impacted by lower gross revenue, partially mitigated by a 2.5% year-on-year (y-o-y) reduction in operating expenses across CLCT’s overall portfolio.

The decrease in gross revenue was attributed to lower contributions from the retail portfolio, largely due to ongoing supermarket upgrades at three retail malls, and lower occupancy at the business parks portfolio. This was partially offset by stronger performance from the logistics parks portfolio, which recorded a 2.0% y-o-y increase.

CLCT’s 1H 2025 Distribution Per Unit (DPU) was 2.49 Singapore cents. The lower DPU resulted from a decline in NPI and the weakening of the Renminbi (RMB) against the Singapore Dollar (SGD), which was partially offset by savings in finance costs. Including distributions from CapitaMall Yuhuating, which were retained1 in view of its divestment to CapitaLand Commercial C-REIT (CLCR) as a seed asset, the DPU would have been 2.59 Singapore cents.

On 29 July 2025, CLCT obtained Unitholders’ approval for the divestment of CapitaMall Yuhuating to CLCR for no less than the minimum floor price of RMB748 million (approximately S$134.9 million) and CLCT’s subscription for a 5% strategic stake in CLCR. With Unitholders’ approval received, CLCT, together with its sponsor CapitaLand Investment and CapitaLand Development, who are joint strategic investors in CLCR, will proceed to seek the local authorities’ approval for the listing of CLCR targeted around 3Q/4Q 2025. CLCT’s receipt of the gross proceeds from the divestment is subject to and shall take place after the completion of the CLCR offering.

Operating performance

As at 30 June 2025, CLCT’s retail portfolio occupancy stood at 96.9%. Footfall across the retail portfolio increased by 1.0% y-o-y, while tenant sales rose by 0.1% y-o-y, moderated by ongoing asset enhancement initiatives. Excluding sales from supermarkets in CapitaMall Xuefu in Harbin, and CapitaMall Wangjing and CapitaMall Xizhimen in Beijing, where upgrades are underway, tenant sales would have increased by 2.5% y-o-y. Sales in key trade sectors such as Toys & Hobbies, Jewellery & Watches and Information & Technology increased by 46.0%, 18.0% and 17.8% y-o-y, respectively. This was mainly due to the government’s policies supporting domestic consumption, the rising popularity of the collectible toy market, as well as the continued demand for gold products

Occupancy of CLCT’s business parks grew from 83.7% as at 31 March 2025 to 86.9% as at 30 June 2025, matching or outperforming sub-market levels despite oversupply. CLCT’s logistics parks continued to demonstrate resilience with occupancy rate rising to 96.6% as at 30 June 2025 from 95.7% as at 31 March 2025. Three out of four logistics assets are fully leased.

Asset enhancement initiatives

In 2025, CLCT is focused on converting traditional anchor supermarket areas in CapitaMall Xuefu, CapitaMall Wangjing and CapitaMall Xizhimen into higher-yielding, customer-centric retail concepts to unlock higher rental value. These conversions aim to enhance the trade mix and improve shopper experience.

Capital Management

As part of its disciplined capital management strategy, CLCT continued to maintain a strong balance sheet with a well-staggered debt maturity profile and diversified sources of funding. As at 30 June 2025, CLCT’s cost of debt stood at 3.42% per annum, reflecting a reduction of 9 basis points from 31 March 2025. CLCT maintained a healthy interest coverage ratio of 2.9 times, while gearing remained stable at 42.1%, below the regulatory limit of 50%.

Sustainability Initiatives

In line with CLCT’s commitment to sustainability, it has obtained LEED Gold certification for the R&D blocks of Ascendas Xinsu, a business park in Suzhou. This increased CLCT’s green- certified properties to 68% of its total portfolio as at 30 June 2025.

Distribution schedule

CLCT’s record date for 1H 2025 income distribution is 7 August 2025. The payment date for 1H 2025 DPU of 2.49 Singapore cents is 24 September 2025.

For more information, please click here

( YTD: -2.46% | 5D: -1.65%)

30 Jul - Half-Year Result

• Net property income of S$45.6 million for 1H 2025, supported by initial revenue contribution from the Japan acquisition, mitigating softer Singapore performance.

• Finance expenses decreased 15.8% YoY as the average cost of debt eased.

• Stronger performance by the Commercial Premises, supported by improved occupancies and higher rental rates.

Far East Hospitality Trust (“Far East H-Trust” or the “Trust”) reported gross revenue of S$51.6 million for the half-year ended 30 June 2025 (“1H 2025”), a 4.2% decline year-on-year (“YoY”), mainly due to softer performance from the Singapore Hotels and Serviced Residences. This was partially mitigated by higher revenue from the Commercial Premises and the maiden contribution from Four Points by Sheraton Nagoya (“FPN”) of S$1.6 million, the Trust’s first overseas acquisition and a step toward income diversification.

Net property income (“NPI”) declined 7.7% YoY to S$45.6 million mainly due to lower gross revenue and higher property-related expenses.

For 1H 2025, distribution to Stapled Securityholders stood at S$36.0 million, comprising S$30.6 million of taxable income and S$5.4 million of other gains. This translates to a total Distribution per Stapled Security (“DPS”) of 1.78 cents.

In conjunction with the earn-out stapled securities expected to be issued on 20 August 2025 in relation to the acquisition of Oasia Hotel Downtown, the REIT Manager declared an advance distribution for the period from 1 July 2025 to 19 August 2025, estimated to be 0.47 cents per Stapled Security.

Further to the earlier commitment to share a portion of the gains from the divestment of Central Square, the REIT Manager will be distributing a further and final S$2.5 million of other gains in the second half, bringing it to a total of S$8.0 million for this year.

For more information, please click here

( YTD: +5.79% | 5D: +0.00%)

30 Jul - First Quarter Financial Year 2025/2026

• VivoCity’s continued strength drove Singapore’s growth in gross revenue and NPI despite ongoing asset enhancement initiative (“AEI”)
• Lower operating expenses and finance costs further cushioned impact of overseas headwinds
• Sustained portfolio committed occupancy with early key renewal at Mapletree Business City (“MBC”), further reinforcing stability
• VivoCity: Outstanding performance with 6.0% NPI growth and robust rental reversion; Phase 2 of Basement 2 AEI ready for progressive opening from September 2025
• Festival Walk: Marketing initiatives continue to drive footfall
• Proposed divestment of two Japan office buildings to mitigate single-tenant risk and optimise management efficiency

For more information, please click here

Singapore REITs Monthly Update (18 Jul 2025)

Technical Analysis of FTSE ST REIT Index (FSTAS351020)

FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) increased from 638.78 to 660.49 (3.40%) compared to last month's update. It has continued to trade between 622 and 665 (660 currently) following the April flash crash caused by “Liberation Day” announced by US President Donald Trump. The resistance of 665 has been tested 2 times, and a breakout may be possible if the resistance is broken and the uptrend continues. Immediate support is at 622, tested 5 times between April 2024 and most recently in June.

• Short-term direction: Up
• Medium-term direction: Sideways
• Long-term direction: Sideways
• Immediate Support: Blue Support Line (622), followed by 586 (Mar 2020 crash)
• Immediate Resistance: 665

Read more here

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Money and Me: Are S-REITs Still Worth the Risk in 2025?

Singapore’s REIT market is shifting—do you know where the real yields are?

Hosted by Michelle Martin, this episode breaks down the mid-year outlook for Singapore REITs with expert Kenny Loh.

From the mixed debut of NTT DC REIT to Centurion’s upcoming Accommodation REIT, we assess IPO appetite and the rising appeal of niche sectors.

What impact will looming U.S. tariffs have on industrial REITs?

Are cold storage and warehouse assets under threat?

And should investors rotate out or double down?

Tune in for deep analysis and smart guidance on navigating macro headwinds in search of yield.

Listen to the podcast here