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.
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.
The following is the compilation of 39 Singapore REITs with colour-coding of the Distribution Yield, Gearing Ratio and Price to NAV Ratio.
Data from REITsavvy Screener. https://screener.reitsavvy.com/
What does each Column mean?
As of May 2024, all REITs' Yield Spread will be referenced to SG Gov Bond Yields, regardless of trading currency.
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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.
SG 10 Year Government Bond Yield
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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