---
title: Singapore REITs Monthly Update (15 February 2025)
description: Stay ahead of the curve with our monthly REITs and market updates for February 2025. Get the latest insights on REITs performance, market trends, and expert analysis delivered directly to your inbox.
---

[Guiding You On REITs](https://reitsavvy.com/insights)

# [Singapore REITs Monthly Update (15 February 2025)](https://reitsavvy.com/insights/singapore-reits-monthly-update-15-february-2025)

 Written by [Kenny Loh](https://reitsavvy.com/insights/author/kenny-loh) | Feb 23, 2025 3:12:51 AM

 

**Technical Analysis of FTSE ST REIT Index (FSTAS351020)**

FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) decreased from 647.67 to 631.70 **(-2.47%)** compared to [last month's update.](https://reitsavvy.com/insights/singapore-reits-monthly-update-18-january-2025) Singapore REITs index is currently forming an inverted head and shoulders chart pattern, trading near the support level of a big wedge pattern.

•    Short-term direction: Sideways•    Medium-term direction: Sideways  
•    Long-term direction: Sideways  
•    Immediate Support: Blue Support Line (Wedge)  
•    Immediate Resistance: 200D SMA

FTSE REIT Index Chart (2 years)

FTSE REIT Index Chart (2 years)

Previous chart on FTSE ST REIT index can be found in the last post: [Singapore REITs Monthly Update](https://reitsavvy.com/insights/singapore-reits-monthly-update-08-december-2024) on January 18th, 2025.

**Fundamental Analysis of 38 Singapore REITs**

The following is the compilation of 38 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.
- REITs highlighted in **orange **have the latest Q4 2024 values, otherwise they have the Q3 2024 values.
- 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.

Data from REITsavvy Screener [https://screener.reitsavvy.com](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 February 14th, 2025**
- **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 remained 0.88 **(Weighted Average: 0.88) 
    - Remained at 0.88 from January 2025.
    - Singapore Overall REIT sector is slightly undervalued

- **Most overvalued REITs (based on Price/NAV)**

| ParkwayLife REIT | 1.61 |
| --- | --- |
| Keppel DC REIT | 1.37 |
| Mapletree Industrial Tr | 1.17 |
| Capitaland Ascendas REIT | 1.16 |
| Paragon REIT | 1.06 |
| AIMS APAC REIT | 0.99 |

- **Most undervalued REITs (based on Price/NAV)**

| Manulife US REIT | 0.29 |
| --- | --- |
| Prime US REIT | 0.31 |
| Acrophyte Hospitality Trust | 0.32 |
| Keppel Pacific Oak US REIT | 0.33 |
| Lippo Malls Indonesia Retail Trust | 0.35 |
| OUE REIT | 0.48 |

**Distribution Yields Overview**

- **TTM Distribution Yield increased to 6.15%** (Weighted Average increased slightly to 6.27%)     
    - Increased from 6.08% in January 2025 (Weighted Average was 6.20%)
    - **16 of 38** Singapore REITs have TTM distribution yields of above 7%.

- **Highest Distribution Yield REITs (TTM)**

| Acrophyte Hospitality Trust | 12.16 |
| --- | --- |
| IREIT Global | 11.92 |
| Stoneweg European REIT | 9.29 |
| Elite UK REIT | 8.97 |
| Sasseur REIT | 8.96 |
| ESR REIT | 8.83 |

- Yield Spread **widened to 3.30%.** (Weighted Average tightened slightly to 3.92%)     
    - Widened from 3.09% in January 2025. (Weighted Average was 4.00%)
    - From May 2024 onwards, all 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 decreased slightly to 39.52%** (Weighted Average: 38.26%)  
    - Decreased slightly from 39.60% in January 2025. (Weighted Average: 38.76%)
    - Gearing Ratios are updated quarterly. Therefore there are no updates for this month.
    - S-REITs Gearing Ratio has been on a steady uptrend. It was 35.55% in Q4 2019.

- **Highest Gearing Ratio REITs**

| Manulife US REIT | 58.2 |
| --- | --- |
| EC World REIT | 56.1 |
| Prime US REIT | 47.8 |
| Lippo Malls Indonesia Retail Trust | 45.0 |
| Keppel Pacific Oak US REIT | 43.7 |
| Acrophyte Hospitality Trust | 43.2 |

**Market Capitalisation Overview**

- **Total Singapore REIT Market Capitalisation increased by 1.86% to S$87.81 Billion.** 
    - Increased from S$86.21 Billion in January 2025.
- **Biggest Market Capitalisation REITs (S$ Million):**

| Capitaland Integrated Commercial Trust | 14377.99 |
| --- | --- |
| Capitaland Ascendas REIT | 11220.00 |
| Mapletree Pan Asia Commercial Trust | 6211.40 |
| Mapletree Logistics Tr | 6170.76 |
| Mapletree Industrial Tr | 5781.44 |
| Keppel DC REIT | 4638.90 |

- **Smallest Market Capitalisation REITs (S$ Million):**

| Acrophyte Hospitality Trust | 127.60 |
| --- | --- |
| Lippo Malls Indonesia Retail Trust | 153.94 |
| Manulife US REIT | 183.50 |
| Elite UK REIT | 190.14 |
| Prime US REIT | 222.36 |
| EC World REIT | 226.76 |

Disclaimer: The above table is best used for “screening and shortlisting only”. It is NOT for investing (Buy / Sell) decisions. If you want to know more about investing in REITs, scroll down for more information on the REITs courses.

 

**Top 10 Best / Worst Performers for the January 2025**

[Source:](https://mystocksinvesting.com/wp-content/uploads/2021/10/Top-20-Worst-Performance-REIT-Sep-2021.png)[https://screener.reitsavvy.com/](https://screener.reitsavvy.com/)

Refer to the [Detail 2024 S-REITs Performance here](https://reitsavvy.com/insights/the-reitsavvy-2024-annual-review).

 

**SG 10-Year Government Bond Yield**

- SG 10 Year: 2.85% (decreased from 2.99%)

**Summary**

Singapore REITs sector is consolidating at the the support level of about 630 of FTSE ST REIT Index. The US 10Y Risk Free Rate dropped to 4.48%, but this did not correlate to an increase in the S-REITs index. Singapore REITs sector is expected to be muted as long as US 10 Year Risk Free rate stay at current level.

US 10 Year Risk Free Rate

Fundamentally, the S-REIT sector is trading at a 12% discount to its fair value, with an average trailing twelve-month (TTM) yield of 6.15%. 

According to the current Fed Fund Rate projections from the CME Group, the market expects a 25 basis point cut by end 2025, with a total reduction of 100 basis points cut from the peak of the interest rate cycle in 2024. The cut in interest rate will help to boost the DPU of the REITs which have shorter debt maturity profile and higher percentage of floating rate. However, the impact will only be reflected in the financial statement probably in Q2 or Q3 2025. 

 

[*Kenny Loh*](https://engage.fa.com.sg/kennyloh/)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.

You can join his Telegram channel [#REITirement – SREIT](https://t.me/REITirement) Singapore REIT Market Update and Retirement related news. [https://t.me/REITirement](https://t.me/REITirement)

 

[View full post](https://reitsavvy.com/insights/singapore-reits-monthly-update-15-february-2025)

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