--- title: Singapore REITs Monthly Update (23 March 2026) description: Stay ahead of the curve with our monthly REITs and market updates for Jun 2025. Get the latest insights on REITs performance, market trends, and expert analysis delivered directly to your inbox. --- [Skip to content](https://reitsavvy.com/insights/singapore-reits-monthly-update-23-march-2026#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) [Singapore REITs Monthly Update](https://reitsavvy.com/insights/tag/singapore-reits-monthly-update), [2025](https://reitsavvy.com/insights/tag/2025) # Singapore REITs Monthly Update (23 March 2026) [By- Kenny Loh,](https://reitsavvy.com/insights/author/kenny-loh)   ### **Technical Analysis of FTSE ST REIT Index (FSTAS351020)** **FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index)** declined sharply from **721.34 to 664.56 (-7.87%)** compared to the previous update, marking a **decisive breakdown below the previous support at ~695.** Over this period, the index has transitioned from consolidation into a **clear downside impulse** within 2 days, with price slicing through prior 695 support that had held multiple times since Sep 2025, likely due to the volatility brought about from the Iran war. On the downside, the next key support lies around **622,** which previously acted as a base during earlier cycles. If selling momentum persists, these levels are likely to be tested. On the upside, any rebound is expected to face **strong resistance at ~695**, followed by ~**725**, where prior consolidation and supply zones exist. A recovery back above 695 (previous support) is needed to stabilize price action. Overall, the index has entered a **short-term bearish trend with strong momentum**, and the medium-term outlook has shifted to **bearish bias** following the breakdown of key support. The long-term structure is now **at risk of rolling over** if lower support levels fail to hold. - Short-term direction: **Down** - Medium-term direction: **Sideways** - Long-term direction: **Up** - Immediate Support: 665 - Immediate Resistance: 695   ![chart-Mar-23-2026-01-54-22-6264-PM](https://reitsavvy.com/hs-fs/hubfs/chart-Mar-23-2026-01-54-22-6264-PM.png?width=990&height=530&name=chart-Mar-23-2026-01-54-22-6264-PM.png) 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 January 12th, 2026.](https://reitsavvy.com/insights/singapore-reits-monthly-update-12-jan-2026)   ### **Fundamental Analysis of 40 Singapore REITs**   The following is the compilation of 40 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. - All REITs have the latest Q3 2025 values, except Centurion Accommodation REIT where their values are based on their IPO Prospectuses. - 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. As of May 2025, I have removed EC World REIT from these calculations.  - I have included Centurion Accommodation REIT in this latest update, using values from the IPO Prospectus. Data from REITsavvy Screener. [https://screener.reitsavvy.com/](https://screener.reitsavvy.com/)   ![Blog-Mar-23-2026-01-58-02-6967-PM](https://reitsavvy.com/hs-fs/hubfs/Blog-Mar-23-2026-01-58-02-6967-PM.png?width=910&height=979&name=Blog-Mar-23-2026-01-58-02-6967-PM.png)     **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 March 23rd, 2026.** - **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 decreased to 0.78** (Weighted Average: 0.93) - Decreased from 0.86 from January 2026. (Weighted Average was 1.02) - Singapore Overall REIT sector is slightly undervalued (or at fair value if weighted) - **Most overvalued REITs (based on Price/NAV)** | ParkwayLife REIT | 1.56 | | --- | --- | | Keppel DC REIT | 1.35 | | AIMS APAC REIT | 1.17 | | Mapletree Industrial Tr | 1.16 | | Capitaland Ascendas REIT | 1.09 | | Capitaland Integrated Commercial Trust | 1.09 | EC World REIT is currently suspended and has a N.M P/NAV value. - **Most undervalued REITs (based on Price/NAV)** | Lippo Malls Indonesia Retail Trust | 0.20 | | --- | --- | | Keppel Pacific Oak US REIT | 0.26 | | Prime US REIT | 0.30 | | Manulife US REIT | 0.32 | | Acrophyte Hospitality Trust | 0.33 | | IREIT Global | 0.47 | #### **Distribution Yields Overview** - **TTM Distribution Yield increased to 5.94%.** (Weighted Average increased to 5.62%)  - Increased from 5.41% in January 2026. (Weighted Average was 5.17%) - **13 of 40** Singapore REITs have ttm distribution yields of above 7%. - **Highest Distribution Yield REITs (ttm)** | Sasseur REIT | 9.74 | | --- | --- | | ESR REIT | 9.53 | | Elite UK REIT | 9.18 | | Stoneweg European Stapled Trust | 8.93 | | Daiwa House Logistics Trust | 8.84 | | First REIT | 8.68 | Reminder that these yield numbers are based on current prices.  - Some REITs opted for semi-annual reporting and thus no quarterly DPU was announced. - A High Yield should not be the sole ratio to look for when choosing a REIT to invest in. - Yield Spread** increased to** **3.84%.** (Weighted Average is 3.75%)    - Increased from 3.42% in January 2026.  (Weighted Average was 3.86%) - From May 2024 onwards, all my 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 remained similar at 39.94%. **(Weighted Average: 37.61%) - Remained similar at 39.94% in January 2026. (Weighted Average: 37.5%)   - Gearing Ratios are updated quarterly. Therefore, no values changed and all values are based on the most recent Q2 2025 updates.  - S-REITs Gearing Ratio has been on a steady uptrend. It was 35.55% in Q4 2019. - **Highest Gearing Ratio REITs** | EC World REIT | 73.5 | | --- | --- | | Manulife US REIT | 58.0 | | Keppel REIT | 47.9 | | Prime US REIT | 45.0 | | IREIT Global | 44.6 | | Keppel Pacific Oak US REIT | 44.1 | MUST and EC World REIT's gearing ratio has exceeded MAS's gearing limit of 50%. However, the aggregate leverage limit is not considered to be breached if exceeding the limit is due to circumstances beyond the control of the REIT Manager. #### **Market Capitalisation Overview** - **Total Singapore REIT Market Capitalisation decreased by 6.8% to S$94.20 Billion.** - Decreased from S$101.07 Billion in January 2026.  - **Biggest Market Capitalisation REITs (S$m):** | Capitaland Integrated Commercial Trust | 17734.33 | | --- | --- | | Capitaland Ascendas REIT | 11515.00 | | Mapletree Pan Asia Commercial Trust | 6918.32 | | Mapletree Logistics Tr | 6010.92 | | Mapletree Industrial Tr | 5591.88 | | Keppel DC REIT | 4948.16 | - **Smallest Market Capitalisation REITs (S$m):** | Lippo Malls Indonesia Retail Trust | 76.97 | | --- | --- | | Manulife US REIT | 140.40 | | Acrophyte Hospitality Trust | 170.13 | | EC World REIT | 226.74 | | BHG Retail REIT | 239.02 | | Keppel Pacific Oak US REIT | 239.72 | 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.   ### Top 20 Best/Worst Performers of February/March 2026 ![top 20-Mar-22-2026-03-08-24-1671-PM](https://reitsavvy.com/hs-fs/hubfs/top%2020-Mar-22-2026-03-08-24-1671-PM.png?width=778&height=686&name=top%2020-Mar-22-2026-03-08-24-1671-PM.png)     **SG 10 Year Government Bond Yield** - SG 10 Year: 2.12% (decreased from 2.20%) ![govbond-Mar-23-2026-01-46-40-1256-PM](https://reitsavvy.com/hs-fs/hubfs/govbond-Mar-23-2026-01-46-40-1256-PM.png?width=852&height=391&name=govbond-Mar-23-2026-01-46-40-1256-PM.png)   ### **Summary** The Singapore REIT sector has **reversed its recent recovery**, with the FTSE ST All-Share REIT Index declining from **721.34 to 664.56 (-7.87%)** over the past two months, with most of the losses occurring in the past week, from 700 to 664.56. The index has **broken decisively below the 695–700 support range**, which had previously underpinned the recovery, signaling a **clear deterioration in market structure**.  On the macro front, **interest rate dynamics have turned less supportive at the margin**. The **US 10-year Treasury yield has risen to ~4.38%**, breaking above recent consolidation levels (highest since mid-2025 levels) and indicating renewed upward pressure on global rates. This move represents a key headwind for REIT valuations, particularly after a period of relative stability. In contrast, the **Singapore 10-year government bond yield remains subdued at ~2.1–2.2%**, suggesting that domestic financing conditions are still relatively stable. However, the divergence between US and Singapore yields may limit the extent of local rate relief, especially given the global nature of capital flows. 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.   ![govbond us-4](https://reitsavvy.com/hs-fs/hubfs/govbond%20us-4.png?width=850&height=388&name=govbond%20us-4.png)   US 10 Year Risk Free Rate  According to the CME FedWatch tool, markets continue to price a **delayed and gradual easing cycle**, with the highest probabilities centered around the **350–400 bps range through 2026**, and only a slow progression towards lower rates into 2027. This reinforces the view that **near-term rate relief is limited**, and higher-for-longer conditions may persist.  ![table-Mar-23-2026-02-08-31-9057-PM](https://reitsavvy.com/hs-fs/hubfs/table-Mar-23-2026-02-08-31-9057-PM.png?width=731&height=680&name=table-Mar-23-2026-02-08-31-9057-PM.png) Valuations have become **more compelling following the recent correction**, with many REITs trading at wider discounts to NAV. Sector yields have likely expanded back towards the **mid-6% range**, improving the relative attractiveness of income spreads versus risk-free rates. However, the increase in bond yields partially offsets this benefit, and **investor sensitivity to interest rate movements remains elevated**. As such, valuation support alone may not be sufficient to drive a near-term rebound without stabilization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           in rates.     [Kenny Loh](https://engage.fa.com.sg/author/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)     ![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. 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