6 S-REITs deliver resilient 1H 2025 performance

SGX_Stars
08-18

Singapore-listed office real estate investment trusts (S-REITs) demonstrated resilient performance in the first half of 2025, supported by stable occupancy, positive rental reversions, and proactive asset management.

The six S-REITs with Singapore office exposure are $CapLand IntCom T(C38U.SI)$ (CICT), $Mapletree PanAsia Com Tr(N2IU.SI)$ (MPACT), $Suntec Reit(T82U.SI)$ , $KEPPEL REIT(K71U.SI)$ , $OUEREIT(TS0U.SI)$ , and $Lendlease Reit(JYEU.SI)$ (LREIT).

1. $KEPPEL REIT(K71U.SI)$

Keppel REIT, a pure-play office S-REIT with mostly Singapore assets, reported positive rental reversion of 12.3% across its portfolio as the Singapore portfolio continued to be an engine of growth and key contributor to the overall performance. Attributable net property income (NPI) for its Singapore portfolio rose 3.1% on year to S$131.7 million in 1H25. 

2. $Suntec Reit(T82U.SI)$

Suntec REIT reported 3.7% distribution per unit (DPU) growth amid strong operating performance from its Singapore portfolio. The REIT reported positive rental reversion of 10% along with NPI growth for its Singapore office portfolio in 1H25. 

JV Income also grew, due to strong operating performance from higher rent at One Raffles Quay (ORQ), alongside lower interest expense at MBFC properties and ORQ.

3. $OUEREIT(TS0U.SI)$

Elsewhere, OUE REIT reported core DPU climbing 11.4% on year, amid a declining interest rate environment and the resilient performance of its local commercial portfolio. The REIT’s Singapore office portfolio saw rental reversions of 9.1% for office lease renewals in 2Q 2025.

4. $Mapletree PanAsia Com Tr(N2IU.SI)$

MPACT saw a 2.7% decrease in rental reversion at Mapletree Business City (MBC) and an increase of 4.8% at its other Singapore office assets.

5. $CapLand IntCom T(C38U.SI)$

CICT reported DPU growth of 3.5% in H1 2025 amid portfolio reconstitution, better performance from existing properties and lower interest expenses. Its Singapore office portfolio had positive rental reversion of 4.8% during the period.

CICT also raised around S$600 million through a private placement this month, with proceeds partly used to acquire the remaining 55% interest in the office and retail component of CapitaSpring. 

6. $Lendlease Reit(JYEU.SI)$

Meanwhile, LREIT has entered into an agreement to divest their its Jem Office asset for S$462 million, in line with the independent valuation. The proceeds will be utilised predominantly towards repayment of borrowings and is part of LREIT’s capital recycling strategy.

Occupancy across S-REITs Singapore office portfolios remained stable and high, above 90%. The six S-REITs trade at an average price-to-book ratio of around 0.80.

Looking ahead, REIT managers remained focused on tenant retention and optimising occupancy across their office assets.

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