To The Moon

Trading activity in the Singapore real estate investment trust (S-Reit) sector rose overall in the second half of 2025 compared with the first half, amid new Reit listings and a number of mid-cap S-Reits seeing improved trading activity.

The combined average daily traded value (ADTV) of S-Reits rose to more than S$240 million in H2 2025, compared with around S$230 million in the H1 of the year, boosted by contributions from the listings of Centurion Accommodation Reit and  NTT DC Reit  : NTDU +1% in the third quarter of 2025.

Excluding the new listings, ADTV for the sector was relatively stable, even though several mid-cap Reits saw liquidity surge in H2. The S-Reits that had ADTV rise the most in H2 included  Aims Apac Reit  : O5RU 0%,  Lendlease Global Commercial Reit  : JYEU 0% (LReit),  Sasseur Reit  : CRPU +0.74%,  OUE Reit  : TS0U -1.37% and  Elite UK Reit  : MXNU 0%.

1.$Lendlease Reit(JYEU.SI)$

LReit’s ADTV rose more than S$4 million over the period, representing the largest absolute increase in ADTV among S-Reits. This represented a 164% increase, from S$2.5 million in H1 to S$6.7 million in H2. In August 2025, LReit announced that it was divesting the office component of Jem for S$462 million, with the proceeds to be used to pay down debt and potentially distributed to unitholders.

The manager later announced in November that LReit would acquire 70% interest in PLQ Mall. It raised around S$280 million in a private placement – which was about three times covered – to finance the acquisition.

LReit delivered total returns of 25.7% in H2 2025, reversing from negative 2.1% total returns in H1.

According to Bloomberg data, the six analysts covering the stock currently all have “buy” ratings, with an average 12-month target price of S$0.72, representing a 15.2% return potential from the closing price of S$0.625 on Friday (Jan 9). 

2. $AIMS APAC Reit(O5RU.SI)$

Similarly, Aims Apac Reit saw ADTV more than double to S$2.8 million in H2 from S$1.1 million in the H1 of 2025. The Reit’s sponsor announced in July that it was acquiring an additional 7% stake in Aims Apac Reit from ESR Group, taking its stake to nearly 18.7%.

Aims Apac Reit also acquired an industrial property in Aljunied in a deal that would be accretive to distributions per unit (DPUs). The Reit delivered total returns of 17.6% in H2, extending on a 9.8% gain in H1.

The three analysts with recommendations on the stock currently have “buy” calls with an average target price of S$1.52, which is the same as its closing price on Friday.

3. $Sasseur Reit(CRPU.SI)$

Sasseur Reit also saw ADTV more than double in H2 compared with H1, rising to S$0.9 million from S$0.4 million in the prior period. The outlet mall specialist announced in September that it recorded strong aggregate sales of 233.9 million yuan (S$43.1 million) across its four outlet malls on the first day of its Anniversary Sales event, up more than 30% year on year. The Anniversary Sales event is a key promotional event across Sasseur outlets.

Sasseur Reit saw 11% total returns in H2 2025. It currently has six “buy” ratings from analysts, with zero “hold” or “sell” calls, and an average target price of S$0.85, representing a return potential of 25% from its closing price of S$0.68 on Friday.

4. $EliteUKREIT GBP(MXNU.SI)$

Elite UK Reit’s ADTV rose around 80% to nearly S$200,000 in H2. The Reit announced in November a 9.4% improvement in DPU for the nine-month period ended September on the back of higher revenue and improved occupancy.

Its interest coverage ratio also improved to 2.7 times in September 2025 from 2.5 times in end-2024, with no refinancing due until 2027.

Elite UK Reit delivered 12.9% total returns in H2 2025, extending from the 18.9% total returns in H1. It currently has six “buy” ratings from analysts with zero “hold” or “sell” calls, and an average target price of £0.40, representing an 11.1% return potential from its current level of £0.36.

5. $OUEREIT(TS0U.SI)$

Elsewhere, OUE Reit’s ADTV grew 58% half-on-half to S$0.9 million. The Reit delivered resilient operational performance in the Q3 ended September with growth in revenue and net property income on a like-for-like basis.

In October, Maybank analyst Krishna Guha upgraded his call on OUE Reit to “buy” from “hold” and raised the target price to S$0.38 from S$0.30. He is among the five analysts who currently have a “buy” rating on OUE Reit, with an average target price of S$0.39, representing a 6.8% upside from its S$0.365 closing price on Friday.

OUE Reit was the second-best performer on the iEdge S-Reit Index in 2025, with its H2 total returns of 24% contributing to its total returns of 35.9% for the year.

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