Singapore REITs Back to macro

Research evidence excerpt

Singapore REITs Back to macro

13 May 2026

Singapore REITs EquitiesReal Estate

Back to macro Singapore

◆ Slower transaction pace to create a vacuum of catalysts in Joy Wang*

the near term, increased rate volatilities to drive performance HeadThe Hongkongof ASEANandEquityShanghaiResearchBankingandCorporationASEAN Property

Limited, Singapore Branch

◆ 1Q results reinforced our preference for Singapore exposure, joy.wang@hsbc.com.sg

+65 6658 0606

fundamentals remain strong across all asset classes

Rayson Khoo*

Analyst, ASEAN Property

◆ We continue to prefer domestically oriented REITs: CICT and The Hongkong and Shanghai Banking Corporation

FCT (both Buy-rated) rayson.khoo@hsbc.com.sg

+65 6658 0616

Gokulapriyan V*

Rate movements to dominate in the near term. The pursuit for safe-haven Associate

investments, together with the expectation of a decent results season and a wave of Bangalore

transactions, saw the SREITs sector outperform the broader Singapore market in April.

With Q1 results now past and a likely slower transaction pace on the back of an uncertain * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

global environment – with limited catalysts until Q2 – we expect macro headlines to take

over as the key driver of the sector, particularly given the increased volatility in rates in the

near term. Spot SORA has risen by c30% (to 1.31% as of writing) over the last two

weeks, while central banks globally have become more hawkish. That said, HSBC

economists expect Singapore rates to remain relatively stable (HSBCe: 1M SORA at

0.50% by end-2026). Balance sheet resilience and earnings visibility remain critical; we

previously assessed the resilience of SREITs through three key macro variables: rates,