SREIT Compass "Supply stays thin, rents stay supported" Lim

Research evidence excerpt

SREIT Compass "Supply stays thin, rents stay supported" Lim

Global Research

22 June 2026ab

SREIT Compass Equities

SingaporeSupply stays thin, rents stay supported

Real Estate

Michael Lim

Overview Analyst

This report summarises statistics on valuations, performance and capital structures of michael-h.lim@ubs.com

the 39 Real Estate Investment Trusts (REIT) and Business Trusts listed in Singapore, with a +65-6495 5902

combined market capitalisation of US$79.1bn. In terms of YTD price performance, Terence Lee, CFA

SREITs are down 6.1% and Developers are up 3.9%. Analyst

terence.lee@ubs.com

Key statistics +65-6495 3570

SREITs are trading at 6.25% 2026E yield, +418bps to 10Y Government bonds. We Jia Li Mok, CFA

expect SREIT DPU growth of +3.0% p.a. (2025-28E), led by Healthcare +7.4% and Analyst

Diversified +4.3%. jia-li.mok@ubs.com

+65-6495 5772

Sector news: CBRE APAC leasing sentiment and Newmark industrial trends

CBRE’s June 2026 APAC Leasing Market Sentiment Index points to a softer regional

backdrop, but Singapore remains one of the landlord-favourable office market,

supported by tight vacancy and limited supply. This keeps the read-through constructive

for office SREITs such as CICT, Suntec and KREIT. Apart from the 450k sqft Shaw Tower,

expected to receive TOP in July, the only other addition is 39 Robinson Road, with 165k

sqft due in December. Demand, however, is being more renewal-led, as elevated fit-out

costs, delayed expansion plans and longer negotiations reduce relocation appetite. This

should support occupancy and rent visibility, even if leasing velocity moderates. In retail,

tenant enquiries appear to be cooling at the margin. Prime assets still have pricing power

while secondary corridors are softer. Industrial and logistics are moving towards a more