Singapore REITs and Real Estate & Property: Key Takeaways From Meetings With HK Investors

Research evidence excerpt

Singapore REITs and Real Estate & Property: Key Takeaways From Meetings With HK Investors

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26 Jun 2026 07:03:35 ET │ 10 pages

Singapore REITs and Real Estate & Property

Key Takeaways From Meetings With HK Investors

CITI’S TAKE

We recently met with several investors during Citi’s 2026 Property &

Financials Conference and marketing trip in HK, who generally remain UW

on Singapore Property, but with clear preference for Developers/Asset

Managers and select S-REITs with decent DPU growth (CICT and

KDCREIT). We believe key catalysts are a reversal/peak in hawkish Brandon LeeAC

interest-rate outlook, return of asset monetization activities and better- +65-6657-1118

than-expected outcome of well-flagged strategic review/portfolio brandon2.lee@citi.com

reconstitution/redevelopment. Our top-picks: CDL, UOL, KEP, CICT,

MPACT and CLAR.

• Singapore Property remains Underweight (UW) among most investors (mainly

property-focused and some generalists) we met, largely due to: (1) hawkish

interest-rate outlook, which has traditionally been more negative on S-REITs’

(especially small-caps) share price performance than Developers/Asset

Managers; (2) benign DPU growth profile except select S-REITs – CapitaLand

Integrated Commercial Trust (CICT) and Keppel DC REIT (KDCREIT), which are

already very well-owned and unlikely to change going into 2Q26E results; (3)

unexciting operating landscape and outlook on overseas sectors, such as

Greater China logistics/office/retail, India/US business parks and Australia

office; and; (4) lack of new ideas, with most themes already well-flagged since

2025. Between Developers/Asset Managers and S-REITs, there was a clear

preference towards the former (in-line with our view), given cheaper valuations