2Q26 preview: Opportunity post rates-driven correction; Upgrade MPACT, Downgrade MLT

研报英文原文证据摘录

2Q26 preview: Opportunity post rates-driven correction; Upgrade MPACT, Downgrade MLT

Equity Research

13 July 2026 | 6:27PM SGT

SINGAPORE REAL ESTATE

2Q26 preview: Opportunity post rates-driven correction; Upgrade

MPACT, Downgrade MLT

Despite headwinds from higher for longer interest rates, Singapore real estate has Xuan Tan, CFA

+65-6889-2485 | xuan.tan@gs.com

been resilient supported by relatively steady domestic rates and a firm currency, Goldman Sachs (Singapore) Pte

outperforming most developed market peers even as it trails the broader Singapore Hesper He

index. As we head into 2QCY26 results season, we anticipate the spotlight to be on +65-6889-2184Goldman Sachs (Singapore)| hesper.he@gs.comPte

non-REITs, with investors watching Keppel’s divestment progress and spark spread

guidance, CLI’s guidance around M&A vs. capital return, UOL’s Marina Square

redevelopment and CDL’s strategic review. With resilient earnings and our interest

rates assumption intact, we view the recent pullback as an attractive entry point into

our Buy-rated names including non-REITs and CICT/KDCREIT. We also upgrade

MPACT to Buy (from Neutral) and downgrade MLT to Neutral.

2Q26 real estate fundamentals: Singapore real estate sub-segments maintained

steady growth in 2Q2026. Office led the outperformance with Grade A rents +0.8%

QoQ/+1.6% YTD to S$12.50psf/mth and vacancy unchanged at 3.3%. Retail rents

were +0.5% QoQ/ +1% YTD across both Orchard Road and Suburban. Industrial

lagged with rents flat QoQ across sub-segments. Residential price growth moderated

to +0.5% QoQ/+1.4% YTD with steady transactions volume despite lower launches.

2Q26 preview: We expect reporting REITs to see 0.3% YoY decline in interim DPU on

average, with KDCREIT and CICT leading with 7% growth and MINT/KREIT to show a