S-REITs with exposure to Singapore office assets

Source: Bloomberg, SGX Research, data as of 14 August 2025

Singapore-listed office real estate investment trusts (S-REITs) demonstrated resilient performance in the first half of 2025, supported by stable occupancy, positive rental reversions, and proactive asset management.

The six S-REITs with Singapore office exposure are CapitaLand Integrated Commercial Trust (CICT), Mapletree Pan Asia Commercial Trust (MPACT), Suntec REIT, Keppel REIT, OUE REIT, and Lendlease Global Commercial REIT (LREIT).

Keppel REIT, a pure-play office S-REIT with mostly Singapore assets, reported positive rental reversion of 12.3 per cent across its portfolio as the Singapore portfolio continued to be an engine of growth and key contributor to the overall performance. Attributable net property income (NPI) for its Singapore portfolio rose 3.1 per cent on year to S$131.7 million in 1H25. 

Suntec REIT reported 3.7 per cent distribution per unit (DPU) growth amid strong operating performance from its Singapore portfolio. The REIT reported positive rental reversion of 10 per cent along with NPI growth for its Singapore office portfolio in 1H25. 

JV Income also grew, due to strong operating performance from higher rent at One Raffles Quay (ORQ), alongside lower interest expense at MBFC properties and ORQ.

Elsewhere, OUE REIT reported core DPU climbing 11.4 per cent on year, amid a declining interest rate environment and the resilient performance of its local commercial portfolio. The REIT’s Singapore office portfolio saw rental reversions of 9.1 per cent for office lease renewals in 2Q 2025.

MPACT saw a 2.7 per cent decrease in rental reversion at Mapletree Business City (MBC) and an increase of 4.8 per cent at its other Singapore office assets.

CICT reported DPU growth of 3.5 per cent in H1 2025 amid portfolio reconstitution, better performance from existing properties and lower interest expenses. Its Singapore office portfolio had positive rental reversion of 4.8 per cent during the period. CICT also raised around S$600 million through a private placement this month, with proceeds partly used to acquire the remaining 55 per cent interest in the office and retail component of CapitaSpring. 

Meanwhile, LREIT has entered into an agreement to divest their its Jem Office asset for S$462 million, in line with the independent valuation. The proceeds will be utilised predominantly towards repayment of borrowings and is part of LREIT’s capital recycling strategy.

Occupancy across S-REITs Singapore office portfolios remained stable and high, above 90 per cent. The six S-REITs trade at an average price-to-book ratio of around 0.80.

Looking ahead, REIT managers remained focused on tenant retention and optimising occupancy across their office assets.

REIT managers expect performance of their Singapore office assets to remain stable. Suntec REIT noted that, limited new supply and Singapore’s reputation as a stable and attractive business hub will continue to support core CBD rent growth.

According to CBRE Research, Singapore’s office market remined resilient in Q2 2025, with Core CBD Grade A rents rising 1.3 per cent, defying earlier concerns over global headwinds. The property consultancy also noted that limited new supply in the pipeline has meant that market dynamics are expected to remain strong, supporting continued growth through 2025 and beyond.

CBRE Research has revised its rental forecast upwards, projecting rental growth for 2025 to reach the upper end of the 2–3 per cent range.

For more research and information on Singapore’s REIT sector, visit sgx.com/research-education/sectors for the SREITs & Property Trusts Chartbook.

Originally Posted August 18, 2025 – REIT Watch – Singapore-Listed Office REITs deliver resilient 1H 2025 performance