Singaporean Real Estate Potentially Undervalued Companies

Sasseur Real Estate Investment Trust

Market Cap: S$863.0m

Invests in a portfolio of real estate and related assets.

Digital Core REIT

Market Cap: US$662.3m

A pure-play data centre Singapore Real Estate Investment Trust (S-REIT) sponsored by Digital Realty, a global best-in-class pure-play listed data centre owner and operator.

Keppel Pacific Oak US REIT

Market Cap: US$208.9m

Keppel Pacific Oak US REIT (KORE) is a distinctive office REIT listed on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST) on 9 November 2017.

United Hampshire US Real Estate Investment Trust

Market Cap: US$286.5m

Listed on the Main Board of the Singapore Exchange on 12 March 2020, UHREIT is a Singapore real estate investment trust established with the principal investment strategy of investing in a diversified portfolio of stabilised income-producing (i) grocery-anchored and necessity-based retail properties (“Grocery & Necessity Properties”), and (ii) modern, climate-controlled self-storage facilities (“Self-Storage Properties”), located in the U.S.

OUE Real Estate Investment Trust

Market Cap: S$1.7b

OUE Real Estate Investment Trust ("OUE REIT"), formerly known as OUE Commercial Real Estate Investment Trust, is one of the largest diversified Singapore REITs ("S-REITs") with total assets under management of S$5.8 billion as of 31 December 2024.

Keppel DC REIT

Market Cap: S$5.2b

Keppel DC REIT was listed on the Singapore Exchange on 12 December 2014 as the first pure-play data centre REIT in Asia.

First Real Estate Investment Trust

Market Cap: S$590.0m

First Real Estate Investment Trust (“First REIT” or the “Trust”), is a healthcare real estate investment trust focused on investing in diverse yield-accretive healthcare and healthcare-related real estate assets within and outside of Asia.

ESR-REIT

Market Cap: S$2.2b

A leading New Economy and future-ready Asia Pacific S-REIT.

Manulife US Real Estate Investment Trust

Market Cap: US$111.9m

Manulife US Real Estate Investment Trust (“Manulife US REIT” or “MUST”) is the first pure-play U.S.

Elite UK REIT

Market Cap: UK£213.5m

Operates as a real estate investment trust.

Mapletree Industrial Trust

Market Cap: S$5.6b

A real estate investment trust (“REIT”) listed on the Main Board of Singapore Exchange.

CapitaLand China Trust

Market Cap: S$1.3b

CapitaLand China Trust (CLCT) is Singapore’s largest China-focused real estate investment trust (REIT).

Daiwa House Logistics Trust

Market Cap: S$409.5m

Daiwa House Logistics Trust (“DHLT”) is a Singapore real estate investment trust (“REIT”) established with the investment strategy of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia.

CapitaLand Ascendas REIT

Market Cap: S$12.3b

CapitaLand Ascendas REIT (CLAR) is Singapore’s first and largest listed business space and industrial real estate investment trust.

BHG Retail REIT

Market Cap: S$218.2m

BHG Retail REIT is the first pure-play China Retail REIT sponsored by a leading China integrated retail group.

Mapletree Pan Asia Commercial Trust

Market Cap: S$7.1b

Mapletree Pan Asia Commercial Trust (“MPACT”) is a real estate investment trust (“REIT”) positioned to be the proxy to key gateway markets of Asia.

NTT DC REIT

Market Cap: US$963.7m

Primarily invests in data center assets owned and operated by NTT DATA.

CapitaLand Ascott Trust

Market Cap: S$3.3b

CapitaLand Ascott Trust (CLAS) is the largest lodging trust in Asia Pacific with an asset value of S$8.8 billion as at 31 December 2024.

Starhill Global Real Estate Investment Trust

Market Cap: S$1.2b

Starhill Global REIT is a Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas.

CapitaLand Integrated Commercial Trust

Market Cap: S$16.1b

CapitaLand Integrated Commercial Trust (CICT) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation of S$14.1 billion as at 31 December 2024.

EC World Real Estate Investment Trust

Market Cap: S$226.8m

Listed on 28 July 2016, EC World REIT is the first Chinese specialised logistics and e-commerce logistics REIT listed on Singapore Exchange Securities Trading Limited ("SGX-ST").

CDL Hospitality Trusts

Market Cap: S$983.1m

CDL Hospitality Trusts (“CDLHT”) is one of Asia’s leading hospitality trusts with assets under management of about S$3.5 billion as at 31 December 2024.

Far East Hospitality Trust

Market Cap: S$1.2b

Far East H-Trust is a Singapore-Focused Hotel and Serviced Residence Hospitality Trust listed on the Main Board of The Singapore Exchange Securities Trading Limited (“SGX-ST”).

Acrophyte Hospitality Trust

Market Cap: US$171.1m

Listed on the Singapore Exchange on 9 May 2019, Acrophyte Hospitality Trust (“ACRO-HT”) is a hospitality stapled group comprising Acrophyte Hospitality Property Trust and Acrophyte Hospitality Management Trust.

Stoneweg Europe Stapled Trust

Market Cap: €891.6m

Stoneweg Europe Stapled Trust (“SERT”, formerly Cromwell European REIT and renamed as Stoneweg European REIT following the change in Sponsor) is a stapled group comprising Stoneweg European Real Estate Investment Trust and Stoneweg European Business Trust.

Suntec Real Estate Investment Trust

Market Cap: S$3.7b

Listed on 9 December 2004, Suntec REIT holds properties in Suntec City, Singapore’s largest integrated commercial development (including one of Singapore’s largest shopping mall), a 66.3% interest in Suntec Singapore Convention & Exhibition Centre, a one-third interest in One Raffles Quay and a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.

Frasers Logistics & Commercial Trust

Market Cap: S$3.3b

Frasers Logistics & Commercial Trust (“FLCT”) is a Singapore-listed real estate investment trust with a portfolio comprising 114 industrial and commercial properties, worth approximately S$6.8 billion, diversified across five major developed markets – Australia, Germany, Singapore, the United Kingdom and the Netherlands.

Stoneweg Europe Stapled Trust

Market Cap: S$891.6m

Stoneweg Europe Stapled Trust (“SERT”, formerly Cromwell European REIT and renamed as Stoneweg European REIT following the change in Sponsor) is a stapled group comprising Stoneweg European Real Estate Investment Trust and Stoneweg European Business Trust.

Prime US REIT

Market Cap: US$227.6m

Listed on 19 July 2019 on the Main Board of the Singapore Exchange, Prime US REIT (“PRIME”) is a well-diversified real estate investment trust ("REIT") focused on stabilised income-producing office assets in the United States ("U.S.").