Singaporean Real Estate Undervalued over 20% based on DCF

CapitaLand Integrated Commercial Trust

Market Cap: S$17.9b

CapitaLand Integrated Commercial Trust (CICT or the Trust) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalization of US$14.2 billion or S$18.2 billion as at 31 December 2025.

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.

Mapletree Logistics Trust

Market Cap: S$6.1b

Mapletree Logistics Trust, the first Asia Pacific-focused logistics REIT in Singapore, was listed on the SGX-ST Main Board on 28 July 2005.

Mapletree Industrial Trust

Market Cap: S$5.7b

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

Keppel DC REIT

Market Cap: S$5.6b

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

Keppel REIT

Market Cap: S$4.5b

Keppel REIT is one of Asia’s leading real estate investment trusts with a portfolio of prime commercial assets in Asia Pacific’s key business districts.

Suntec Real Estate Investment Trust

Market Cap: S$4.5b

Suntec Real Estate Investment Trust holds properties in Suntec City, Singapore largest integrated commercial development (including one of Singapore largest shopping malls), a 66.3% interest in the 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; Suntec REIT also holds a 100% interest in a commercial building located at 177 Pacific Highway, Sydney, a 100% interest in a commercial building located at 21 Harris Street, Pyrmont, Sydney, a 50.0% interest in the Southgate Complex, Melbourne, a 50.0% interest in a commercial building in Olderfleet 477 Collins Street, Melbourne, and a 100% interest in a commercial building located at 55 Currie Street, Adelaide, Australia, and further holds a 50.0% interest in Nova Properties and a 100% interest in The Minster Building, both located in London, United Kingdom; Suntec REIT is managed by an external manager, ESR Trust Management (Suntec) Limited (formerly known as ARA Trust Management (Suntec) Limited).

Mapletree North Asia Commercial Trust

Market Cap: S$4.2b

Listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 7 March 2013, Mapletree North Asia Commercial Trust ("MNACT") is the first real estate investment trust (“REIT”) that offers investors the opportunity to invest in best-in-class commercial properties situated in prime locations in China, in Hong Kong SAR, in Japan and in South Korea.

CapitaLand Ascott Trust

Market Cap: S$3.5b

CapitaLand Ascott Trust (CLAS) is the largest lodging trust in Asia Pacific with an asset value of S$8.9 billion as of 31 December 2025.

ESR-REIT

Market Cap: S$1.9b

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

Starhill Global Real Estate Investment Trust

Market Cap: S$1.3b

A Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas.

NTT DC REIT

Market Cap: US$958.1m

A Singapore real estate investment trust established with the principal investment strategy of investing, directly or indirectly.

AIMS APAC REIT

Market Cap: S$1.2b

A real estate investment trust listed on the Mainboard of the SGX-ST since 2007.

Far East Hospitality Trust

Market Cap: S$1.2b

A Singapore-Focused Hotel and Serviced Residence Hospitality Trust listed on the Main Board of The Singapore Exchange Securities Trading Limited.

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").