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Singaporean (SGX) Real Estate Sector Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies92
  • 7D0.6%
  • 3M-5.3%
  • 1Y5.8%
  • YTD-2.8%

The Real Estate is pretty flat in the last 7 days, but Hongkong Land Holdings has stood out, gaining 4.1%. The past year has been better, since the industry has gained 5.8% in that time. As for the next few years, earnings are expected to grow by 6.9% per annum.

Sector Valuation and Performance

Has the Singaporean Real Estate Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Jul 2026S$173.1bS$40.1bS$8.8b16.4x19.7x4.3x
Thu, 18 Jun 2026S$173.6bS$40.7bS$8.8b15.8x19.7x4.3x
Sat, 16 May 2026S$174.0bS$40.5bS$8.8b15.8x19.7x4.3x
Mon, 13 Apr 2026S$176.8bS$40.5bS$9.2b16.1x19.2x4.4x
Wed, 11 Mar 2026S$174.9bS$40.3bS$8.9b15.5x19.6x4.3x
Fri, 06 Feb 2026S$185.8bS$41.5bS$7.0b18.5x26.6x4.5x
Sun, 04 Jan 2026S$174.0bS$41.7bS$6.3b18.7x27.5x4.2x
Tue, 02 Dec 2025S$169.4bS$41.7bS$6.3b17.9x26.8x4.1x
Thu, 30 Oct 2025S$172.2bS$42.7bS$6.2b18.8x27.7x4x
Sat, 27 Sep 2025S$164.9bS$42.5bS$6.0b17.7x27.3x3.9x
Mon, 25 Aug 2025S$161.1bS$42.4bS$6.0b17.7x27.1x3.8x
Wed, 23 Jul 2025S$159.2bS$45.6bS$4.8b18.4x32.9x3.5x
Fri, 20 Jun 2025S$147.0bS$45.5bS$4.8b17.5x30.4x3.2x
Sun, 18 May 2025S$145.3bS$45.4bS$5.1b16.6x28.7x3.2x
Tue, 15 Apr 2025S$136.7bS$45.2bS$4.7b18.2x28.8x3x
Thu, 13 Mar 2025S$143.5bS$45.4bS$4.7b19.2x30.2x3.2x
Sat, 08 Feb 2025S$143.2bS$47.9bS$3.9b16.4x36.6x3x
Mon, 06 Jan 2025S$146.3bS$47.9bS$3.9b16.3x37.1x3.1x
Wed, 04 Dec 2024S$145.5bS$47.8bS$3.9b15.7x37.1x3x
Fri, 01 Nov 2024S$148.1bS$47.2bS$3.5b14.2x42.9x3.1x
Sun, 29 Sep 2024S$154.0bS$47.1bS$3.5b14.2x43.4x3.3x
Tue, 27 Aug 2024S$145.1bS$48.6bS$3.7b13.1x38.8x3x
Thu, 25 Jul 2024S$140.7bS$47.1bS$4.2b13.2x33.3x3x
Sat, 22 Jun 2024S$135.8bS$47.8bS$3.9b13.1x34.4x2.8x
Mon, 20 May 2024S$140.1bS$47.5bS$3.9b15.4x35.9x3x
Wed, 17 Apr 2024S$138.6bS$48.0bS$4.3b15.7x32.5x2.9x
Fri, 15 Mar 2024S$140.4bS$47.7bS$4.5b14.9x31.1x2.9x
Sun, 11 Feb 2024S$144.9bS$46.0bS$5.5b16.6x26.2x3.1x
Tue, 09 Jan 2024S$157.5bS$47.7bS$6.7b15.3x23.6x3.3x
Thu, 07 Dec 2023S$152.3bS$47.8bS$6.7b15.2x22.8x3.2x
Sat, 04 Nov 2023S$148.8bS$47.7bS$7.4b14.4x20x3.1x
Mon, 02 Oct 2023S$153.6bS$47.7bS$8.3b14.8x18.6x3.2x
Wed, 30 Aug 2023S$155.8bS$47.3bS$8.5b15.4x18.3x3.3x
Fri, 28 Jul 2023S$165.9bS$45.4bS$12.3b13.5x13.5x3.7x
Price to Earnings Ratio

13.5x


Total Market Cap: S$165.9bTotal Earnings: S$12.3bTotal Revenue: S$45.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Real Estate Sector Price to Earnings3Y Average 28.3x202420252026
Current Industry PE
  • Investors are pessimistic on the Singaporean Real Estate industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 19.7x which is lower than its 3-year average PE of 28.3x.
  • The 3-year average PS ratio of 3.5x is lower than the industry's current PS ratio of 4.3x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 10% per year over the last three years,
  • Revenues have also declined 4.0% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Singaporean Real Estate sector?

SG Market0.58%
Real Estate0.65%
Health Care REITs2.60%
Specialized REITs1.40%
REITS0.95%
Real Estate0.89%
Office REITs0.37%
Retail REITs0.36%
Hotel and Resort REITs0.19%
Residential REITs0%0
Industrial REITs-0.42%
Industry PE
  • Investors are most optimistic about the REITS industry which is trading above its 3-year average PE ratio of 18.8x.
    • Analysts are expecting annual earnings growth of 7.6%, which is lower than the prior year's growth of 20.8% per year.
  • Investors are most pessimistic about the Specialized REITs industry, which is trading below its 3-year average of 82.8x.
Forecasted Growth
  • Analysts are most optimistic on the Retail REITs industry, expecting annual earnings growth of 10% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Health Care REITs industry is expected to see its earnings decline by 5.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
H78 Hongkong Land HoldingsUS$7.554.1%
+US$641.8m		19.7%PE12.8x
N2IU Mapletree Pan Asia Commercial TrustS$1.353.1%
+S$211.4m		5.5%PB0.8x
AJBU Keppel DC REITS$2.322.7%
+S$146.8m		2.2%PB1.4x
U14 UOL GroupS$9.481.0%
+S$76.3m		38.4%PE16.7x
C2PU Parkway Life Real Estate Investment TrustS$4.232.7%
+S$71.8m		5.2%PB1.7x

Latest News

NTDU
US$0.92
NTT DC REIT
7D
-3.2%
1Y
-4.2%
TQ5
S$1.06
Frasers Property
7D
-1.9%
1Y
13.4%
M44U
S$1.21
Mapletree Logistics Trust
7D
-0.8%
1Y
1.7%
C09
S$7.66
City Developments
7D
-1.4%
1Y
26.6%
Narrative Update • Jul 14

C09: Higher Hospitality Utilisation And Upgrade Will Support Future Repricing

Analysts have raised their fair value estimate for City Developments from SGD 9.01 to SGD 12.11, reflecting updated views on earnings, divestments and valuation. These changes are also evident in the higher Street price target of SGD 9.78.
U14
S$9.48
UOL Group
7D
1.0%
1Y
38.4%
U06
S$3.26
Singapore Land Group
7D
1.6%
1Y
24.0%
T82U
S$1.52
Suntec Real Estate Investment Trust
7D
1.3%
1Y
32.2%
B61
S$4.85
Bukit Sembawang Estates
7D
-2.8%
1Y
11.2%
H78
US$7.55
Hongkong Land Holdings
7D
4.1%
1Y
19.7%
Narrative Update • Jul 09

H78: Share Buybacks And Higher Future P/E Will Shape Upside Execution Risk Profile

Analysts have raised their price target for Hongkong Land Holdings to $8.29 from $7.76, as modestly higher assumed future P/E and slightly adjusted forecasts for discount rate, revenue decline, and profit margin feed into updated valuation work. What’s in the News for Hongkong Land Holdings Hongkong Land Holdings commenced share repurchases on May 18, 2026, under a shareholder mandated program that allows the company to buy back up to 709,689,131 shares, equivalent to 10% of its issued ordinary share capital.
N2IU
S$1.35
Mapletree Pan Asia Commercial Trust
7D
3.1%
1Y
5.5%
AJBU
S$2.32
Keppel DC REIT
7D
2.7%
1Y
2.2%
K71U
S$0.89
Keppel REIT
7D
1.1%
1Y
-3.3%
9CI
S$2.49
CapitaLand Investment
7D
-0.4%
1Y
-10.1%
Narrative Update • Jun 26

9CI: New Insurance Mandate And Deal Pipeline Will Support Upside

CapitaLand Investment's analyst price target has been adjusted slightly lower to SGD3.41 from SGD3.49 as analysts factor in updated assumptions on revenue growth, profit margins, the discount rate and future P/E multiples. What’s in the News for CapitaLand Investment CapitaLand Investment secured an investment mandate to manage Income Insurance Limited’s direct real estate portfolio, which includes retail, commercial and industrial assets held directly and via joint ventures in Singapore.
OYY
S$1.76
PropNex
7D
-2.2%
1Y
27.5%
A17U
S$2.49
CapitaLand Ascendas REIT
7D
-1.2%
1Y
-11.1%
C2PU
S$4.23
Parkway Life Real Estate Investment Trust
7D
2.7%
1Y
5.2%