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Singaporean (SGX) Real Estate Sector Analysis

UpdatedMar 06, 2026
DataAggregated Company Financials
Companies88
  • 7D-4.0%
  • 3M4.2%
  • 1Y24.2%
  • YTD1.6%

In the last week, the Real Estate industry is down 6.0% with Hongkong Land Holdings down the most at 4.6%. This takes the industry's 12 month performance to a gain of 23%. Looking forward, earnings are forecast to grow by 11% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 06 Mar 2026S$177.1bS$42.7bS$6.8b15.7x26x4.1x
Sun, 01 Feb 2026S$185.8bS$41.6bS$6.8b18.9x27.4x4.5x
Tue, 30 Dec 2025S$172.9bS$41.7bS$6.3b18x27.3x4.1x
Thu, 27 Nov 2025S$169.3bS$41.7bS$6.4b17.8x26.7x4.1x
Sat, 25 Oct 2025S$171.4bS$42.6bS$6.2b18.6x27.6x4x
Mon, 22 Sep 2025S$167.5bS$42.5bS$6.0b18x27.7x3.9x
Wed, 20 Aug 2025S$159.4bS$42.4bS$6.0b17.3x26.7x3.8x
Fri, 18 Jul 2025S$156.9bS$45.6bS$4.8b18.3x32.5x3.4x
Sun, 15 Jun 2025S$146.7bS$45.4bS$4.8b17.8x30.6x3.2x
Tue, 13 May 2025S$144.7bS$45.4bS$5.0b16.6x28.7x3.2x
Thu, 10 Apr 2025S$132.7bS$45.4bS$4.7b17.7x28x2.9x
Sat, 08 Mar 2025S$141.5bS$45.5bS$5.1b17.9x27.9x3.1x
Mon, 03 Feb 2025S$143.0bS$48.1bS$3.8b17.6x37.8x3x
Wed, 01 Jan 2025S$143.0bS$47.9bS$3.9b16.2x36.5x3x
Fri, 29 Nov 2024S$145.2bS$47.9bS$3.9b14.6x37.1x3x
Sun, 27 Oct 2024S$148.8bS$47.2bS$3.5b14.2x42.8x3.2x
Tue, 24 Sep 2024S$150.6bS$47.1bS$3.5b13.8x42.5x3.2x
Thu, 22 Aug 2024S$141.4bS$48.6bS$3.7b12.8x37.8x2.9x
Sat, 20 Jul 2024S$140.9bS$47.1bS$4.2b13.2x33.4x3x
Mon, 17 Jun 2024S$136.2bS$47.8bS$3.9b13.3x34.5x2.8x
Wed, 15 May 2024S$139.2bS$47.6bS$3.9b15.9x35.8x2.9x
Fri, 12 Apr 2024S$141.3bS$47.9bS$4.5b15.7x31.3x2.9x
Sun, 10 Mar 2024S$140.8bS$47.7bS$4.5b14.7x31.1x2.9x
Tue, 06 Feb 2024S$145.0bS$46.4bS$5.4b17.5x27.1x3.1x
Thu, 04 Jan 2024S$159.0bS$47.7bS$6.7b15.4x23.8x3.3x
Sat, 02 Dec 2023S$150.8bS$47.8bS$6.7b14.9x22.6x3.2x
Mon, 30 Oct 2023S$142.7bS$47.7bS$8.1b13.5x17.6x3x
Wed, 27 Sep 2023S$153.7bS$47.7bS$8.3b14.8x18.6x3.2x
Fri, 25 Aug 2023S$155.1bS$47.3bS$8.8b15.3x17.6x3.3x
Sun, 23 Jul 2023S$163.9bS$45.4bS$12.4b12.5x13.3x3.6x
Tue, 20 Jun 2023S$164.3bS$45.4bS$12.4b12.5x13.3x3.6x
Thu, 18 May 2023S$166.1bS$45.5bS$12.4b12x13.4x3.6x
Sat, 15 Apr 2023S$171.3bS$45.2bS$12.9b13x13.3x3.8x
Mon, 13 Mar 2023S$164.0bS$45.3bS$12.9b11.1x12.7x3.6x
Price to Earnings Ratio

12.7x


Total Market Cap: S$164.0bTotal Earnings: S$12.9bTotal Revenue: S$45.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Real Estate Sector Price to Earnings3Y Average 27.5x202420252026
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 23.4x which is lower than its 3-year average PE of 27.4x.
  • The 3-year average PS ratio of 3.4x 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 17% per year over the last three years,
  • Revenues have also declined 3.5% 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 Market-2.61%
Real Estate-3.96%
Residential REITs0%0
Specialized REITs-1.33%
Health Care REITs-1.75%
Retail REITs-3.31%
Industrial REITs-3.85%
REITS-4.04%
Real Estate-4.27%
Hotel and Resort REITs-4.31%
Office REITs-4.50%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings decline of 2.9%, which is lower than the prior year's growth of 250.2% per year.
  • Investors are most pessimistic about the Specialized REITs industry, which is trading below its 3-year average of 84.5x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 19% over the next 5 years.
  • However this is lower than its past earnings growth rate of 29% per year.
  • In contrast, the Health Care REITs industry is expected to see its earnings decline by 9.3% 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
U14 UOL GroupS$11.023.2%
+S$287.8m		92.7%PE19.4x
5IC Sing HoldingsS$0.714.4%
+S$12.0m		102.9%PE2x
ADN First Sponsor GroupS$1.031.0%
+S$11.3m		0%PS4x
F86 MYPS$0.0755.6%
+S$6.4m		70.5%PE121.7x
F1E Low Keng Huat (Singapore)S$0.780.6%
+S$3.7m		147.6%PS2.2x

Latest News

H78
US$8.15
Hongkong Land Holdings
7D
-4.6%
1Y
77.9%
F86
S$0.075
MYP
7D
5.6%
1Y
70.5%
OYY
S$1.81
PropNex
7D
-18.8%
1Y
64.5%
PPC
S$0.062
ProsperCap
7D
3.3%
1Y
-45.1%
M44U
S$1.24
Mapletree Logistics Trust
7D
-4.6%
1Y
-1.6%

M44U: Upcoming Distribution Will Support Future Distribution Upside Potential

Analysts have marginally revised their price target for Mapletree Logistics Trust, maintaining it at SGD 1.67, based on updated assumptions that now incorporate a higher discount rate, slightly adjusted revenue growth expectations, a somewhat stronger profit margin profile, and a marginally lower future P/E multiple. What's in the News Mapletree Logistics Trust plans to pay a distribution of 1.816 cents per unit for the period from 1 October 2025 to 31 December 2025, with payment scheduled for 18 March 2026 (Key Developments).
BMGU
S$0.45
BHG Retail REIT
7D
1.1%
1Y
-1.1%
U14
S$11.02
UOL Group
7D
3.2%
1Y
92.7%
ADN
S$1.03
First Sponsor Group
7D
1.0%
1Y
0%
A17U
S$2.59
CapitaLand Ascendas REIT
7D
-4.1%
1Y
1.6%
9CI
S$2.89
CapitaLand Investment
7D
-5.6%
1Y
11.2%

9CI: Expanded Asia Fund Platforms Will Support Future Upside

Analysts have trimmed their price target on CapitaLand Investment to SGD3.49, reflecting a slightly higher discount rate and future P/E assumptions, alongside marginally lower profit margin expectations. What's in the News CapitaLand Investment has incorporated a wide slate of new subsidiaries across Singapore, India, China, the United Arab Emirates and Korea, mainly focused on investment holding, fund management, business park management, hotel operations and treasury services, as part of its ongoing business development (company announcement).
5IC
S$0.71
Sing Holdings
7D
4.4%
1Y
102.9%
C38U
S$2.39
CapitaLand Integrated Commercial Trust
7D
-4.4%
1Y
19.5%

C38U: Future Returns Will Reflect Joint Development Risk Sharing And Yield Considerations

Analysts have nudged their price target for CapitaLand Integrated Commercial Trust slightly higher from SGD 2.54 to about SGD 2.60, citing updated assumptions that include a different discount rate, more conservative revenue growth, a higher profit margin, and an adjusted future P/E estimate. What's in the News CICT, through Horizon Commercial Trust, entered a Joint Development Deed with Horizon Residential Pte.
T82U
S$1.36
Suntec Real Estate Investment Trust
7D
-6.2%
1Y
21.4%
TQ5
S$1.00
Frasers Property
7D
-5.7%
1Y
21.2%
5PC
S$0.13
Goodland Group
7D
5.7%
1Y
13.0%
F1E
S$0.78
Low Keng Huat (Singapore)
7D
0.6%
1Y
147.6%