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Singaporean (SGX) Real Estate Sector Analysis

UpdatedJun 05, 2026
DataAggregated Company Financials
Companies92
  • 7D-1.0%
  • 3M-5.0%
  • 1Y15.1%
  • YTD-3.5%

Last week, the Real Estate industry hasn't moved much but Bund Center Investment is up 6.3% in that time. As for the the longer term, the industry is up 15% over the past 12 months. Looking forward, earnings are forecast to grow by 7.1% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 05 Jun 2026S$171.9bS$40.7bS$8.8b15.3x19.5x4.2x
Sun, 03 May 2026S$177.9bS$40.5bS$8.7b16.6x20.4x4.4x
Tue, 31 Mar 2026S$171.4bS$40.5bS$9.2b16x18.7x4.2x
Thu, 26 Feb 2026S$186.6bS$42.1bS$6.9b18.1x26.9x4.4x
Sat, 24 Jan 2026S$184.2bS$41.7bS$6.5b19x28.2x4.4x
Mon, 22 Dec 2025S$172.1bS$41.7bS$6.3b18x27.2x4.1x
Wed, 19 Nov 2025S$168.1bS$41.7bS$6.4b17.5x26.3x4x
Fri, 17 Oct 2025S$168.1bS$42.6bS$6.1b18.3x27.5x3.9x
Sun, 14 Sep 2025S$168.8bS$42.5bS$6.1b18x27.9x4x
Tue, 12 Aug 2025S$158.4bS$44.0bS$5.6b17.3x28.2x3.6x
Thu, 10 Jul 2025S$152.1bS$45.4bS$4.8b18x31.5x3.4x
Sat, 07 Jun 2025S$145.5bS$44.9bS$4.8b18.1x30.4x3.2x
Mon, 05 May 2025S$145.6bS$45.2bS$5.0b17.3x29.1x3.2x
Wed, 02 Apr 2025S$147.5bS$45.4bS$4.7b20x31.1x3.2x
Fri, 28 Feb 2025S$142.2bS$47.8bS$5.6b15.4x25.2x3x
Sun, 26 Jan 2025S$143.3bS$47.9bS$3.6b17.4x40.2x3x
Tue, 24 Dec 2024S$141.6bS$47.9bS$3.9b16.1x36.1x3x
Thu, 21 Nov 2024S$145.1bS$47.9bS$3.9b15x37.4x3x
Sat, 19 Oct 2024S$153.1bS$47.2bS$3.6b14.4x42.3x3.2x
Mon, 16 Sep 2024S$150.0bS$47.1bS$3.5b13.8x42.3x3.2x
Wed, 14 Aug 2024S$138.1bS$47.7bS$4.1b13.5x33.5x2.9x
Fri, 12 Jul 2024S$138.6bS$47.1bS$4.2b13.2x32.9x2.9x
Sun, 09 Jun 2024S$138.9bS$47.8bS$4.0b14.5x35x2.9x
Tue, 07 May 2024S$138.6bS$47.9bS$4.1b15.6x33.9x2.9x
Thu, 04 Apr 2024S$141.3bS$47.9bS$4.5b15x31.3x2.9x
Sat, 02 Mar 2024S$140.5bS$47.9bS$4.8b13.7x29.2x2.9x
Mon, 29 Jan 2024S$152.7bS$47.8bS$6.5b15.3x23.7x3.2x
Wed, 27 Dec 2023S$156.5bS$47.7bS$6.7b15.3x23.4x3.3x
Fri, 24 Nov 2023S$152.7bS$47.8bS$6.6b14.7x23x3.2x
Sun, 22 Oct 2023S$144.6bS$47.7bS$8.2b13.5x17.5x3x
Tue, 19 Sep 2023S$157.3bS$47.7bS$8.3b15.3x19.1x3.3x
Thu, 17 Aug 2023S$157.0bS$47.4bS$8.8b15.2x17.9x3.3x
Sat, 15 Jul 2023S$164.7bS$45.3bS$12.4b12.4x13.3x3.6x
Mon, 12 Jun 2023S$161.3bS$45.4bS$12.4b12.6x13x3.5x
Price to Earnings Ratio

13x


Total Market Cap: S$161.3bTotal Earnings: S$12.4bTotal Revenue: S$45.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Real Estate Sector Price to Earnings3Y Average 28x202420252026
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 19.5x which is lower than its 3-year average PE of 28.0x.
  • The 3-year average PS ratio of 3.4x is lower than the industry's current PS ratio of 4.2x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 11% per year over the last three years,
  • Revenues have also declined 3.6% 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 Market0.75%
Real Estate-1.00%
Retail REITs0.61%
Residential REITs0%0
Industrial REITs-0.21%
REITS-0.56%
Health Care REITs-0.76%
Specialized REITs-0.77%
Hotel and Resort REITs-1.43%
Real Estate-1.64%
Office REITs-2.16%
Industry PE
  • Investors are most optimistic about the REITS industry which is trading above its 3-year average PE ratio of 18.4x.
    • Analysts are expecting annual earnings growth of 7.5%, 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 82.9x.
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 5.9% 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
BTE Bund Center InvestmentS$0.426.3%
+S$19.0m		13.3%PE42.3x
Q5T Far East Hospitality TrustS$0.570.9%
+S$10.3m		0%PB0.6x
J85 CDL Hospitality TrustsS$0.780.6%
+S$6.4m		-0.6%PB0.5x
5DM Ying Li International Real EstateS$0.02210.0%
+S$5.1m		-12.0%PE46x
BMGU BHG Retail REITS$0.461.1%
+S$2.6m		3.4%PB0.7x

Latest News

5DM
S$0.022
Ying Li International Real Estate
7D
10.0%
1Y
-12.0%
M44U
S$1.18
Mapletree Logistics Trust
7D
-1.7%
1Y
6.3%
Narrative Update • Jun 02

M44U: Fair Outlook As New Payout Details Meet Rebased Earnings Assumptions

Analysts have adjusted their fair value estimate for Mapletree Logistics Trust slightly from SGD1.1962 to about SGD1.20. This reflects updated assumptions on discount rate, revenue growth, profit margins and future P/E multiples following recent research.
C09
S$8.36
City Developments
7D
-2.6%
1Y
59.2%
Narrative Update • Jun 02

C09: Strategy Review And Shareholder Meeting Will Support Future Upside Potential

Analysts have raised their fair value estimate for City Developments to SGD10.52 from SGD10.38, citing recent price target upgrades, including the move to SGD9.78 on the back of improving earnings and divestments, as support for the revised view. What's in the News City Developments and UOL Group both reported strong FY2025 financial results, yet their stocks still trade below reported net asset values.
S9B
S$0.10
Amcorp Global
7D
1.0%
1Y
n/a
9CI
S$2.52
CapitaLand Investment
7D
-0.8%
1Y
-1.6%
H78
US$7.37
Hongkong Land Holdings
7D
-3.3%
1Y
35.0%
Narrative Update • May 27

H78: Dividend And Buyback Programme Will Support Future Share Re Rating

Analysts have raised their price target on Hongkong Land Holdings from about $9.88 to approximately $10.03, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E multiples. What's in the News Proposed final dividend for the year ended 31 December 2025 is US$0.19 per share, with a total payout of US$408.9m, compared with US$375.1m for 2024 (company announcement).
U14
S$10.01
UOL Group
7D
-1.4%
1Y
63.8%
A17U
S$2.47
CapitaLand Ascendas REIT
7D
-1.2%
1Y
-4.3%
Narrative Update • May 21

A17U: Recent Equity Offerings Will Support Future Distribution Upside Potential

Analysts have slightly trimmed their SGD price target for CapitaLand Ascendas REIT from SGD 3.15 to about SGD 3.11, reflecting marginal adjustments to the discount rate, revenue growth assumptions, profit margin and future P/E expectations in their valuation models. What's in the News Completed a follow on equity offering of about S$303.5m, issuing 129,134,664 units at S$2.35 per unit, structured as a rights offering under Regulation S (Key Developments).
TAP
S$0.23
Assembly Place Holdings
7D
2.2%
1Y
n/a
BTE
S$0.42
Bund Center Investment
7D
6.3%
1Y
13.3%
U06
S$3.46
Singapore Land Group
7D
-2.5%
1Y
57.3%
CLN
S$0.55
APAC Realty
7D
0.9%
1Y
43.5%
BMGU
S$0.46
BHG Retail REIT
7D
1.1%
1Y
3.4%
TQ5
S$1.10
Frasers Property
7D
-2.7%
1Y
32.5%
J85
S$0.78
CDL Hospitality Trusts
7D
0.6%
1Y
-0.6%
Q5T
S$0.57
Far East Hospitality Trust
7D
0.9%
1Y
0%