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Singaporean (SGX) Real Estate Sector Analysis

UpdatedOct 28, 2025
DataAggregated Company Financials
Companies88
  • 7D2.4%
  • 3M6.3%
  • 1Y14.5%
  • YTD18.5%

The Real Estate industry is up 2.1% in the last week, with City Developments up 7.2%. This means that the industry has gained 14% over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 28 Oct 2025S$172.0bS$42.7bS$6.2b18.8x27.7x4x
Thu, 25 Sep 2025S$167.3bS$42.5bS$6.0b18x27.7x3.9x
Sat, 23 Aug 2025S$161.1bS$42.4bS$6.0b17.7x27.1x3.8x
Mon, 21 Jul 2025S$157.1bS$45.6bS$4.8b18.2x32.5x3.4x
Wed, 18 Jun 2025S$148.6bS$45.6bS$4.8b18.4x30.8x3.3x
Fri, 16 May 2025S$144.3bS$45.4bS$5.0b16.5x28.6x3.2x
Sun, 13 Apr 2025S$136.0bS$45.3bS$4.7b18x28.7x3x
Tue, 11 Mar 2025S$141.2bS$45.3bS$4.7b19.1x29.7x3.1x
Thu, 06 Feb 2025S$141.7bS$48.0bS$3.9b16.9x36.5x3x
Sat, 04 Jan 2025S$146.4bS$48.0bS$3.9b16.3x37.4x3.1x
Mon, 02 Dec 2024S$144.7bS$47.8bS$3.9b14.7x36.9x3x
Wed, 30 Oct 2024S$147.9bS$47.2bS$3.5b14.1x42.6x3.1x
Fri, 27 Sep 2024S$152.2bS$47.1bS$3.5b13.9x42.9x3.2x
Sun, 25 Aug 2024S$142.8bS$48.5bS$3.7b12.9x38.2x2.9x
Tue, 23 Jul 2024S$140.8bS$47.1bS$4.2b13.3x33.4x3x
Thu, 20 Jun 2024S$136.1bS$47.8bS$3.9b13.3x34.5x2.8x
Sat, 18 May 2024S$140.1bS$47.5bS$3.9b15.9x36x2.9x
Mon, 15 Apr 2024S$140.5bS$48.0bS$4.3b16.1x32.9x2.9x
Wed, 13 Mar 2024S$140.8bS$47.7bS$4.5b14.9x31.1x2.9x
Fri, 09 Feb 2024S$144.4bS$46.3bS$5.5b16.3x26.1x3.1x
Sun, 07 Jan 2024S$157.5bS$47.8bS$6.7b15.4x23.6x3.3x
Tue, 05 Dec 2023S$151.6bS$47.8bS$6.7b14.9x22.7x3.2x
Thu, 02 Nov 2023S$143.9bS$47.7bS$8.1b13.6x17.8x3x
Sat, 30 Sep 2023S$153.6bS$47.7bS$8.3b14.8x18.6x3.2x
Mon, 28 Aug 2023S$155.7bS$47.3bS$8.5b15.3x18.3x3.3x
Wed, 26 Jul 2023S$164.5bS$45.4bS$12.3b12.6x13.3x3.6x
Fri, 23 Jun 2023S$163.6bS$45.4bS$12.4b12.5x13.2x3.6x
Sun, 21 May 2023S$164.4bS$45.5bS$12.4b12.6x13.3x3.6x
Tue, 18 Apr 2023S$171.7bS$45.2bS$12.9b13x13.3x3.8x
Thu, 16 Mar 2023S$165.9bS$45.3bS$12.9b11.1x12.8x3.7x
Sat, 11 Feb 2023S$173.6bS$44.6bS$14.7b10.5x11.8x3.9x
Mon, 09 Jan 2023S$168.1bS$44.1bS$15.4b9.6x10.9x3.8x
Wed, 07 Dec 2022S$168.4bS$44.2bS$15.5b10.6x10.9x3.8x
Fri, 04 Nov 2022S$160.5bS$44.3bS$15.5b9.7x10.4x3.6x
Price to Earnings Ratio

10.4x


Total Market Cap: S$160.5bTotal Earnings: S$15.5bTotal Revenue: S$44.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Real Estate Sector Price to Earnings3Y Average 25.6x202320242025
Current Industry PE
  • Investors are relatively neutral on the Singaporean Real Estate industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 25.6x.
  • The 3-year average PS ratio of 3.3x is lower than the industry's current PS ratio of 4.0x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 26% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

SG Market3.12%
Real Estate2.44%
Real Estate3.31%
Office REITs3.14%
Specialized REITs3.09%
Industrial REITs1.93%
Hotel and Resort REITs1.76%
REITS1.74%
Retail REITs1.28%
Health Care REITs0.52%
Residential REITs0%0
Industry PE
  • Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 45.6x.
    • Analysts are expecting annual earnings growth of 17.9%, which is lower than the prior year's growth of 30.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 18% over the next 5 years.
  • However this is lower than its past earnings growth rate of 31% per year.
  • In contrast, the Specialized REITs industry is expected to see its earnings grow by 2.6% 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
C09 City DevelopmentsS$7.477.2%
+S$446.7m		44.2%PE34.3x
9CI CapitaLand InvestmentS$2.702.7%
+S$349.1m		-5.3%PE31x
U14 UOL GroupS$8.244.7%
+S$312.7m		52.6%PE16.1x
U06 Singapore Land GroupS$3.165.3%
+S$229.2m		76.5%PE15.5x
C38U CapitaLand Integrated Commercial TrustS$2.411.3%
+S$228.3m		17.0%PB1.2x

Latest News

C09
S$7.47
City Developments
7D
7.2%
1Y
44.2%

A Look At The Intrinsic Value Of City Developments Limited (SGX:C09)

Oct 28
A Look At The Intrinsic Value Of City Developments Limited (SGX:C09)
U06
S$3.16
Singapore Land Group
7D
5.3%
1Y
76.5%

Singapore Land Group Limited's (SGX:U06) Price Is Out Of Tune With Earnings

Oct 24
Singapore Land Group Limited's (SGX:U06) Price Is Out Of Tune With Earnings
DHLU
S$0.57
Daiwa House Logistics Trust
7D
-0.9%
1Y
-2.5%
NTDU
US$1.02
NTT DC REIT
7D
-1.9%
1Y
n/a
C38U
S$2.41
CapitaLand Integrated Commercial Trust
7D
1.3%
1Y
17.0%

Analysts Lift CapitaLand Integrated Commercial Trust Target as Valuation Edges Up Amid Equity Offerings

Analysts have slightly raised their price target for CapitaLand Integrated Commercial Trust to $2.47 from $2.45, reflecting their view of modest improvements in fair value and market assumptions. What's in the News Completed a follow-on equity offering totaling SGD 600.0 million, with 284,361,000 new units offered at SGD 2.11 per unit (Key Developments).
M44U
S$1.30
Mapletree Logistics Trust
7D
3.2%
1Y
-4.4%

Analysts Lift Mapletree Logistics Trust Price Target Following Improved Margins and Valuation Adjustments

Analysts have raised their price target for Mapletree Logistics Trust from $1.33 to $1.34, reflecting slightly improved profit margins and adjustments in discount rate assumptions. Valuation Changes Fair Value has increased slightly from SGD 1.325 to SGD 1.34.
H78
US$6.17
Hongkong Land Holdings
7D
-0.2%
1Y
56.2%

Does Hongkong Land Holdings (SGX:H78) Have A Healthy Balance Sheet?

Oct 19
Does Hongkong Land Holdings (SGX:H78) Have A Healthy Balance Sheet?
9CI
S$2.70
CapitaLand Investment
7D
2.7%
1Y
-5.3%
5UX
S$0.10
Oxley Holdings
7D
-2.9%
1Y
25.0%
A17U
S$2.88
CapitaLand Ascendas REIT
7D
1.4%
1Y
5.1%
U14
S$8.24
UOL Group
7D
4.7%
1Y
52.6%

UOL Group (SGX:U14) Seems To Use Debt Quite Sensibly

Oct 08
UOL Group (SGX:U14) Seems To Use Debt Quite Sensibly
8C8U
S$1.05
Centurion Accommodation REIT
7D
-1.9%
1Y
n/a
F86
S$0.068
MYP
7D
-2.9%
1Y
33.3%
AJBU
S$2.43
Keppel DC REIT
7D
3.4%
1Y
3.8%
XZL
US$0.26
Acrophyte Hospitality Trust
7D
-1.9%
1Y
18.6%
S9B
S$0.10
Amcorp Global
7D
-7.3%
1Y
-11.3%

Amcorp Global's (SGX:S9B) Earnings Offer More Than Meets The Eye

Jul 10
Amcorp Global's (SGX:S9B) Earnings Offer More Than Meets The Eye