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Singaporean (SGX) Real Estate Sector Analysis

UpdatedDec 15, 2025
DataAggregated Company Financials
Companies88
  • 7D0.8%
  • 3M-0.2%
  • 1Y18.1%
  • YTD17.6%

Over the last 7 days, the Real Estate industry has remained flat, although notably Hongkong Land Holdings gained 7.3%. As for the the longer term, the industry is up 18% over the past 12 months. Looking forward, earnings are forecast to grow by 14% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Dec 2025S$170.9bS$41.7bS$6.3b17.9x27x4.1x
Wed, 12 Nov 2025S$169.8bS$42.5bS$6.4b17.8x26.6x4x
Fri, 10 Oct 2025S$168.9bS$42.6bS$6.1b18x27.7x4x
Sun, 07 Sep 2025S$165.0bS$42.7bS$6.1b17.9x27.2x3.9x
Tue, 05 Aug 2025S$157.9bS$44.0bS$5.7b19x27.9x3.6x
Thu, 03 Jul 2025S$153.8bS$45.4bS$4.8b17.9x31.8x3.4x
Sat, 31 May 2025S$142.5bS$44.9bS$4.8b17.9x29.8x3.2x
Mon, 28 Apr 2025S$144.8bS$45.3bS$4.8b19x30.4x3.2x
Wed, 26 Mar 2025S$146.5bS$45.3bS$4.7b20.1x30.9x3.2x
Fri, 21 Feb 2025S$140.6bS$47.8bS$5.0b15.5x28.1x2.9x
Sun, 19 Jan 2025S$143.5bS$47.9bS$3.9b17x36.4x3x
Tue, 17 Dec 2024S$142.8bS$47.9bS$3.9b16.2x36.5x3x
Thu, 14 Nov 2024S$145.0bS$47.2bS$3.7b14.3x39.2x3.1x
Sat, 12 Oct 2024S$152.2bS$47.2bS$3.6b14.3x42.4x3.2x
Mon, 09 Sep 2024S$147.7bS$47.1bS$3.5b12.9x41.6x3.1x
Wed, 07 Aug 2024S$136.1bS$47.6bS$4.0b13.5x34.3x2.9x
Fri, 05 Jul 2024S$136.5bS$47.1bS$4.2b13.8x32.1x2.9x
Sun, 02 Jun 2024S$138.4bS$47.8bS$4.0b14x34.6x2.9x
Tue, 30 Apr 2024S$138.9bS$48.0bS$4.5b15.3x31x2.9x
Thu, 28 Mar 2024S$141.5bS$47.8bS$4.5b15x31.4x3x
Sat, 24 Feb 2024S$144.3bS$45.8bS$5.2b16.7x27.5x3.1x
Mon, 22 Jan 2024S$153.5bS$47.8bS$6.7b14.9x23x3.2x
Wed, 20 Dec 2023S$155.4bS$47.8bS$6.7b15.3x23.3x3.3x
Fri, 17 Nov 2023S$152.7bS$47.8bS$6.7b14.5x22.8x3.2x
Sun, 15 Oct 2023S$151.2bS$47.7bS$8.2b14.2x18.3x3.2x
Tue, 12 Sep 2023S$156.5bS$47.5bS$8.2b15.3x19x3.3x
Thu, 10 Aug 2023S$160.9bS$45.7bS$10.9b15x14.8x3.5x
Sat, 08 Jul 2023S$159.1bS$45.4bS$12.4b12.4x12.9x3.5x
Mon, 05 Jun 2023S$162.7bS$45.5bS$12.4b12.6x13.2x3.6x
Wed, 03 May 2023S$169.5bS$45.3bS$12.5b13.1x13.6x3.7x
Fri, 31 Mar 2023S$167.0bS$45.2bS$12.9b12.7x12.9x3.7x
Sun, 26 Feb 2023S$171.3bS$45.3bS$14.0b12x12.2x3.8x
Tue, 24 Jan 2023S$173.2bS$44.2bS$15.4b10x11.3x3.9x
Thu, 22 Dec 2022S$166.9bS$44.2bS$15.5b10.2x10.8x3.8x
Price to Earnings Ratio

10.8x


Total Market Cap: S$166.9bTotal Earnings: S$15.5bTotal Revenue: S$44.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Real Estate Sector Price to Earnings3Y Average 26.3x202320242025
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 26.3x.
  • The 3-year average PS ratio of 3.3x is lower than the industry's current PS ratio of 4.1x.
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 Market0.93%
Real Estate0.80%
Real Estate2.21%
REITS0.43%
Hotel and Resort REITs0.21%
Specialized REITs0.11%
Residential REITs0%0
Industrial REITs-0.015%
Retail REITs-0.14%
Health Care REITs-0.53%
Office REITs-6.01%
Industry PE
  • Investors are most optimistic about the Real Estate industry, which is trading close to its 3-year average PE ratio of 46.9x.
    • Analysts expect its future annual earnings growth (20.5%) to be largely in line with prior year's earnings growth.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 20% 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 grow by 4.7% 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$7.097.8%
+US$1.1b		57.6%PS8.6x
C38U CapitaLand Integrated Commercial TrustS$2.321.3%
+S$228.3m		20.2%PB1.1x
C09 City DevelopmentsS$7.362.1%
+S$134.0m		42.4%PE33.8x
N2IU Mapletree Pan Asia Commercial TrustS$1.441.4%
+S$105.6m		19.0%PB0.8x
9CI CapitaLand InvestmentS$2.630.8%
+S$99.8m		0%PE30.2x

Latest News

H78
US$7.09
Hongkong Land Holdings
7D
7.8%
1Y
57.6%

H78: Future Fee Income From Singapore Fund Will Drive Upside Potential

Narrative Update The analyst fair value estimate for Hongkong Land Holdings has been raised from 7.42 dollars to 8.66 dollars. Analysts attribute this change to a stronger expected profit margin and slightly higher valuation multiples, even though revenue growth assumptions have moderated and the discount rate is marginally higher.
U14
S$8.44
UOL Group
7D
-1.5%
1Y
61.1%
K71U
S$0.97
Keppel REIT
7D
-5.8%
1Y
14.8%
BTOU
US$0.073
Manulife US Real Estate Investment Trust
7D
-7.6%
1Y
-26.3%
C09
S$7.36
City Developments
7D
2.1%
1Y
42.4%

C09: Higher Required Returns Will Support Stronger Long Term Earnings Outlook

Analysts have nudged their price target on City Developments modestly higher to reflect a fair value increase to about $8.20 from roughly $8.08, supported by expectations of slightly stronger long term earnings and a higher justified future valuation multiple, despite a steeper discount rate. Valuation Changes Fair Value Estimate: risen slightly from SGD 8.08 to about SGD 8.20 per share, reflecting a modest uplift in long-term expectations.
C38U
S$2.32
CapitaLand Integrated Commercial Trust
7D
1.3%
1Y
20.2%

C38U: Future Returns Will Reflect Scale And Acquisition Execution Upside

Narrative Update on CapitaLand Integrated Commercial Trust Analysts have nudged their price target for CapitaLand Integrated Commercial Trust slightly higher to about S$2.52 from S$2.52, citing its scale, marginally improved profitability metrics, and better positioning for acquisition-led growth compared with peers. Analyst Commentary Recent commentary reflects a generally constructive view on CapitaLand Integrated Commercial Trust, with the latest revision in price target underlining confidence in its ability to drive accretive growth through acquisitions.
N2IU
S$1.44
Mapletree Pan Asia Commercial Trust
7D
1.4%
1Y
19.0%

N2IU: Future Earnings Multiple And Discount Rate Will Shape Balanced Outlook

Analysts have raised their price target for Mapletree Pan Asia Commercial Trust slightly from S$1.55 to S$1.55, citing marginal improvements in projected revenue growth, profit margins, and long term earnings multiples that support a modestly higher fair value despite a largely unchanged discount rate. Valuation Changes Fair Value Estimate increased slightly from SGD 1.55 to SGD 1.55, reflecting a marginal upward revision in the trust's intrinsic valuation.
B61
S$4.77
Bukit Sembawang Estates
7D
-1.2%
1Y
34.4%

Bukit Sembawang Estates Limited's (SGX:B61) Shares Not Telling The Full Story

Dec 02
Bukit Sembawang Estates Limited's (SGX:B61) Shares Not Telling The Full Story
9CI
S$2.63
CapitaLand Investment
7D
0.8%
1Y
0%
F17
S$2.09
GuocoLand
7D
3.5%
1Y
43.2%
CMOU
US$0.23
Keppel Pacific Oak US REIT
7D
-4.1%
1Y
6.8%
BUOU
S$0.98
Frasers Logistics & Commercial Trust
7D
1.5%
1Y
11.3%
C2PU
S$4.01
Parkway Life Real Estate Investment Trust
7D
-0.7%
1Y
10.8%
T82U
S$1.39
Suntec Real Estate Investment Trust
7D
1.5%
1Y
14.9%
5UX
S$0.083
Oxley Holdings
7D
-6.7%
1Y
15.3%
9A4U
S$2.71
ESR-REIT
7D
-1.8%
1Y
4.2%