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Singaporean (SGX) Real Estate Sector Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies88
  • 7D2.8%
  • 3M5.5%
  • 1Y24.9%
  • YTD2.8%

In the last week, the Real Estate industry is up 2.8%, with Hongkong Land Holdings up 9.6%. This takes the industry's 12 month performance to a gain of 25%. 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, 12 Jan 2026S$178.6bS$41.7bS$6.3b18.9x28.2x4.3x
Wed, 10 Dec 2025S$168.6bS$41.7bS$6.3b17.9x26.7x4x
Fri, 07 Nov 2025S$168.4bS$42.5bS$6.3b18.1x26.7x4x
Sun, 05 Oct 2025S$171.3bS$42.7bS$6.1b18.3x28x4x
Tue, 02 Sep 2025S$165.7bS$42.7bS$6.1b18.1x27.3x3.9x
Thu, 31 Jul 2025S$159.7bS$44.0bS$5.7b21.3x27.9x3.6x
Sat, 28 Jun 2025S$150.2bS$45.4bS$4.8b17.7x31.1x3.3x
Mon, 26 May 2025S$144.4bS$45.3bS$5.1b16.9x28.5x3.2x
Wed, 23 Apr 2025S$142.8bS$45.2bS$4.7b18.8x30.1x3.2x
Fri, 21 Mar 2025S$145.8bS$45.4bS$4.7b19.8x30.7x3.2x
Sun, 16 Feb 2025S$142.1bS$47.8bS$4.9b16.4x29.3x3x
Tue, 14 Jan 2025S$142.3bS$47.9bS$3.9b16.5x36.1x3x
Thu, 12 Dec 2024S$143.8bS$47.9bS$3.9b15.3x36.7x3x
Sat, 09 Nov 2024S$145.2bS$47.1bS$3.7b14.2x38.9x3.1x
Mon, 07 Oct 2024S$155.6bS$47.2bS$3.6b14.2x43.1x3.3x
Wed, 04 Sep 2024S$145.5bS$47.1bS$3.6b12.9x40.4x3.1x
Fri, 02 Aug 2024S$141.9bS$47.2bS$4.2b14x33.7x3x
Sun, 30 Jun 2024S$135.7bS$47.8bS$3.9b13.2x34.4x2.8x
Tue, 28 May 2024S$139.1bS$47.7bS$3.9b14x35.4x2.9x
Thu, 25 Apr 2024S$139.1bS$48.0bS$4.5b14.5x31x2.9x
Sat, 23 Mar 2024S$140.8bS$47.8bS$4.5b14.9x31.2x2.9x
Mon, 19 Feb 2024S$146.1bS$46.0bS$5.5b16.6x26.6x3.2x
Wed, 17 Jan 2024S$157.2bS$47.7bS$6.7b15.3x23.6x3.3x
Fri, 15 Dec 2023S$152.8bS$47.7bS$6.7b15.6x22.9x3.2x
Sun, 12 Nov 2023S$146.1bS$48.0bS$7.4b14x19.6x3x
Tue, 10 Oct 2023S$149.5bS$47.7bS$8.2b14.1x18.1x3.1x
Thu, 07 Sep 2023S$156.4bS$47.5bS$8.2b15.3x19x3.3x
Sat, 05 Aug 2023S$160.9bS$45.5bS$11.3b14.1x14.3x3.5x
Mon, 03 Jul 2023S$161.4bS$45.4bS$12.4b12.5x13x3.6x
Wed, 31 May 2023S$163.1bS$45.5bS$12.4b12.6x13.2x3.6x
Fri, 28 Apr 2023S$169.1bS$45.2bS$12.9b12.9x13.1x3.7x
Sun, 26 Mar 2023S$75.7bS$34.3bS$6.9b8.9x10.9x2.2x
Tue, 21 Feb 2023S$171.2bS$44.8bS$14.2b10.8x12x3.8x
Thu, 19 Jan 2023S$171.6bS$44.0bS$15.4b9.9x11.1x3.9x
Price to Earnings Ratio

11.1x


Total Market Cap: S$171.6bTotal Earnings: S$15.4bTotal Revenue: S$44.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Real Estate Sector Price to Earnings3Y Average 26.7x202420252026
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 26.7x.
  • The 3-year average PS ratio of 3.3x 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 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 Market1.57%
Real Estate2.82%
Real Estate5.46%
Health Care REITs1.94%
Office REITs1.24%
Industrial REITs1.22%
REITS0.89%
Hotel and Resort REITs0.81%
Residential REITs0%0
Specialized REITs-0.15%
Retail REITs-0.64%
Industry PE
  • Investors are most optimistic about the Real Estate industry, which is trading close to its 3-year average PE ratio of 47.6x.
    • Analysts expect its future annual earnings growth (20.8%) 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 21% 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$7.739.6%
+US$1.5b		80.6%PS9.4x
C09 City DevelopmentsS$8.8710.6%
+S$759.4m		74.3%PE40.7x
9CI CapitaLand InvestmentS$2.895.5%
+S$748.1m		17.0%PE33.1x
U14 UOL GroupS$9.357.5%
+S$549.8m		83.3%PE18.3x
C38U CapitaLand Integrated Commercial TrustS$2.411.3%
+S$228.3m		24.2%PB1.2x

Latest News

BDX
S$0.18
GSH
7D
-3.7%
1Y
21.2%
J69U
S$2.26
Frasers Centrepoint Trust
7D
-2.6%
1Y
6.1%

J69U: Stable Payout Structure Will Support Future Upside Despite Revenue Headwinds

Analysts have maintained their fair value estimate for Frasers Centrepoint Trust at $2.60, making only minor adjustments to inputs such as the discount rate and future P/E. This indicates that their overall conviction in the rationale for this price target remains unchanged.
AJBU
S$2.22
Keppel DC REIT
7D
-0.9%
1Y
-1.3%
PPC
S$0.062
ProsperCap
7D
-16.2%
1Y
-46.6%
C38U
S$2.41
CapitaLand Integrated Commercial Trust
7D
1.3%
1Y
24.2%

C38U: Future Returns Will Reflect Scale Led Acquisitions And Yield Trade Off

Analysts have raised their price target for CapitaLand Integrated Commercial Trust to S$2.59 from S$2.31, citing its scale and relatively lower dividend yield as reasons they see it as better positioned to pursue acquisition opportunities. Analyst Commentary Goldman Sachs has upgraded CapitaLand Integrated Commercial Trust to Buy from Neutral, with a higher price target of S$2.59, up from S$2.31.
SET
€1.71
Stoneweg Europe Stapled Trust
7D
6.9%
1Y
7.5%
C09
S$8.87
City Developments
7D
10.6%
1Y
74.3%

C09: London Hotel Expansion And Capital Recycling Will Support Resilient Earnings Outlook

Narrative Update on City Developments Price Target Analysts have raised their fair value estimate for City Developments from S$8.20 to S$8.68, citing updated assumptions around profit margin resilience and a slightly higher forward P/E multiple, while keeping revenue growth expectations and the discount rate broadly unchanged. What's in the News Completed acquisition of the 706 room Holiday Inn London Kensington High Street for £280 million, or about £396,600 per room, via wholly owned subsidiary Copthorne Hotel Holdings Limited (Key Developments).
9CI
S$2.89
CapitaLand Investment
7D
5.5%
1Y
17.0%
M44U
S$1.35
Mapletree Logistics Trust
7D
2.3%
1Y
7.1%

M44U: Fair Outlook As China Rent Gains Meet Slower Ex China Reversion

Analysts have lifted their fair value estimate for Mapletree Logistics Trust from S$0.97 to S$1.25, reflecting updated assumptions on revenue growth, profit margins and future P/E, while also acknowledging recent share price strength and the view that improving Mainland China rent reversion is now largely priced in after the recent downgrade to Neutral by the Street. Analyst Commentary Recent Street commentary around Mapletree Logistics Trust has turned more cautious, with attention shifting from past share price strength to what might be achievable from here on current fundamentals.
H78
US$7.73
Hongkong Land Holdings
7D
9.6%
1Y
80.6%

H78: Singapore Private Fund Platform And Capital Recycling Will Unlock Future Upside

Analysts have maintained their fair value estimate for Hongkong Land Holdings at $8.66 while adjusting underlying assumptions such as the discount rate, revenue growth, profit margin and future P/E, resulting in a refined yet unchanged price target. What's in the News Hongkong Land is preparing to launch its first private real estate fund, the Singapore Central Private Real Estate Fund (SCPREF).
N2IU
S$1.46
Mapletree Pan Asia Commercial Trust
7D
-0.7%
1Y
21.7%

N2IU: Future Risk Premium And Earnings Multiple Will Maintain Balanced Outlook

Analysts have slightly raised their price target on Mapletree Pan Asia Commercial Trust to S$1.55, citing marginally lower perceived risk and slightly stronger long term revenue growth expectations, while profit margin and valuation multiples remain broadly unchanged. Valuation Changes Fair Value Estimate: Unchanged at approximately SGD 1.55 per unit, reflecting a stable intrinsic valuation despite minor assumption tweaks.
LJ3
S$1.17
OUE
7D
-1.7%
1Y
14.7%
F17
S$2.16
GuocoLand
7D
-0.9%
1Y
49.0%

GuocoLand (SGX:F17) Takes On Some Risk With Its Use Of Debt

Dec 15
GuocoLand (SGX:F17) Takes On Some Risk With Its Use Of Debt
U14
S$9.35
UOL Group
7D
7.5%
1Y
83.3%
OYY
S$2.07
PropNex
7D
8.9%
1Y
109.1%

Is There An Opportunity With PropNex Limited's (SGX:OYY) 31% Undervaluation?

Oct 29
Is There An Opportunity With PropNex Limited's (SGX:OYY) 31% Undervaluation?
O10
S$1.22
Far East Orchard
7D
-2.4%
1Y
18.4%