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Singaporean (SGX) Real Estate Sector Analysis

UpdatedMar 13, 2026
DataAggregated Company Financials
Companies88
  • 7D-1.2%
  • 3M2.1%
  • 1Y20.7%
  • YTD0.4%

The Real Estate is pretty flat in the last 7 days, but Hongkong Land Holdings has stood out, gaining 4.2%. The past year has been better, since the industry has gained 22% in that time. Earnings are forecast to grow by 5.4% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Mar 2026S$174.7bS$40.4bS$8.9b15.4x19.5x4.3x
Sun, 08 Feb 2026S$184.9bS$41.7bS$7.0b18.5x26.4x4.4x
Tue, 06 Jan 2026S$174.1bS$41.7bS$6.3b18.5x27.5x4.2x
Thu, 04 Dec 2025S$170.2bS$41.7bS$6.3b18x26.9x4.1x
Sat, 01 Nov 2025S$169.4bS$42.7bS$6.3b18.5x26.9x4x
Mon, 29 Sep 2025S$164.9bS$42.5bS$6.0b17.7x27.3x3.9x
Wed, 27 Aug 2025S$163.0bS$42.4bS$6.0b17.8x27.4x3.8x
Fri, 25 Jul 2025S$159.4bS$45.6bS$4.8b18.7x33x3.5x
Sun, 22 Jun 2025S$146.0bS$45.4bS$4.8b17.5x30.2x3.2x
Tue, 20 May 2025S$144.0bS$45.3bS$5.1b16.4x28.4x3.2x
Thu, 17 Apr 2025S$140.1bS$45.2bS$4.7b18.5x29.5x3.1x
Sat, 15 Mar 2025S$145.4bS$45.4bS$4.7b19.6x30.6x3.2x
Mon, 10 Feb 2025S$142.8bS$47.8bS$4.5b15.5x31.6x3x
Wed, 08 Jan 2025S$145.2bS$47.9bS$3.9b16.5x36.8x3x
Fri, 06 Dec 2024S$145.7bS$47.8bS$3.9b16.3x37.2x3x
Sun, 03 Nov 2024S$148.5bS$47.2bS$3.5b14.2x43x3.1x
Tue, 01 Oct 2024S$153.5bS$47.1bS$3.5b14.2x43.3x3.3x
Thu, 29 Aug 2024S$144.5bS$47.2bS$3.7b12.6x39.1x3.1x
Sat, 27 Jul 2024S$139.8bS$47.1bS$4.3b13.1x32.8x3x
Mon, 24 Jun 2024S$135.8bS$47.8bS$3.9b13.1x34.4x2.8x
Wed, 22 May 2024S$140.1bS$47.5bS$3.9b15.5x35.8x3x
Fri, 19 Apr 2024S$134.9bS$48.0bS$4.3b15.3x31.6x2.8x
Sun, 17 Mar 2024S$138.9bS$47.8bS$4.5b14.8x30.8x2.9x
Tue, 13 Feb 2024S$144.9bS$46.0bS$5.5b16.6x26.2x3.2x
Thu, 11 Jan 2024S$157.0bS$47.7bS$6.7b15.2x23.5x3.3x
Sat, 09 Dec 2023S$153.5bS$47.8bS$6.7b15.2x23x3.2x
Mon, 06 Nov 2023S$148.8bS$47.7bS$7.4b14.4x20.1x3.1x
Wed, 04 Oct 2023S$152.3bS$47.7bS$8.3b14.8x18.5x3.2x
Fri, 01 Sep 2023S$157.2bS$47.5bS$8.2b15.4x19.1x3.3x
Sun, 30 Jul 2023S$165.2bS$45.3bS$11.5b14.3x14.3x3.6x
Tue, 27 Jun 2023S$159.3bS$45.4bS$12.4b12.4x12.9x3.5x
Thu, 25 May 2023S$164.7bS$45.5bS$12.4b12.7x13.3x3.6x
Sat, 22 Apr 2023S$171.4bS$45.2bS$12.9b12.9x13.3x3.8x
Mon, 20 Mar 2023S$76.5bS$34.3bS$6.9b9x11x2.2x
Price to Earnings Ratio

11x


Total Market Cap: S$76.5bTotal Earnings: S$6.9bTotal Revenue: S$34.3bTotal 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 19.6x which is lower than its 3-year average PE of 27.5x.
  • 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 grown 122% per year over the last three years.
  • Revenues for these companies have grown 191% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

SG Market0.28%
Real Estate-1.21%
Residential REITs0%0
Health Care REITs-0.41%
Real Estate-0.51%
Retail REITs-0.91%
Specialized REITs-1.39%
Hotel and Resort REITs-1.76%
REITS-1.87%
Industrial REITs-1.93%
Office REITs-2.46%
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 4.4%, 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 84.1x.
Forecasted Growth
  • Analysts are most optimistic on the Retail REITs industry, expecting annual earnings growth of 11% 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 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
H78 Hongkong Land HoldingsUS$8.815.1%
+US$918.9m		100.7%PE15x
42S Astaka HoldingsS$0.0762.8%
+S$50.5m		n/aPS4.2x
5UX Oxley HoldingsS$0.0845.0%
+S$16.8m		21.7%PS1.2x
W05 Wing Tai HoldingsS$1.641.2%
+S$15.3m		37.8%PS3.2x
BDX GSHS$0.173.1%
+S$12.1m		-1.2%PS3.1x

Latest News

42S
S$0.07
Astaka Holdings
7D
62.8%
1Y
n/a
C38U
S$2.34
CapitaLand Integrated Commercial Trust
7D
-1.7%
1Y
9.9%
H78
US$8.81
Hongkong Land Holdings
7D
5.1%
1Y
100.7%
CTO
S$0.091
Hong Lai Huat Group
7D
15.2%
1Y
51.7%
K71U
S$0.91
Keppel REIT
7D
-3.7%
1Y
5.8%

K71U: Rights Issue And New Acquisitions Will Support Steady Fairly Valued Returns

Analysts have maintained their SGD fair value estimate for Keppel REIT at SGD1.03, making only minor tweaks to inputs such as the discount rate and forward P/E that reflect updated assumptions rather than a change in their overall view of the trust. What's in the News Keppel REIT completed a follow on equity offering of approximately SGD 886.262m, issuing 923,189,327 units at SGD 0.96 per unit as a rights offering under Regulation S (company announcement).
M44U
S$1.20
Mapletree Logistics Trust
7D
-3.2%
1Y
-7.7%

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).
U14
S$10.30
UOL Group
7D
-4.8%
1Y
78.5%
N2IU
S$1.35
Mapletree Pan Asia Commercial Trust
7D
-3.6%
1Y
8.9%

N2IU: Forward P/E And Distribution Outlook Will Support Balanced Risk Profile

Analysts have kept their SGD 1.57 price target for Mapletree Pan Asia Commercial Trust unchanged, citing revised inputs such as a slightly higher discount rate, a milder projected revenue contraction and a lower profit margin outlook, along with an updated forward P/E assumption. What's in the News Announced Distribution per Unit of 2.05 Singapore cents for 1 October 2025 to 31 December 2025, made up of 1.60 Singapore cents of taxable income, 0.42 Singapore cent of tax exempt income and 0.03 Singapore cent of capital per unit (Key Developments).
A17U
S$2.54
CapitaLand Ascendas REIT
7D
-1.9%
1Y
-3.1%
CRPU
S$0.68
Sasseur Real Estate Investment Trust
7D
0.7%
1Y
-2.2%
9CI
S$2.83
CapitaLand Investment
7D
-2.1%
1Y
8.0%

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).
BDX
S$0.17
GSH
7D
3.1%
1Y
-1.2%
S3N
S$0.11
Global Resource Construction
7D
2.9%
1Y
n/a
W05
S$1.64
Wing Tai Holdings
7D
1.2%
1Y
37.8%
BUOU
S$0.94
Frasers Logistics & Commercial Trust
7D
-3.6%
1Y
2.2%
5UX
S$0.084
Oxley Holdings
7D
5.0%
1Y
21.7%