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Singaporean (SGX) Real Estate Sector Analysis

UpdatedSep 06, 2025
DataAggregated Company Financials
Companies88
  • 7D0.8%
  • 3M13.7%
  • 1Y11.0%
  • YTD14.9%

In the last week, Real Estate has been flat. As for the the longer term, the industry is up 12% over the past 12 months. As for the next few years, earnings are expected to grow by 14% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Sep 2025S$165.0bS$42.7bS$6.1b17.9x27.2x3.9x
Mon, 04 Aug 2025S$155.4bS$44.0bS$5.7b18.8x27.4x3.5x
Wed, 02 Jul 2025S$150.4bS$45.4bS$4.8b17.7x31.1x3.3x
Fri, 30 May 2025S$142.0bS$44.9bS$4.8b17.9x29.7x3.2x
Sun, 27 Apr 2025S$144.8bS$45.3bS$4.8b19x30.4x3.2x
Tue, 25 Mar 2025S$146.5bS$45.4bS$4.7b20x30.9x3.2x
Thu, 20 Feb 2025S$141.9bS$47.8bS$4.9b16.1x29.2x3x
Sat, 18 Jan 2025S$143.5bS$47.9bS$3.9b17x36.4x3x
Mon, 16 Dec 2024S$143.5bS$47.9bS$3.9b16.1x36.6x3x
Wed, 13 Nov 2024S$145.4bS$47.2bS$3.7b14.3x39.7x3.1x
Fri, 11 Oct 2024S$152.8bS$47.2bS$3.6b14.3x42.6x3.2x
Sun, 08 Sep 2024S$147.7bS$47.1bS$3.6b12.9x41.6x3.1x
Tue, 06 Aug 2024S$137.6bS$47.5bS$3.7b13.6x37.1x2.9x
Thu, 04 Jul 2024S$135.8bS$47.1bS$4.2b13.7x32x2.9x
Sat, 01 Jun 2024S$138.4bS$47.8bS$4.0b14x34.6x2.9x
Mon, 29 Apr 2024S$138.6bS$48.0bS$4.5b14.5x31x2.9x
Wed, 27 Mar 2024S$141.2bS$47.8bS$4.5b15x31.3x3x
Fri, 23 Feb 2024S$146.0bS$45.8bS$5.4b15.9x27.2x3.2x
Sun, 21 Jan 2024S$153.5bS$47.8bS$6.7b14.9x23x3.2x
Tue, 19 Dec 2023S$155.7bS$47.8bS$6.7b15.2x23.3x3.3x
Thu, 16 Nov 2023S$152.7bS$47.8bS$6.7b14.7x22.9x3.2x
Sat, 14 Oct 2023S$151.2bS$47.7bS$8.2b14.2x18.3x3.2x
Mon, 11 Sep 2023S$156.4bS$47.5bS$8.2b15.3x19x3.3x
Wed, 09 Aug 2023S$160.9bS$45.7bS$11.1b14.2x14.5x3.5x
Fri, 07 Jul 2023S$160.8bS$45.4bS$12.4b12.4x13x3.5x
Sun, 04 Jun 2023S$162.7bS$45.5bS$12.4b12.6x13.2x3.6x
Tue, 02 May 2023S$169.5bS$45.3bS$12.5b13.1x13.6x3.7x
Thu, 30 Mar 2023S$166.8bS$45.2bS$12.9b11.7x12.9x3.7x
Sat, 25 Feb 2023S$171.3bS$44.9bS$13.9b11.4x12.3x3.8x
Mon, 23 Jan 2023S$173.2bS$44.0bS$15.4b10x11.3x3.9x
Wed, 21 Dec 2022S$166.5bS$44.2bS$15.5b10.2x10.8x3.8x
Fri, 18 Nov 2022S$168.4bS$44.1bS$15.5b10.5x10.9x3.8x
Sun, 16 Oct 2022S$159.8bS$44.2bS$15.3b9.6x10.5x3.6x
Tue, 13 Sep 2022S$182.7bS$44.3bS$15.4b11.4x11.9x4.1x
Price to Earnings Ratio

11.9x


Total Market Cap: S$182.7bTotal Earnings: S$15.4bTotal Revenue: S$44.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Real Estate Sector Price to Earnings3Y Average 24.8x202320242025
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 24.8x.
  • The 3-year average PS ratio of 3.3x is lower than the industry's current PS ratio of 3.8x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 27% 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 Market0.97%
Real Estate0.76%
Industrial REITs1.69%
Retail REITs1.44%
Office REITs0.97%
Hotel and Resort REITs0.97%
Real Estate0.94%
REITS-0.41%
Health Care REITs-0.47%
Specialized REITs-0.85%
Industry PE
  • Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 44.4x.
    • Analysts are expecting annual earnings growth of 20.0%, which is lower than the prior year's growth of 32.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 20% over the next 5 years.
  • However this is lower than its past earnings growth rate of 33% per year.
  • In contrast, the Specialized REITs industry is expected to see its earnings growth to stay flat 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$6.382.9%
+US$384.5m		73.8%PS7.8x
A17U CapitaLand Ascendas REITS$2.771.8%
+S$230.3m		-4.8%PB1.2x
TQ5 Frasers PropertyS$1.034.0%
+S$157.0m		26.4%PE15.4x
ME8U Mapletree Industrial TrustS$2.091.5%
+S$85.6m		-15.7%PB1.2x
BUOU Frasers Logistics & Commercial TrustS$0.932.2%
+S$75.6m		-17.7%PB0.9x

Latest News

U14
S$7.37
UOL Group
7D
-1.1%
1Y
36.2%
A17U
S$2.77
CapitaLand Ascendas REIT
7D
1.8%
1Y
-4.8%

Acquisitions And Redevelopments Will Expand Rental Premiums Globally

With the consensus analyst price target, discount rate, and future P/E all remaining effectively unchanged, analysts see no significant change in CapitaLand Ascendas REIT's fair value, which remains at SGD3.20. What's in the News Completed acquisition of two freehold land plots in the East Midlands, UK, for development of four new logistics properties.
C38U
S$2.26
CapitaLand Integrated Commercial Trust
7D
-0.9%
1Y
5.6%

Heightened Singapore Exposure Will Worsen Office Earnings Volatility

CapitaLand Integrated Commercial Trust's fair value estimate was maintained at SGD2.43, as the slight decrease in its future P/E multiple was offset by a virtually unchanged discount rate. What's in the News Completed a follow-on equity offering raising SGD 600.0 million through issuance of 284,361,000 units at SGD 2.11 per unit.
F17
S$1.91
GuocoLand
7D
2.7%
1Y
26.5%

Investors Interested In GuocoLand Limited's (SGX:F17) Earnings

Sep 02
Investors Interested In GuocoLand Limited's (SGX:F17) Earnings
ME8U
S$2.09
Mapletree Industrial Trust
7D
1.5%
1Y
-15.7%

Tokyo Acquisition And Occupancy Gains To Propel Growth In Data Center Market

The consensus price target for Mapletree Industrial Trust has been revised downward, primarily reflecting a slight decrease in the Future P/E ratio, with fair value now at SGD2.21. What's in the News Declared 1QFY25/26 distribution of 3.27 Singapore cents per unit, comprising 2.50 cents taxable income, 0.21 cent tax-exempt income, and 0.56 cent capital component.
N2IU
S$1.39
Mapletree Pan Asia Commercial Trust
7D
0.7%
1Y
-1.4%

VivoCity Upgrades And Debt Reduction Will Face Market Risks Ahead

Analysts have notably raised Mapletree Pan Asia Commercial Trust’s revenue growth forecast and future P/E expectation, supporting a higher consensus price target from SGD1.41 to SGD1.46. What's in the News Announced a distribution of 2.01 Singapore cents per unit for the period from 1 April to 30 June 2025, comprising taxable, tax-exempt, and capital components.
TQ5
S$1.03
Frasers Property
7D
4.0%
1Y
26.4%

Frasers Property Limited's (SGX:TQ5) Share Price Is Matching Sentiment Around Its Revenues

Aug 25
Frasers Property Limited's (SGX:TQ5) Share Price Is Matching Sentiment Around Its Revenues
AJBU
S$2.33
Keppel DC REIT
7D
-1.3%
1Y
6.4%
H78
US$6.38
Hongkong Land Holdings
7D
2.9%
1Y
73.8%

A Look At The Intrinsic Value Of Hongkong Land Holdings Limited (SGX:H78)

Aug 22
A Look At The Intrinsic Value Of Hongkong Land Holdings Limited (SGX:H78)
OYY
S$2.31
PropNex
7D
-3.8%
1Y
200.0%
C09
S$6.68
City Developments
7D
-1.8%
1Y
27.5%

City Developments (SGX:C09) Has Affirmed Its Dividend Of SGD0.03

Aug 18
City Developments (SGX:C09) Has Affirmed Its Dividend Of SGD0.03
U06
S$3.19
Singapore Land Group
7D
-0.9%
1Y
80.2%

Additional Considerations Required While Assessing Singapore Land Group's (SGX:U06) Strong Earnings

Aug 14
Additional Considerations Required While Assessing Singapore Land Group's (SGX:U06) Strong Earnings
C2PU
S$4.18
Parkway Life Real Estate Investment Trust
7D
-0.9%
1Y
8.3%
T82U
S$1.31
Suntec Real Estate Investment Trust
7D
-0.8%
1Y
4.8%
BUOU
S$0.93
Frasers Logistics & Commercial Trust
7D
2.2%
1Y
-17.7%
9A4U
S$2.82
ESR-REIT
7D
2.9%
1Y
0.7%