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Singaporean (SGX) Office REITs Industry Analysis

UpdatedDec 06, 2025
DataAggregated Company Financials
Companies6
  • 7D-1.2%
  • 3M5.7%
  • 1Y15.7%
  • YTDn/a

Over the last 7 days, the Office REITs industry has dropped 1.2%, driven by Keppel REIT declining 1.9%. In the past year, the industry has gained 16%. Looking forward, earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

Has the Singaporean Office REITs Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 07 Dec 2025S$5.5bS$949.8m-S$68,911,083.5427.4x-79.5x5.8x
Tue, 04 Nov 2025S$5.5bS$949.3m-S$68,976,002.4627.6x-79.5x5.8x
Thu, 02 Oct 2025S$5.2bS$950.0m-S$68,880,487.9226.5x-75.5x5.5x
Sat, 30 Aug 2025S$5.0bS$949.2m-S$68,990,734.5325.5x-72.3x5.3x
Mon, 28 Jul 2025S$4.8bS$979.3m-S$44,443,527.8630.9x-109.1x4.9x
Wed, 25 Jun 2025S$4.5bS$977.9m-S$44,605,906.1326.7x-100.9x4.6x
Fri, 23 May 2025S$4.3bS$975.9m-S$44,829,042.4324.3x-95.8x4.4x
Sun, 20 Apr 2025S$4.1bS$978.5m-S$44,533,905.9422.4x-91.8x4.2x
Tue, 18 Mar 2025S$4.3bS$975.3m-S$44,896,382.1624.4x-96.7x4.4x
Thu, 13 Feb 2025S$4.4bS$1.0b-S$257,023,907.5820.6x-17x4.3x
Sat, 11 Jan 2025S$4.5bS$994.6m-S$338,725,313.0327.2x-13.2x4.5x
Mon, 09 Dec 2024S$4.5bS$995.2m-S$339,473,021.2226.9x-13.3x4.6x
Wed, 06 Nov 2024S$4.7bS$996.5m-S$340,997,502.6228x-13.8x4.7x
Fri, 04 Oct 2024S$5.0bS$996.3m-S$340,750,214.2129.9x-14.6x5x
Sun, 01 Sep 2024S$4.6bS$997.0m-S$341,657,870.7427.4x-13.5x4.6x
Tue, 30 Jul 2024S$4.5bS$995.2m-S$570,443,274.5919.9x-7.9x4.5x
Thu, 27 Jun 2024S$4.2bS$994.9m-S$569,907,607.6519x-7.3x4.2x
Sat, 25 May 2024S$4.3bS$995.8m-S$571,294,866.7619.7x-7.6x4.4x
Mon, 22 Apr 2024S$4.2bS$994.9m-S$569,886,630.8319x-7.3x4.2x
Wed, 20 Mar 2024S$4.2bS$995.2m-S$570,444,569.7319.3x-7.4x4.2x
Fri, 16 Feb 2024S$4.4bS$878.1m-S$321,359,104.3812.6x-13.8x5x
Sun, 14 Jan 2024S$5.0bS$960.4m-S$267,840,870.0012.6x-18.6x5.2x
Tue, 12 Dec 2023S$4.7bS$959.7m-S$267,356,985.0011x-17.4x4.8x
Thu, 09 Nov 2023S$4.2bS$959.8m-S$267,463,359.009.8x-15.6x4.3x
Sat, 07 Oct 2023S$4.2bS$959.5m-S$267,251,005.009.3x-15.8x4.4x
Mon, 04 Sep 2023S$4.4bS$960.5m-S$267,856,950.009.6x-16.5x4.6x
Wed, 02 Aug 2023S$4.8bS$963.7mS$190.8m11.6x25.1x5x
Fri, 30 Jun 2023S$4.8bS$961.5mS$332.6m8.2x14.5x5x
Sun, 28 May 2023S$4.9bS$960.1mS$331.8m8.1x14.8x5.1x
Tue, 25 Apr 2023S$5.2bS$961.2mS$332.5m8.3x15.6x5.4x
Thu, 23 Mar 2023S$5.4bS$958.6mS$330.9m9.5x16.5x5.7x
Sat, 18 Feb 2023S$5.8bS$954.0mS$486.3m8.5x12x6.1x
Mon, 16 Jan 2023S$5.7bS$962.8mS$813.8m5.6x7x5.9x
Wed, 14 Dec 2022S$5.8bS$962.8mS$813.8m6.2x7.2x6.1x
Price to Earnings Ratio

7.2x


Total Market Cap: S$5.8bTotal Earnings: S$813.8mTotal Revenue: S$962.8mTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Office REITs Industry Price to Earnings3Y Average -638.4x202320242025
Current Industry PE
  • Investors are optimistic on the Singaporean Office REITs industry, and appear confident in long term growth rates.
  • The 3-year average PS ratio of 4.9x is lower than the industry's current PS ratio of 5.8x.
Past Earnings Growth
  • Total earnings for the Office REITs industry have declined over the last three years, with the industry now making a loss overall.
  • 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 Comparison

How does Singaporean Office REITs compare with similar industries?

SG Market0.042%
Real Estate0.21%
REITS-0.78%
Office REITs-1.20%
Healthcare REITs0.45%
Residential REITs0%0
Specialized REITs0%0
Retail REITs-0.38%
Hotel and Resort REITs-0.48%
Diversified REITs-0.78%
Industrial REITs-1.28%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
CMOU Keppel Pacific Oak US REITUS$0.242.1%
+US$5.2m		4.3%PB0.4x
BTOU Manulife US Real Estate Investment TrustUS$0.0771.3%
+US$1.8m		-26.0%PB0.4x

Latest News

K71U
S$1.04
Keppel REIT
7D
-1.9%
1Y
20.9%

K71U: Sydney Mall Acquisition Will Support Steady Income And Distribution Profile

Analysts have nudged their price target on Keppel REIT slightly higher to S$1.07 from S$1.06, reflecting marginal adjustments to discount rate, revenue growth, profit margin assumptions, and future P/E expectations. What's in the News Agreement to acquire a 75 percent effective interest in Top Ryde City Shopping Centre, a freehold retail mall in Sydney, for AUD 393.8 million, approximately SGD 334.8 million (Key Developments) Top Ryde City Shopping Centre offers 77,054 square metres of lettable area and 2,739 car park lots within a larger mixed use development in the City of Ryde, a region with above average population and income growth compared with the rest of New South Wales (Key Developments) The mall has a high committed occupancy rate of 96 percent and a weighted average lease expiry of 4.2 years by committed gross rent.
CMOU
US$0.24
Keppel Pacific Oak US REIT
7D
2.1%
1Y
4.3%
BTOU
US$0.077
Manulife US Real Estate Investment Trust
7D
1.3%
1Y
-26.0%