Office REITs own commercial towers in Singapore's CBD and overseas markets (notably the US). They are among the most rate- and cycle-sensitive S-REITs, and the local versus US office stories have diverged sharply.
6 trusts S$5.6B combined cap 6.0% median yield 0.37x median P/NAV| REIT | Price | Yield | P/NAV | Mkt cap |
|---|---|---|---|---|
| Elite UK REIT SGX:MXNU · Elite Partners |
£0.340 | 8.91% | 0.86 | £208M |
| IREIT Global SGX:UD1U · Tikehau / City Developments |
S$0.215 | 7.74% | 0.43 | S$289M |
| Keppel REIT SGX:K71U · Keppel |
S$0.865 | 6.04% | 0.68 | S$4.30B |
| Prime US REIT SGX:OXMU · KBS |
US$0.162 | 4.37% | 0.31 | US$233M |
| Keppel Pacific Oak US REIT SGX:CMOU · Keppel / KPA |
US$0.180 | 1.35% | 0.26 | US$188M |
| Manulife US REIT SGX:BTOU · Manulife |
US$0.053 | — | 0.28 | US$94M |
Office trusts plotted. Up = higher yield; left = cheaper vs book.
Every Singapore REIT scored on yield, valuation, balance-sheet strength and distribution durability — source-linked to each trust's latest filing. One email, refreshed every reporting season. The fastest way to put this whole hub in your inbox.
Office is a tale of two markets. Singapore CBD Grade-A office has held up on limited new supply and steady demand, supporting occupancy and rents. US-focused S-REITs, by contrast, have been hit by hybrid work, higher-for-longer rates and refinancing stress, and several trade at steep discounts to book with elevated gearing.
When comparing office names, separate the geographies: look at portfolio location, occupancy and WALE, lease-expiry concentration, and — critically for the US names — gearing, debt maturities and valuation trends. These balance-sheet details are where office theses are won or lost.
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