Retail S-REITs

Retail REITs own shopping malls and high-street assets in Singapore and overseas (China, Malaysia, the US). Suburban, necessity-driven malls have proven especially resilient, while some overseas retail carries more risk.

6 trusts S$8.5B combined cap 6.9% median yield 0.73x median P/NAV

Retail screen

REITPrice YieldP/NAV Mkt cap
Sasseur REIT
SGX:CRPU · Sasseur
S$0.6809.09% 0.85S$860M
United Hampshire US REIT
SGX:ODBU · UOB / Hampshire
US$0.5208.52% 0.71US$316M
CapitaLand China Trust
SGX:AU8U · CapitaLand
S$0.6557.11% 0.64S$1.15B
Starhill Global REIT
SGX:P40U · YTL
S$0.5406.61% 0.75S$1.25B
Frasers Centrepoint Trust
SGX:J69U · Frasers Property
S$2.2705.33% 1.01S$4.63B
BHG Retail REIT
SGX:BMGU · Beijing Hualian
S$0.4500.64% 0.66S$234M

Yield vs P/NAV

Retail trusts plotted. Up = higher yield; left = cheaper vs book.

Singapore suburban retail has shown strong, sticky footfall and tenant sales; overseas retail (China outlet, US grocery-anchored) varies widely on yield and risk. Tenant mix and occupancy cost are the signals to watch.

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What drives the Retail sub-sector

Retail S-REITs range from dominant Singapore suburban malls — which have delivered resilient footfall, tenant sales and positive reversions — to overseas formats such as Chinese outlet malls and US grocery-anchored centres. The Singapore necessity-retail names tend to command premium valuations for their stability.

Compare retail trusts on occupancy, tenant-sales growth, occupancy cost (rent as a share of tenant sales, which signals headroom for reversion), lease expiry and the geography mix. Necessity-driven, well-located assets behave very differently from discretionary or secondary locations.

Retail REITs — questions

Are Singapore retail REITs a good income investment?
Singapore suburban, necessity-driven malls have been among the most resilient S-REIT assets, with sticky footfall and positive rental reversions. As always, weigh the yield against valuation, gearing and the quality and location of the underlying malls.
What's the difference between suburban and prime retail REITs?
Suburban/necessity malls rely on day-to-day spending and tend to be more defensive; prime high-street and tourist-linked retail is more cyclical and discretionary. The screener lets you compare their yields and valuations side by side.

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