Singapore REITs Trading at the Biggest Discount to NAV (2026)

Ranked from end-of-day data · updated 18 Jun 2026

The S-REITs trading furthest below their net asset value — the market's deepest discounts to the appraised value of the underlying property, ranked live.

How this is ranked: Trusts ranked by price-to-NAV discount (price ÷ NAV − 1). A discount can signal value or priced-in risk such as high gearing or sector stress. The table refreshes from live market data every reporting season — no re-dated, hand-typed lists.

Ranked by discount to NAV

1
SGX:CMOU · Keppel / KPA · United States · P/NAV 0.26x · mkt cap US$188M
−74%
2
SGX:BTOU · Manulife · United States · P/NAV 0.28x · mkt cap US$94M
−72%
3
SGX:XZL · Acrophyte · United States · P/NAV 0.28x · mkt cap US$113M
−72%
4
SGX:OXMU · KBS · United States · P/NAV 0.31x · mkt cap US$233M
−69%
5
SGX:UD1U · Tikehau / City Developments · Europe · P/NAV 0.43x · mkt cap S$289M
−57%
6
SGX:J85 · City Developments · Global · P/NAV 0.56x · mkt cap S$1.01B
−44%
7
Digital Core REIT Data Centre
SGX:DCRU · Digital Realty · Global · P/NAV 0.61x · mkt cap US$639M
−39%
8
OUE REIT Diversified
SGX:TS0U · OUE · Singapore · P/NAV 0.63x · mkt cap S$1.96B
−37%
9
SGX:AU8U · CapitaLand · China · P/NAV 0.64x · mkt cap S$1.15B
−36%
10
SGX:Q5T · Far East Orchard · Singapore / Japan · P/NAV 0.66x · mkt cap S$1.19B
−34%
11
SGX:BMGU · Beijing Hualian · China · P/NAV 0.66x · mkt cap S$234M
−34%
12
SGX:K71U · Keppel · Asia Pacific · P/NAV 0.68x · mkt cap S$4.30B
−32%
13
Suntec REIT Diversified
SGX:T82U · ARA / internalised · Singapore / Australia / UK · P/NAV 0.71x · mkt cap S$4.26B
−29%
14
SGX:ODBU · UOB / Hampshire · United States · P/NAV 0.71x · mkt cap US$316M
−29%
15
SGX:N2IU · Mapletree · Asia Pacific · P/NAV 0.73x · mkt cap S$6.76B
−27%

Market data: Yahoo Finance (delayed/EOD), 18 Jun 2026. indicates an indicative yield (recent listing / special distribution) — see each REIT page. Not advice; confirm against filings.

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Why REITs trade below book

A discount to NAV means the market values the trust below the appraised value of its properties. Common reasons: higher-for-longer rates, currency exposure, sector concerns (notably US office), scepticism about the valuations themselves, or refinancing risk from high gearing. The discount is the opportunity only if the balance sheet holds — which is exactly what the deal brief tests.

This S-REIT hub is one of GroundVision's data engines

We turn scattered filings and market noise into diligence-ready, source-cited intelligence — and we run the same engine on private CRE deals: 10-minute go / no-go, owner prospecting, listing launch and AI lead management. Every figure on this site was machine-generated and auto-refreshed; no analyst typed it in.