Most S-REITs with Retail Assets See Double-Digit Rent Reversions Despite Softer Outlook
Seven Singapore-listed real estate investment trusts (S-REITs) with local retail assets have recorded improvements in revenue and net property income, supported by improved operating metrics, positive rental reversions, and robust occupancy rates.
Here’s a look at their recent business updates and financials.
1. $CapLand IntCom T(C38U.SI)$
CICT reported a slight 0.8% year-on-year decline in both gross revenue and net property income (NPI) for 1Q25, due to the absence of income from 21 Collyer Quay which was divested in November 2024. Excluding 21 Collyer Quay, gross revenue and NPI were up by 1.1% and 1.4% respectively.
CICT’s retail portfolio recorded a 17.5% year-on-year growth in tenant sales, while shopper traffic grew by 23.0%. Rent reversion for CICT’s retail portfolio was 10.4%, with higher rates in Downtown malls compared to Suburban malls.
CICT expects positive rent reversions signed in FY23 and FY24 leases to contribute to FY25 revenue, along with the full-year distribution income contribution from ION Orchard, acquired in September 2024.
2. $Frasers Cpt Tr(J69U.SI)$
FCT reported increased gross revenue and NPI of 7.1% and 7.3%, respectively, for the first half of 2025, driven by higher rental income from renewed and new leases. FCT’s portfolio maintained a committed occupancy of 99.5% and shopper traffic and tenant sales were up by 1.0% and 3.3 % year-on-year, respectively. Overall positive rent reversion for the period was 9.0%.
Hougang mall commenced asset enhancement initiative (AEI) works in April 2025, targeting completion by the third quarter of 2026, with an expected return on investment of approximately 7% on S$51 million in capital expenditure. At present, 64% of the AEI spaces have already been pre-committed.
3. $Lendlease Reit(JYEU.SI)$
LREIT reported that its Singapore portfolio, comprising approximately 90% of its total portfolio by valuation, achieved positive retail rent reversion of 10.4% despite a softer retail landscape. Committed occupancy for Jem and 313@somerset remained high at 99.9% and 98.9%, respectively.
4. $Mapletree PanAsia Com Tr(N2IU.SI)$
MPACT recorded lower gross revenue and NPI for FY24/25, down by 5.1% and 6.1% year-on-year, respectively. However, gross revenue and NPI from MPACT’s Singapore portfolio rose by 1.0% and 1.1%, respectively, driven by VivoCity.
Despite disruptions from the ongoing Basement 2 AEI, the mall recorded full-year tenant sales, crossing the S$1 billion milestone for the third consecutive year. MPACT achieved 89.6% committed occupancy as at March 31, 2025. It recorded a 3.6% rental uplift overall, with VivoCity alone seeing a robust 16.8% rent reversion.
5. $OUEREIT(TS0U.SI)$
OUE REIT’s retail segment contributes 16.8% of its overall revenue. Mandarin Gallery maintains a 99.5% committed occupancy as at March 31, 2025 and recorded 4.9% positive rent reversion in 1Q25.
6. $StarhillGbl Reit(P40U.SI)$
Starhill Global REIT reported full occupancy as at March 31, 2025, for its Singapore retail portfolio. The REIT has an overall portfolio weighted average lease term expiry of 7.2 years by net lettable area, with over 64% of its portfolio leases expiring beyond FY27/28. Starhill Global REIT’s Singapore retail properties include a 71.49% stake in Wisma Atria and a 27.23% stake in Ngee Ann City.
The REIT renewed its master lease with Takashimaya manager Toshin Development Singapore, commencing on June 8, 2025, for an initial term of 12 years, with further renewal options. The new master lease includes built-in rent escalations and an annual profit-sharing arrangement, providing upside for the REIT.
7. $Suntec Reit(T82U.SI)$
Suntec REIT’s Singapore retail portfolio recorded improved committed occupancy of 98.2% as at March 31, 2025, compared to 95.8% a year ago. Rent reversion for its Singapore retail properties was 10.3%, with a 91% retention rate.
For whom haven't open CBA can know more from below:
🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly!
Find out more here：
Trade on a Cash Boost Account and enjoy up to 6 months of Commission-Free trading.
💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
