SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Lendlease Global Commercial REIT / Equity Bottom-Up

<ul><li>CICT's DPU rose 3.5% to 5.62 cents, with leverage and debt costs reduced to 37.9% and 3.4%.  </li><li>FCT's committed occupancy reached 99.9%, with tenant sales up 4.4% and leverage increased to 40.4%.  </li><li>Suntec REIT's Gross Revenue and NPI grew 3.3% and 5.6%, with DPU increasing 3.7% to 3.155 cents.</li></ul>

CICT's DPU rose 3.5% to 5.62 cents, with leverage and debt costs reduced to 37.9% and 3.4%.  FCT's committed occupancy reached 99.9%, with tenant sales up 4.4% and leverage increased to 40.4%.  Suntec REIT's Gross Revenue and NPI grew 3.3% and 5.6%, with DPU increasing 3.7% to 3.155 cents.

REIT Watch - Retail S-REITs see lower cost of debt and positive rental reversions as retail sales improve

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%.</li><li>Retail investors were net buyers with S$400 million inflow, while institutions were net sellers with S$500 million outflow.</li><li>Forward dividend yield for FTSE ST REIT Index was 6.4%, with a nearly 4% yield spread to 10-year Singapore Government Bonds.</li></ul>

Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%.Retail investors were net buyers with S$400 million inflow, while institutions were net sellers with S$500 million outflow.Forward dividend yield for FTSE ST REIT Index was 6.4%, with a nearly 4% yield spread to 10-year Singapore Government Bonds.

REIT Watch - Best performing S-REITs post double digit total returns in H1

<ul><li>Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.</li><li>CICT, FCT, and LREIT achieved positive rent reversions, with CICT's retail portfolio seeing 17.5% growth in tenant sales.</li><li>MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.</li></ul>

Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.CICT, FCT, and LREIT achieved positive rent reversions, with CICT's retail portfolio seeing 17.5% growth in tenant sales.MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.

REIT Watch - Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook

Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

Thematic (Sector/Industry)

<ul>
<li>Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.</li>
<li>By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.</li>
<li>Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.</li>
</ul>


Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.
By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.
Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.


Singapore Retail REITs: Show Resilience And Relevance

<ul><li>From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows.</li><li>Institutional investors net sold S$36.6 million in S-REITs from April 14 to 24, totaling S$465.1 million in outflows year-to-date.</li><li>Retail investors net sold S$64.4 million in S-REITs from April 14 to 24, with year-to-date net inflows of S$261.9 million.</li></ul>

From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows.Institutional investors net sold S$36.6 million in S-REITs from April 14 to 24, totaling S$465.1 million in outflows year-to-date.Retail investors net sold S$64.4 million in S-REITs from April 14 to 24, with year-to-date net inflows of S$261.9 million.

REIT Watch – S-REITs rebound from early April sell-off 

Singapore

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

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Frasers Centrepoint Trust (FCT SP)

REIT Watch - Retail S-REITs see lower cost of debt and positive rental reversions as retail sales improve

CICT's DPU rose 3.5% to 5.62 cents, with leverage and debt costs reduced to 37.9% and 3.4%. FCT's committed occupancy reached 99.9%, with tenant...

Singapore Exchange Ltd (SGX)

REIT Watch - Best performing S-REITs post double digit total returns in H1

Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%. Retail investors were net...

Singapore Exchange Ltd (SGX)

REIT Watch - Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook

Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy...

Singapore Exchange Ltd (SGX)

Singapore Retail REITs: Show Resilience And Relevance

Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe. By early 2025, high shopper...

Syfe

REIT Watch – S-REITs rebound from early April sell-off

From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows. Institutional investors net sold...

Singapore Exchange Ltd (SGX)

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