SGX lists 34 REITs, 7 stapled trusts and 3 property trusts with a combined market cap of about S$100 billion. 2 stapled trusts were recently listed – ARA US Hospitality Trust on 9 May, and Eagle Hospitality Trust on 24 May.
The 10 largest REITs on SGX have a combined market capitalisation of nearly S$60 billion. Reflecting increased investor participation, the combined average daily turnover for the 10 largest REITs has gained 31.1% to S$161.2 million for the 2019 YTD, compared with S$122.9 million in calendar year 2018.
The 5 biggest REITs that saw the largest percentage increases in average daily traded values for the YTD compared to calendar year 2018 were: Mapletree Logistics Trust (+86.1%), Mapletree Commercial Trust (+76.0%), Keppel REIT (+55.2%), Fortune REIT (+44.3%), and Mapletree North Asia Commercial Trust (+42.8%).
Singapore Exchange lists 34 REITs, 7 stapled trusts and 3 property trusts with a combined market cap of about S$100 billion.2 stapled trusts recently listed on SGX – ARA US Hospitality Trust on 9 May, and Eagle Hospitality Trust on 24 May.
REIT popularity in Singapore is exemplified in multiple ways – they comprise one-tenth of Straits Times Index (STI) constituents, all of the STI Reserve List stocks, approximately one-tenth of the total market capitalisation of stocks listed on SGX, and a quarter of the top 20 stocks by turnover on a day-to-day basis.
The 10 largest REITs on SGX have a combined market capitalisation of nearly S$60 billion. Reflecting increased investor participation, the combined average daily turnover for the 10 largest REITs has gained 31.1% to S$161.2 million for the 2019 year-to-date, compared with S$122.9 million in calendar year 2018.
The five biggest REITs that saw the largest percentage increases in average daily traded values for the YTD compared to calendar year 2018 were: Mapletree Logistics Trust (+86.1%), Mapletree Commercial Trust (+76.0%), Keppel REIT (+55.2%), Fortune REIT (+44.3%), and Mapletree North Asia Commercial Trust (+42.8%). These five trusts averaged a 60.9% jump in daily turnover in YTD versus the 2018 year.
The table below details the average daily turnover of the 10 largest REITs on SGX for the YTD and 2018 calendar year, sorted by percentage change in average daily turnover over the two periods.
| Name | SGX Code |
Market Cap (S$B) |
Avg Daily Traded Value 2019 YTD (S$) |
Avg Daily Traded Value 2018 (S$) |
% Chg in Avg Daily Traded Value (YTD vs 2018) |
|---|---|---|---|---|---|
| MAPLETREE LOGISTICS TRUST | M44U | 5.3 | 19,265,286 | 10,354,265 | 86.1 |
| MAPLETREE COMMERCIAL TRUST | N2IU | 5.5 | 15,313,805 | 8,699,521 | 76.0 |
| KEPPEL REIT | K71U | 4.1 | 8,914,900 | 5,742,953 | 55.2 |
| FORTUNE REIT# | F25U | 3.7 | 132,113 | 91,524 | 44.3 |
| MAPLETREE NORTH ASIA COMMERCIAL TRUST | RW0U | 4.2 | 10,016,494 | 7,014,099 | 42.8 |
| ASCENDAS REIT | A17U | 9.1 | 33,009,952 | 25,738,647 | 28.3 |
| CAPITALAND COMMERCIAL TRUST | C61U | 7.2 | 25,420,971 | 20,751,999 | 22.5 |
| MAPLETREE INDUSTRIAL TRUST | ME8U | 4.2 | 8,668,874 | 7,214,549 | 20.2 |
| SUNTEC REIT | T82U | 5.1 | 15,255,790 | 13,590,841 | 12.3 |
| CAPITALAND MALL TRUST | C38U | 8.8 | 25,161,949 | 23,713,838 | 6.1 |
| 161,160,134 | 122,912,237 | 31.1 |
Source: Bloomberg & StockFacts (data as of 23 May 2019)
#Note: Fortune REIT is traded in HKD with SGD equivalents shown in table
In the YTD, these 10 largest REITs have averaged total returns of 14.4%, bringing their one-year and three-year total returns to 18.7% and 53.2% respectively. The five best performers in the YTD were: Fortune REIT (+25.1%), Mapletree Logistics Trust (+19.2%), Mapletree Commercial Trust (+18.7%), Mapletree North Asia Commercial Trust (+18.4%) and Ascendas REIT (+17.1%).
The table below details the 10 largest REITs on SGX, sorted by YTD total return.
| Name | SGX Code |
Market Cap (S$B) |
Total Return YTD % |
Total Return 1 Yr % |
Total Return 3 Yr % |
T12M Div Ind Yld (%) |
P/B (x) |
|---|---|---|---|---|---|---|---|
| FORTUNE REIT | F25U | 3.7 | 25.1 | 24.6 | 47.7 | 4.8 | 0.7 |
| MAPLETREE LOGISTICS TRUST | M44U | 5.3 | 19.2 | 28.0 | 80.9 | 4.5 | 1.0 |
| MAPLETREE COMMERCIAL TRUST | N2IU | 5.5 | 18.7 | 27.5 | 60.6 | 4.8 | 1.1 |
| MAPLETREE NORTH ASIA COMMERCIAL TRUST | RW0U | 4.2 | 18.4 | 20.6 | 62.6 | 5.3 | 0.8 |
| ASCENDAS REIT | A17U | 9.1 | 17.1 | 18.0 | 50.6 | 5.5 | 1.2 |
| MAPLETREE INDUSTRIAL TRUST | ME8U | 4.2 | 12.8 | 13.3 | 58.2 | 5.8 | 1.4 |
| CAPITALAND COMMERCIAL TRUST | C61U | 7.2 | 12.3 | 16.8 | 67.9 | 4.5 | 1.0 |
| CAPITALAND MALL TRUST | C38U | 8.8 | 7.7 | 21.0 | 35.6 | 4.9 | 1.1 |
| KEPPEL REIT | K71U | 4.1 | 7.7 | 8.4 | 36.2 | 4.6 | 0.8 |
| SUNTEC REIT | T82U | 5.1 | 4.9 | 9.0 | 32.1 | 5.5 | 0.9 |
| Average | 14.4 | 18.7 | 53.2 | 5.0 | 1.0 |
Source: Bloomberg & StockFacts (data as of 23 May 2019)
# Note: Fortune REIT is traded in HKD with SGD equivalents shown in table
