SGX lists 34 REITs, seven stapled trusts and three property trusts with a combined market cap of more than S$100 billion. S-REITs was the top net buy sector in January-June 2019, drawing net institutional inflows of S$396.3 million.
Among SGX’s 44 trusts, 11 are engaged in the development, ownership, leasing, management and operation of shopping malls located in Singapore, Malaysia, Indonesia, Mainland China, Hong Kong, Japan and Australia. These 11 retail REITs have a combined market cap of more than S$30 billion.
Among the 11 retail REITs, the 5 best performers in the 2019 YTD were: Lippo Malls Indonesia Retail Trust (+37.2%), Mapletree North Asia Commercial Trust (+32.0%), Sasseur REIT (+31.7%), Frasers Centrepoint Trust (+30.3%) and Fortune REIT (+26.2%). They have averaged a total return of +31.5% in YTD.
SGX lists 34 REITs, seven stapled trusts and three property trusts with a combined market capitalisation of more than S$100 billion. S-REITs was the top net buy sector in January-June 2019, drawing net institutional inflows of S$396.3 million.
Among SGX’s 44 trusts, 11 are engaged in the development, ownership, leasing, management and operation of shopping malls located in Singapore, Malaysia, Indonesia, Mainland China, Hong Kong, Japan and Australia. These 11 retail REITs have a combined market cap of more than S$30 billion.
Note that Mapletree North Asia Commercial Trust’s retail assets also include office segments, and the trust derived 54% of its gross revenue, and 55% of its net property income, in the FY18/19 financial period from retail operations.
Among the 11 retail REITs, the 5 best performers in the 2019 YTD were: Lippo Malls Indonesia Retail Trust (+37.2%), Mapletree North Asia Commercial Trust (+32.0%), Sasseur REIT (+31.7%), Frasers Centrepoint Trust (+30.3%) and Fortune REIT (+26.2%). The 5 have averaged a YTD total return of +31.5%, bringing their one-year and three-year total returns to +19.2% and +25.4% respectively.
Note that Fortune REIT, which is dual-listed on Hong Kong Exchange, last month announced plans to delist from SGX.
The tables below detail the 11 retail REITs listed on SGX, sorted by YTD total return.
| Name | SGX Code |
Market Cap S$m |
Total Return YTD % |
Total Return 1 Yr % |
Total Return 3 Yr % |
|---|---|---|---|---|---|
| LIPPO MALLS INDONESIA RETAIL TRUST | D5IU | 695 | 37.2 | -18.6 | -11.9 |
| MAPLETREE NORTH ASIA COMMERCIAL TRUST ^ | RW0U | 4,645 | 32.0 | 34.4 | 74.1 |
| SASSEUR REIT | CRPU | 953 | 31.7 | 22.3 | NA |
| FRASERS CENTREPOINT TRUST | J69U | 3,040 | 30.3 | 32.0 | 54.5 |
| FORTUNE REIT * | F25U | 3,696 | 26.2 | 25.8 | 10.3 |
| CAPITALAND MALL TRUST | C38U | 10,106 | 23.5 | 40.8 | 48.3 |
| CAPITALAND RETAIL CHINA TRUST | AU8U | 1,598 | 21.6 | 15.9 | 28.6 |
| STARHILL GLOBAL REIT | P40U | 1,712 | 19.0 | 28.6 | 19.3 |
| SPH REIT | SK6U | 2,819 | 11.9 | 16.3 | 36.8 |
| DASIN RETAIL TRUST | CEDU | 496 | 6.6 | 11.1 | NA |
| BHG RETAIL REIT | BMGU | 354 | 1.3 | 3.0 | 16.2 |
| Average | 21.9 | 19.2 | 25.1 |
Source: Bloomberg & StockFacts (data as of 5 July 2019)
* Fortune REIT, dual-listed on HKEx, plans to delist from SGX
^ Mapletree North Asia Commercial Trust’s retail assets also include office properties
| Name | SGX Code |
12M Div Ind Yld (%) |
P/B (x) |
Geographic Breakdown by Portfolio Value |
|---|---|---|---|---|
| LIPPO MALLS INDONESIA RETAIL TRUST | D5IU | 8.0 | 1.0 | 100% Indonesia |
| MAPLETREE NORTH ASIA COMMERCIAL TRUST | RW0U | 5.2 | 0.8 | 64% Hong Kong, 25% China, 11% Japan |
| SASSEUR REIT | CRPU | 8.3 | 0.9 | 100% China |
| FRASERS CENTREPOINT TRUST | J69U | 4.1 | 1.1 | 100% Singapore |
| FORTUNE REIT | F25U | 4.7 | 0.7 | 100% Hong Kong |
| CAPITALAND MALL TRUST | C38U | 4.3 | 1.1 | 100% Singapore |
| CAPITALAND RETAIL CHINA TRUST | AU8U | 6.5 | 1.0 | 100% China |
| STARHILL GLOBAL REIT | P40U | 5.7 | 0.8 | 69.5% Singapore, 16.2% Australia, 11.6% Malaysia, 2.7% China & Japan |
| SPH REIT | SK6U | 5.1 | 1.1 | 100% Singapore~ |
| DASIN RETAIL TRUST | CEDU | 8.3 | 0.6 | 100% China |
| BHG RETAIL REIT | BMGU | 7.4 | 0.9 | 100% China |
| Average | 6.1 | 0.9 |
Source: Bloomberg & StockFacts (data as of 5 July 2019)
~ Revenue breakdown by geography doesn't include Australian property acquired on 21 Dec 2018
REIT-Owned Malls Seen Outperforming Amidst Challenging Market Conditions
In its report dated 17 April 2019, Maybank Kim Eng Research noted that it expects REIT-owned malls to outperform the broader retail market in Singapore, with leasing demand supported by F&B offerings and activity-based tenants. See report: Singapore Market Monitor - Foggy With A Hint of Sunsine.
Tourism receipts have declined amidst sluggish growth in visitor arrivals. According to data from Singapore Tourism Board, the city-state’s May international visitor arrivals edged 0.9% higher YoY to 1.5 million. Domestic consumer sentiment also remains cautious amidst persistent US-Sino trade tensions. Singapore’s April retail sales declined 1.8% YoY for the third month in a row, extending March’s 1% fall. Excluding motor vehicles, retail sales fell 2% YoY, data from the Department of Statistics showed.
The report added that larger destination malls such as Causeway Point – owned by Frasers Centrepoint Trust – will perform better with shopper traffic and tenant sales growth.
In a report dated 3 July 2019, CGS-CIMB Research noted that shopping malls owned by REITs continue to enjoy high occupancy on the back of active tenant and footfall management. See report: REIT - In Search Of Yield.
For calendar year 2Q 2019, retail REITs are expected to continue to deliver higher YoY distribution per unit (DPU) levels due to contributions from acquisitions made earlier, such as CapitaLand Mall Trust’s purchase of 70% of Westgate and SPH REIT’s acquisition of The Rail Mall in Singapore and Figtree Grove in Australia, the report added.
