Singapore’s real estate sector grew 3.5% y-o-y in 4Q24, with a 1.1% q-o-q increase, leading to a 0.2% expansion for the year. Beyond the recent recovery, industry sub-themes include a focus on sustainability, adaptive reuse, integrated properties, capital recycling, rising demand for co-living spaces, and the integration of tech in property management.
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Hongkong Land has ranked Singapore’s most traded real estate stock this year. It unveiled a strategy in October to focus on ultra-premium integrated commercial properties in Hong Kong, Singapore, and Shanghai. Aiming to lead in Asia’s gateway cities by 2035, the company plans to double profits, dividends, and AUM to US$100 billion, while recycling up to US$10 billion in capital.
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Among the 10 most traded real estate related stocks, the five with the highest growth of average daily turnover for the past 7 weeks compared to the full 2024 year were Tuan Sing, Wee Hur, LHN, PropNex, and Centurion Corporation. These five companies play significant roles in the real estate value chain, from property development and construction to space optimisation, real estate brokerage, and specialised accommodation management.
Singapore's Real Estate Sector Growth in 2024 and Performance of Most Traded Stocks
Singapore’s final GDP report for 2024 revealed its real estate sector grew by 3.5% y-o-y in 4Q24, driven by increased activities in private residential, commercial, and industrial segments, resulting in a 0.2% overall expansion for 2024, which was down from 3.8% growth in 2023.
The 10 most traded and relevant stocks to Real Estate and listed in Singapore maintain exposure that extends across the region. Thus, regional and, in some cases, global developments, including property prices, interest rates, and broad economic sentiment, impact these 10 stocks. The 10 stocks saw mixed total returns in 2024, spanning from a 22% decline for City Developments to a 149% gain for Centurion.
Among the 10 stocks, Hongkong Land has been Singapore’s most traded Real Estate stock this year by average daily turnover. In October, Hongkong Land unveiled its new transformation strategy focusing on ultra-premium integrated commercial properties in Hong Kong, Singapore, and Shanghai. The company aims to be the leader in Asia’s gateway cities by 2035. Their strategic review will see the Group redirect third-party and recycled capital to new ventures after completing current projects. The financial goals for 2035 are to double underlying profit before interest and tax with no single city accounting for more than 40%, double dividends per share, grow assets under management to US$100 billion with significant third-party capital, and actively recycle up to US$10 billion in capital. From 29 October 2024 through to 14 February 2025, the 12-month Bloomberg consensus estimate target price on the stock was gradually raised from US$3.63 to US$4.94.
Multiple businesses across the real estate value chain have shown recent increases in trading volumes, reflecting heightened investor interest and market activity. For instance, Tuan Sing has seen its average daily turnover increase from S$0.07 million in 2023 to S$0.12 million in 2024, to S$0.44 million over the first seven weeks of 2025. At the same time, Wee Hur has seen its average daily turnover rise from S$0.02 million in 2023, to S$1.16 million in 2024, to S$3.59 million over the past seven weeks. This ranks Wee Hur among the 40 most traded Singapore stocks by average daily turnover for the past 7 weeks.
The table below sorts the 10 most traded real estate relevant stocks in 2025 year-to-date. You may click on the column header to sort the data accordingly.
| Most Traded SGX Stocks Of Real Estate & Construction Sector | SGX Code |
Market Cap S$m |
2025 YTD Average Daily Turnover S$m |
2024 Average Daily Turnover S$m |
2023 Average Daily Turnover S$m |
2025 YTD Total Return % |
2024 Total Return % |
2025 YTD Net Institutional Inflow S$m |
2024 Net Institutional Inflow S$m |
P/B (x) |
|---|---|---|---|---|---|---|---|---|---|---|
| Tuan Sing | T24 | 397.96 | 0.44 | 0.12 | 0.07 | 19 | -1 | 1.11 | -2.18 | 0.33 |
| Wee Hur | E3B | 487.20 | 3.59 | 1.16 | 0.02 | 26 | 122 | 3.70 | 12.26 | 0.73 |
| LHN | 41O | 221.68 | 0.84 | 0.28 | 0.28 | 6 | 69 | 2.72 | 5.12 | 0.87 |
| PropNex | OYY | 836.20 | 0.73 | 0.27 | 0.58 | 20 | 9 | 2.14 | -3.47 | 7.07 |
| Centurion | OU8 | 849.19 | 1.42 | 0.62 | 0.10 | 5 | 149 | -11.79 | -5.72 | 0.91 |
| Yanlord | Z25 | 1,187.89 | 2.57 | 2.71 | 1.02 | -7 | 14 | -5.79 | -6.15 | 0.19 |
| Hongkong Land | H78 | 12,852.80 | 11.85 | 13.81 | 9.56 | -4 | 42 | -5.60 | 18.71 | 0.31 |
| Yoma Strategic | Z59 | 224.58 | 1.42 | 2.04 | 0.22 | 29 | 1 | -0.10 | -4.42 | 0.49 |
| UOL Group | U14 | 4,333.80 | 4.52 | 9.32 | 8.41 | -1 | -15 | -15.85 | -136.44 | 0.39 |
| City Developments | C09 | 4,521.00 | 4.98 | 14.45 | 12.72 | -1 | -22 | -12.4 | -257.3 | 0.52 |
| Total | 25,912.30 | 32.36 | 44.78 | 32.98 | -41.86 | -379.59 | ||||
| Median | 6 | 11 | 0.50 |
Source: SGX & Refinitv. All Data as of 14 February 2025.
The stocks that have seen the highest percentage change in average daily turnover over the past seven weeks compared to the full 2024 year were:
These 5 companies play a significant role in the real estate value chain, from property development and construction to space optimisation, real estate brokerage, and specialised accommodation management.
Tuan Sing (SGX:T24)
The property segment of Tuan Sing Holdings focuses on developing properties for sale and investment in Singapore, Australia, Indonesia and China, and is renowned for high-end residential projects in prime locations. Currently, Tuan Sing Holdings plans to engage in large-scale integrated developments and townships as it embarks on its next phase of growth. This includes its planning application for an iconic mixed-use redevelopment at the city of Melbourne’s premier intersection in Australia.
Back in August 2024, the group noted that its acquisition of Fraser Residence River Promenade supported its strategy to expand its hospitality business, which was expected to boost performance in 2HFY24 (ended Dec 31). Additionally, management noted that the divestment of greenfield land in Fuzhou, China, is anticipated to yield a gain of S$18.5 million upon completion.
Tuan Sing is expected to report its FY24 results in the last week of February.
Wee Hur (SGX:E3B)
Wee Hur has evolved from a construction-focused company into a dynamic and diversified group, spanning construction, real estate development, fund management, and alternative investments. Its gross profit for 1HFY24 surged by 144% to S$44.73 million, driven by revenue growth and stabilised costs in its construction segment.
On 16 Dec, Wee Hur Holdings announced it had secured an exit from its Purpose-Built Student Accommodation (PBSA) portfolio, retaining a 13% stake and generating approximately S$320 million in net proceeds to support strategic growth and reinvestment. Management highlighted that the transaction, spanning over 5,500 beds across key Australian cities, marks a significant milestone in Wee Hur Holdings’ long-term strategy, reflecting its resilience and commitment to sustainable growth across multiple sectors. The Group is seeking approval of shareholders for the transaction at an extraordinary general meeting on 28 February.
Wee Hur Holdings is expected to report its FY24 results by 1 March.
LHN (SGX:41O)
LHN’s real estate management services group specialising in redesigning under-utilised spaces with four main business segments: Space Optimisation (Industrial, Commercial & Residential), Facilities Management, Energy, and Property Development. Its residential business had 2,895 keys across its co-living properties in Singapore and serviced residences overseas as of Sep 30.
The Group reported record FY attributable net profit in FY24 (ended 30 Sep) at S$47.3 million. The space optimisation business remained the Group's primary revenue driver, with significant y-o-y growth in the residential sub-segment, with management noting that strong demand for co-living spaces, high occupancy rates have played also played key role.
It also transferred from the Catalist Board to the Mainboard effective 13 December 2024. See earlier report on companies transferred from Catalist to SGX Mainboard.
PropNex (SGX:OYY)
PropNex maintains the largest real estate salesforce in Singapore. The Group’s key business segments include real estate brokerage, training, and real estate consultancy services. It is expected to report its FY24 results around 28 February.
In November, PropNex maintained property demand in 2025 would be supported by Signapore’s economy recovery, lower interest rates, a growing population and a stable job market. At the time, PropNex also estimated there would be 14,694 units from 34 projects launched in 2025.
Moreover, as reported by The Edge in January, RHB Bank Singapore analyst Vijay Natarajan upgraded Singapore’s real estate sector to “overweight” from “neutral” as the residential market looks set to make a comeback in 2025 following the “sharp pick-up” in buying interest seen in new launches in 4Q24.
Centurion (SGX:OU8)
Centurion Corporation owns, develops, and manages specialised accommodation assets across six countries globally. Prior to 2024, Centurion Corporation streamlined its listing by ceasing its HKEX listing in December 2023.
Centurion Corporation shares also gained through 2024 on robust financial results which included a 25 per cent increase in revenue for 9MFY24 to S$186.5 million. For its 9MFY24, the Purpose-Built Workers Accommodation (PBWA) segment contributed 77% of the revenue, while the PBSA contributed 23%. In terms of geographical distribution for the same period, Singapore accounted for 67% of the revenue, the United Kingdom contributed 15%, Malaysia contributed 10%, Australia contributed 7%, and other regions contributed 1%.
Centurion Corporation anticipates continued positive demand-supply dynamics across its operating markets, which will help maintain high occupancies and healthy rental revisions. The company is actively pursuing opportunities to redevelop and enhance its portfolio assets to meet evolving regulatory requirements and customer needs.
Centurion is scheduled to report its FY24 results on February 26, 2025.
