Retail investors pump $300m into S‑REITs despite March index drop

iEdge S‑REIT Index falls 7% in March, with only Suntec and Acrophyte posting positive gains.

Retail investors poured over $300m into Singapore-listed REITs in March, according to Singapore Exchange’s REIT Watch, whilst institutional investors, by contrast, were net sellers with $225m in outflows.

The iEdge S‑REIT Index fell about 7% in March, contributing to negative total returns of 6.4% for the first quarter of 2026. Retail inflows were recorded across industrial, commercial, logistics, and data centre REITs.

The 10 S‑REITs with the highest year-to-date retail inflows were CapitaLand Ascendas Reit, Frasers Centrepoint Trust, Mapletree Industrial Trust, Keppel Reit, Lendlease Global Commercial Reit, ParkwayLife Reit, CapitaLand India Trust, ESR Reit, Keppel DC Reit, and Mapletree Logistics Trust.

Selective institutional inflows were observed in Keppel DC Reit, Centurion Accommodation Reit, and OUE Reit, which collectively recorded $45m in March. Suntec Reit and Acrophyte Hospitality Trust were the only S‑REITs with positive price performance for the month.

Corporate developments included Acrophyte’s $190m acquisition of 100% of Suntec Reit’s manager from ESR Asset Management and Hongkong Land’s $541m purchase of a 10.8% stake in Suntec Reit from ESR.

DBS Research noted sector valuations at an average 0.95 times price-to-book ratio, with financial year 2026 (FY26) forward distribution yields of 5.7%, representing a 3.7% spread over the 10-year government bond.

S‑REITs within the iEdge Singapore Next 50 Index trade at around 0.9 times price-to-book ratio, with forward distribution yields of 6.3% to 6.5%.

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