{"id":41828,"date":"2025-08-27T11:26:02","date_gmt":"2025-08-27T03:26:02","guid":{"rendered":"https:\/\/www.phillipnova.com.sg\/?post_type=market_trends&#038;p=41828"},"modified":"2025-09-03T12:05:05","modified_gmt":"2025-09-03T04:05:05","slug":"the-case-for-s-reits-in-a-rate-cut-cycle","status":"publish","type":"market_trends","link":"https:\/\/www.phillipnova.com.sg\/cn\/market_trends\/the-case-for-s-reits-in-a-rate-cut-cycle\/","title":{"rendered":"The Case for S-REITs in a Rate-Cut Cycle"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"41828\" class=\"elementor elementor-41828\" data-elementor-post-type=\"market_trends\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"ob-is-breaking-bad elementor-section elementor-top-section elementor-element elementor-element-352641be elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"352641be\" data-element_type=\"section\" data-settings=\"{&quot;_ob_bbad_use_it&quot;:&quot;yes&quot;,&quot;_ob_bbad_sssic_use&quot;:&quot;no&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2bc8ee01\" data-id=\"2bc8ee01\" data-element_type=\"column\" data-settings=\"{&quot;_ob_bbad_is_stalker&quot;:&quot;no&quot;,&quot;_ob_teleporter_use&quot;:false,&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-13bf2830 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"13bf2830\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-size: 14pt;\">\n\n<\/span><\/p>\n<p>After two years of aggressive global rate hikes, the tide may be turning. Inflationary pressures are easing, and central banks &#8211; including the US Federal Reserve &#8211; have signalled that rate cuts could be on the horizon. For Singapore\u2011listed Real Estate Investment Trusts (S\u2011REITs), this shift may mark the start of a recovery after a prolonged period of valuation pressure.<\/p>\n<p>&nbsp;<\/p>\n<p>Historically, a lower interest\u2011rate environment supports REITs by:<\/p>\n<ul>\n<li>Reducing borrowing costs, which can boost distributable income over time<\/li>\n<li>Lifting asset valuations as property yields look more attractive relative to bonds<\/li>\n<li>Encouraging portfolio reallocation into yield\u2011generating assets as fixed income returns soften<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><!--StartFragment --><\/p>\n<h3><!--StartFragment --><strong><span class=\"cf0\">A Look at the Historical Link Between the FTSE ST REITs Index and the Singapore 10<\/span><span class=\"cf1\">\u2011<\/span><span class=\"cf0\">Year Government Bond Yield<\/span><\/strong><!--EndFragment --><\/h3>\n<p class=\"pf0\"><span class=\"cf0\">Over the past year, the FTSE ST REITs Index has generally moved opposite to the Singapore 10-Year Government Bond yield, consistent with the sector\u2019s yield-spread dynamics. Falling bond yields widen spreads, boosting REITs\u2019 relative appeal, while rising yields narrow spreads and weigh on valuations. With major central banks signalling rate cuts into late-2025, a sustained decline in yields could potentially widen spreads further and support renewed demand for S-REITs.<\/span><\/p>\n<p><!--EndFragment --><\/p>\n<figure id=\"attachment_41830\" aria-describedby=\"caption-attachment-41830\" style=\"width: 1176px\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-41830 size-full\" src=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SREITS-v.s-10-Year-Bond-Yield.png\" alt=\"\" width=\"1176\" height=\"663\" srcset=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SREITS-v.s-10-Year-Bond-Yield.png 1176w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SREITS-v.s-10-Year-Bond-Yield-300x169.png 300w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SREITS-v.s-10-Year-Bond-Yield-1024x577.png 1024w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SREITS-v.s-10-Year-Bond-Yield-768x433.png 768w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SREITS-v.s-10-Year-Bond-Yield-18x10.png 18w\" sizes=\"(max-width: 1176px) 100vw, 1176px\" \/><figcaption id=\"caption-attachment-41830\" class=\"wp-caption-text\">A comparison between the yields for S-REITs and the 10 Year Government Bond. Chart from Bloomberg.<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<h3><strong>Why S\u2011REITs Merit Renewed Attention<\/strong><\/h3>\n<p>S\u2011REITs provide access to professionally managed portfolios of income\u2011producing properties &#8211; from retail malls and Grade\u00a0A offices to logistics hubs, data centers, and healthcare facilities.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Key advantages:<\/strong><\/p>\n<ul>\n<li><strong>Accessibility:<\/strong> Invest from just 100 units, versus the large capital outlay for physical property<\/li>\n<li><strong>Income visibility:<\/strong> Many distribute \u226590% of taxable income, with recent sector yields typically in the 4.5\u20137.5% range<\/li>\n<li><strong>Liquidity:<\/strong> SGX\u2011listed units can be bought or sold quickly compared with direct property transactions<\/li>\n<li><strong>Diversification:<\/strong> Across sectors and geographies, with many holding overseas assets<\/li>\n<li><strong>Tax efficiency:<\/strong> Distributions to individuals are tax\u2011exempt in Singapore<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span data-teams=\"true\">While a rate\u2011cut cycle can lift the entire S\u2011REIT sector, those with structural advantages &#8211; from essential\u2011service assets to long\u2011term inflation\u2011linked leases &#8211; are positioned to outperform. Below are four names with defensive moats that have historically delivered resilient cash flows through varying rate environments.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Four REITs with Defensive Moats That Should Be In Your Watchlist<\/strong><\/h3>\n<p><!--StartFragment --><strong><span class=\"cf0\">CapitaLand Integrated Commercial Trust (SGX: C38U)<\/span><\/strong><!--EndFragment --><\/p>\n<ul>\n<li>Singapore\u2019s largest integrated retail and CBD office landlord, with 21 local assets and selective holdings in Germany and Australia.<\/li>\n<li>Its CBD presence includes Raffles City, Asia Square Tower\u00a02, and CapitaSpring &#8211; placing it among the sector\u2019s largest Grade\u00a0A office owners.<\/li>\n<li>Suburban and downtown retail assets such as Plaza Singapura and Junction\u00a08 are directly linked to MRT stations, a competitive advantage that is hard to replicate.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><!--StartFragment --><strong><span class=\"cf0\">Frasers Centrepoint Trust (SGX: J69U)<\/span><\/strong><!--EndFragment --><\/p>\n<ul>\n<li>Pure\u2011play suburban retail REIT with 100% Singapore exposure, anchored by high\u2011traffic malls including Causeway Point, Northpoint City, and Tampines\u00a01.<\/li>\n<li>Limited land supply in suburban hubs curbs competing developments, supporting rental resilience.<\/li>\n<li>Reported +9% rental reversions in 1H\u00a0FY2025 and portfolio occupancy of 99.9% (excluding Hougang Mall under AEI).<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><!--StartFragment --><strong><span class=\"cf0\">Keppel DC REIT (SGX: AJBU)<\/span><\/strong><!--EndFragment --><\/p>\n<ul>\n<li>Asia\u2019s first pure\u2011play data center REIT, with assets in Singapore, Asia\u2011Pacific, and Europe.<\/li>\n<li>Operates in a sector with high technical barriers to entry and structural demand from cloud, AI, and digitalization trends.<\/li>\n<li>Singapore\u2019s 2019\u20132022 moratorium on new DCs has kept supply tight.<\/li>\n<li>Reported 95.8% portfolio occupancy (Jun\u00a02025), 6.9\u2011year WALE, and ~51% positive rental reversion in 1H\u00a02025 from a major renewal.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><!--StartFragment --><\/p>\n<p class=\"pf0\"><strong><span class=\"cf0\">Parkway Life REIT (SGX: C2PU)<\/span><\/strong><!--EndFragment --><\/p>\n<ul>\n<li>Owns three of Singapore\u2019s eight private hospitals &#8211; Gleneagles, Mount Elizabeth Orchard, and Mount Elizabeth Novena &#8211; all operated by IHH Healthcare.<\/li>\n<li>Backed by 20.4\u2011year master leases with built\u2011in rent escalations.<\/li>\n<li>Expanded into Japan and France nursing homes in 2024; 1H\u00a02025 net property income rose 8.0% YoY.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><strong>The Case for a 2025\u20132026 Re\u2011Rating<\/strong><\/h3>\n<p>As rates ease, three potential catalysts stand out:<\/p>\n<ul>\n<li><strong>Earnings uplift:<\/strong> Lower refinancing costs could improve distributable income, although benefits may be gradual for REITs with longer debt maturities.<\/li>\n<li><strong>Valuation expansion:<\/strong> Potential cap\u2011rate compression may lift property values and NAV\/unit.<\/li>\n<li><strong>Capital flows:<\/strong> Wider yield spreads over government bonds could attract both institutional and retail inflows.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>\u5e95\u7ebf\uff1a<\/strong> With rate cuts back in play, S\u2011REITs could be entering a more favorable cycle. Those with strong competitive moats, resilient demand drivers, and visible cash flows are well\u2011placed to benefit.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Trade S-REITs with Phillip Nova<\/strong><\/h3>\n<p class=\"font-size-18\">Position yourself for the next cycle by trading S-REITs on Phillip Nova 2.0 &#8211; enjoy <strong>0.08% commission with no minimum fee<\/strong> when you trade Singapore-listed REITs on our platform. <a href=\"https:\/\/accountopening.phillipnova.com.sg\/?aeCode=3TGroPiC9Ej99gm97ckHCs9fHJMF0b&amp;source=Stocks_Product&amp;utm_source=Market%20Trends&amp;utm_medium=Article&amp;utm_campaign=Stocks%20-%20S-REITs&amp;utm_content=PFSG\">Click here to open an account now!<\/a><\/p>\n<p class=\"font-size-18\">Or take a view via Singapore stocks, or explore opportunities in ETFs via the Phillip MSCI Singapore Daily (2X) Leveraged ETF (LSS) or the <br \/>Phillip MSCI Singapore Daily (-1X) Inverse ETF (SSS) now!\u00a0<\/p>\n<p data-start=\"2585\" data-end=\"2809\"><a href=\"https:\/\/accountopening.phillipnova.com.sg\/?aeCode=3TGroPiC9Ej99gm97ckHCs9fHJMF0b&amp;source=Stocks_Product&amp;utm_source=Market%20Trends&amp;utm_medium=Article&amp;utm_campaign=Stocks%20-%20S-REITs&amp;utm_content=PFSGrticle&amp;utm_campaign=Stocks%20-%20S-REITs&amp;utm_content=PFSG\"><img decoding=\"async\" class=\"alignnone wp-image-41845 size-full\" src=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SG_prospecting-banner_1200x628.jpg\" alt=\"\" width=\"1200\" height=\"628\" srcset=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SG_prospecting-banner_1200x628.jpg 1200w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SG_prospecting-banner_1200x628-300x157.jpg 300w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SG_prospecting-banner_1200x628-1024x536.jpg 1024w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SG_prospecting-banner_1200x628-768x402.jpg 768w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/08\/SG_prospecting-banner_1200x628-18x9.jpg 18w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\">Trade CFDs, ETFs, Forex, Futures, Options, Precious Metals, and Stocks&nbsp;on NOVA<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">Features of trading on NOVA<\/h4>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u8bbf\u95ee 20 \u591a\u4e2a\u5168\u7403\u4ea4\u6613\u6240 <\/strong><br>\u4ece 20 \u591a\u4e2a\u5168\u7403\u4ea4\u6613\u6240\u7684 200 \u591a\u4e2a\u5168\u7403\u671f\u8d27\u4e2d\u6355\u6349\u673a\u4f1a<br><\/li>\n\n\n\n<li><strong>\u5168\u7403\u80a1\u7968\u7684\u4ea4\u6613\u673a\u4f1a<\/strong><br>Over 11,000 Stocks and ETFs across Singapore, US, China, Hong Kong, Malaysia and Japan markets.<br><\/li>\n\n\n\n<li><strong>Charting Powered by TradingView<\/strong><br>View live charts and gain access to over 100 technical indicators<br><\/li>\n\n\n\n<li><strong>True Multi-Asset Trading<\/strong><br>Trade CFDs, ETFs, Forex, Futures, Options, Precious Metals and Stocks on a single ledger on NOVA<br><\/li>\n\n\n\n<li><strong>USD &amp; SGD Shares Margin Rate at Only 4.5% p.a<\/strong><br><\/li>\n\n\n\n<li><strong>Fractional Shares from US$1<\/strong><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>Start investing in fractional shares from US$1 notional value, at US$0.38 commission per order.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div style=\"height:65px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-fill\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/demo.phillipnova.com.sg\/?utm_content=PFSG&amp;culture=zh-CN\" style=\"border-radius:4px;color:#fffffa;background-color:#fba64d\">Free NOVA Demo Account<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link has-text-color wp-element-button\" href=\"https:\/\/www.phillipnova.com.sg\/cn\/open-an-account\/\" style=\"border-radius:4px;color:#fba64d\">\u5feb\u901f\u5b89\u5168\u7684\u5728\u7ebf\u5f00\u6237<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>The Case for S-REITs in a Rate-Cut Cycle<\/p>","protected":false},"featured_media":41834,"template":"","class_list":["post-41828","market_trends","type-market_trends","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Case for S-REITs in a Rate-Cut Cycle - Phillip Nova - Bringing global markets closer to you<\/title>\n<meta name=\"description\" content=\"Find out why S-REITs could shine brighter \u2728in a rate cut environment.. 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