Five S-Reits that saw strong growth in trading activity in H2 2025

[SINGAPORE] Trading activity in the Singapore real estate investment trust (S-Reit) sector rose overall in the second half of 2025 compared with the first half, amid new Reit listings and a number of mid-cap S-Reits seeing improved trading activity.

The combined average daily traded value (ADTV) of S-Reits rose to more than S$240 million in H2 2025, compared with around S$230 million in the H1 of the year, boosted by contributions from the listings of Centurion Accommodation Reit and NTT DC Reit in the third quarter of 2025.

Excluding the new listings, ADTV for the sector was relatively stable, even though several mid-cap Reits saw liquidity surge in H2. The S-Reits that had ADTV rise the most in H2 included Aims Apac Reit , Lendlease Global Commercial Reit (LReit), Sasseur Reit , OUE Reit and Elite UK Reit .

LReit’s ADTV rose more than S$4 million over the period, representing the largest absolute increase in ADTV among S-Reits. This represented a 164 per cent increase, from S$2.5 million in H1 to S$6.7 million in H2. In August 2025, LReit announced that it was divesting the office component of Jem for S$462 million, with the proceeds to be used to pay down debt and potentially distributed to unitholders.

The manager later announced in November that LReit would acquire 70 per cent interest in PLQ Mall. It raised around S$280 million in a private placement – which was about three times covered – to finance the acquisition.

LReit delivered total returns of 25.7 per cent in H2 2025, reversing from negative 2.1 per cent total returns in H1.

According to Bloomberg data, the six analysts covering the stock currently all have “buy” ratings, with an average 12-month target price of S$0.72, representing a 15.2 per cent return potential from the closing price of S$0.625 on Friday (Jan 9).

Similarly, Aims Apac Reit saw ADTV more than double to S$2.8 million in H2 from S$1.1 million in the H1 of 2025. The Reit’s sponsor announced in July that it was acquiring an additional 7 per cent stake in Aims Apac Reit from ESR Group, taking its stake to nearly 18.7 per cent.

Aims Apac Reit also acquired an industrial property in Aljunied in a deal that would be accretive to distributions per unit (DPUs). The Reit delivered total returns of 17.6 per cent in H2, extending on a 9.8 per cent gain in H1.

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The three analysts with recommendations on the stock currently have “buy” calls with an average target price of S$1.52, which is the same as its closing price on Friday.

Sasseur Reit also saw ADTV more than double in H2 compared with H1, rising to S$0.9 million from S$0.4 million in the prior period. The outlet mall specialist announced in September that it recorded strong aggregate sales of 233.9 million yuan (S$43.1 million) across its four outlet malls on the first day of its Anniversary Sales event, up more than 30 per cent year on year. The Anniversary Sales event is a key promotional event across Sasseur outlets.

Sasseur Reit saw 11 per cent total returns in H2 2025. It currently has six “buy” ratings from analysts, with zero “hold” or “sell” calls, and an average target price of S$0.85, representing a return potential of 25 per cent from its closing price of S$0.68 on Friday.

Elite UK Reit’s ADTV rose around 80 per cent to nearly S$200,000 in H2. The Reit announced in November a 9.4 per cent improvement in DPU for the nine-month period ended September on the back of higher revenue and improved occupancy.

Its interest coverage ratio also improved to 2.7 times in September 2025 from 2.5 times in end-2024, with no refinancing due until 2027.

Elite UK Reit delivered 12.9 per cent total returns in H2 2025, extending from the 18.9 per cent total returns in H1. It currently has six “buy” ratings from analysts with zero “hold” or “sell” calls, and an average target price of £0.40, representing an 11.1 per cent return potential from its current level of £0.36.

Elsewhere, OUE Reit’s ADTV grew 58 per cent half-on-half to S$0.9 million. The Reit delivered resilient operational performance in the Q3 ended September with growth in revenue and net property income on a like-for-like basis.

In October, Maybank analyst Krishna Guha upgraded his call on OUE Reit to “buy” from “hold” and raised the target price to S$0.38 from S$0.30. He is among the five analysts who currently have a “buy” rating on OUE Reit, with an average target price of S$0.39, representing a 6.8 per cent upside from its S$0.365 closing price on Friday.

OUE Reit was the second-best performer on the iEdge S-Reit Index in 2025, with its H2 total returns of 24 per cent contributing to its total returns of 35.9 per cent for the year.

The writer is a research analyst at SGX. For more research and information on Singapore’s Reit sector, visit sgx.com/research-education/sectors for the S-Reits & Property Trusts Chartbook.