Singapore REITs Trading Below NAV
24 S-REITs matching this category · updated daily
Price-to-NAV (P/NAV) shows how the market values a REIT's units relative to the net book value of its properties. When P/NAV is below 1.0, you're paying less than the professional appraisal value of the underlying assets. In theory, that's a discount.
In practice, the market discounts REITs for reasons: high gearing, weak sponsor support, sector headwinds (e.g. US office post-COVID), or currency exposure to a weakening market. A P/NAV of 0.6 might be a genuine bargain, or it might be a value trap. To keep this list useful, we exclude clearly distressed REITs where distributions are paused or currently zero, and REITs with gearing above 43% (SGX cap is 50%, so 43% leaves a meaningful safety buffer). The trusts here are trading below NAV and still paying — the more interesting subset. Cross-check DPU trend and occupancy before assuming discount equals opportunity.
| # | REIT | Price | P/NAV | Yield | Gearing | Sector |
|---|---|---|---|---|---|---|
| 1 | CDL Hospitality Trusts | S$0.755 | 0.55 | 6.36% | 35.3% | Hospitality |
| 2 | Digital Core REIT | US$0.500 | 0.61 | 7.20% | 39.2% | Data Centre |
| 3 | BHG Retail REIT | S$0.460 | 0.63 | 0.26% | 40.1% | Retail |
| 4 | OUE REIT | S$0.350 | 0.63 | 6.37% | 41.5% | Diversified |
| 5 | Far East Hospitality Trust | S$0.560 | 0.64 | 6.61% | 32.8% | Hospitality |
| 6 | CapitaLand China Trust | S$0.675 | 0.65 | 7.14% | 40.4% | Diversified |
| 7 | Keppel REIT | S$0.885 | 0.71 | 5.91% | 40.0% | Office |
| 8 | Elite UK REIT | £0.315 | 0.72 | 9.62% | 34.8% | Office |
| 9 | United Hampshire US REIT | US$0.535 | 0.73 | 8.21% | 41.1% | Retail |
| 10 | Suntec REIT | S$1.490 | 0.73 | 4.72% | 43.0% | Diversified |
| 11 | Daiwa House Logistics Trust | S$0.465 | 0.74 | 9.31% | 40.1% | Industrial |
| 12 | Mapletree Pan Asia Commercial Trust | S$1.280 | 0.74 | 6.27% | 37.7% | Diversified |
| 13 | Starhill Global REIT | S$0.535 | 0.75 | 6.82% | 35.8% | Retail |
| 14 | CapitaLand Ascott Trust | S$0.860 | 0.75 | 7.10% | 37.7% | Hospitality |
| 15 | Stoneweg Europe Stapled Trust | €1.550 | 0.78 | 8.65% | 42.7% | Diversified |
| 16 | Lendlease Global Commercial REIT | S$0.565 | 0.80 | 6.46% | 38.9% | Diversified |
| 17 | NTT DC REIT | US$0.935 | 0.82 | 8.11% | 29.2% | Data Centre |
| 18 | Frasers Logistics & Commercial Trust | S$0.970 | 0.87 | 6.13% | 35.4% | Diversified |
| 19 | Sasseur REIT | S$0.695 | 0.87 | 8.83% | 25.4% | Retail |
| 20 | Mapletree Logistics Trust | S$1.190 | 0.94 | 6.22% | 40.5% | Industrial |
| 21 | UI Boustead REIT | S$0.805 | 0.94 | 8.52% | 38.6% | Industrial |
| 22 | Alpha Integrated REIT | S$0.495 | 0.94 | 7.07% | 34.9% | Industrial |
| 23 | ESR REIT | S$2.390 | 0.96 | 9.17% | 41.4% | Industrial |
| 24 | Frasers Centrepoint Trust | S$2.210 | 0.98 | 5.51% | 40.4% | Retail |