Singapore REITs Business Updates For 1H 2025

Daniel Lee
Aug 20
3 min read

Here is the summary of the REITs that have reported their earnings or business updates for the first half of 2025.

You can skip to the respective type REITs that you are interested in:

Healthcare REIT
Hospitality REIT
Retail REIT
Office & Commercial REIT
Industrial REIT

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Healthcare REITs

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Hospitality REITs

Visitor arrivals to Singapore growth moderated to 1.9% YoY, reaching 8.3 million from January to June 2025, reflecting a normalisation in post-pandemic travel recovery. That said, compared to last year, tourism performance was much softer due to the absence of large-scale events.
Tourism within Japan remained strong.
Tourism within Australia saw weaker demand in both group and leisure segments.
Tourism within the US remained stable, though demand is largely coming from business travel which has helped to soften the weaker demand from leisure consumers.

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Retail REITs

Singapore’s retail leasing demand remained healthy in the second quarter of 2025, despite media reports citing elevated rents and rising costs as contributing factors behind selected store closures. With an estimated new supply below historical averages over the next few years, CBRE expects overall prime retail rents to recover to pre-COVID levels by the end of 2025.
China's consumer spending remained resilient.
United States consumer spending data remained resilient thus far. However, economic uncertainties remain over the potential impact of the latest tariff policies. Foot traffic for the strip centre sector has remained resilient year-to-date, supported by the strong demand for top-tier spaces while supply growth is expected to remain muted over the next five years

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Office & Commercial REITs

Singapore's core CDB performances remained resilient with a high and stable occupancy rate coupled with positive rental reversions.
According to JLL Research (JLL), in 2Q 2025, the prime grade occupancies in the Sydney CBD, North Sydney and Melbourne CBD increased, while Macquarie Park and Perth CBD recorded a decline compared to a quarter ago.
JLL also noted that the CBD Grade A office occupancy in Seoul decreased from 97.0% in 1Q 2025 to 95.6% in 2Q 2025. In the Tokyo central five wards, JLL noted that the Grade A office market occupancy increased from 97.5% in 1Q 2025 to 97.6% in 2Q 2025, while the Grade B office market occupancy increased from 97.7% in 1Q 2025 to 98.2% in 2Q 2025.

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Industrial REITs

The MTI had maintained Singapore’s GDP growth forecast for 2025 at “0.0 to 2.0 per cent. The occupancy rate for Singapore’s industrial property market has remained stable.
Singapore business parks continue to remain under pressure with negative rent reversions.
Rent reversions for Singapore industrial properties remained positive.
China industrial continues to record a negative reversion for Q2 2025.
Globally, data centre demand continues to be fuelled by the accelerating adoption of AI including agentic AI, cloud computing and digitalisation trends across industries.
Within Asia, Greater Tokyo will remain one of the largest data centre markets within Asia Pacific, with 949 MW of live capacity as at the end of 2024, second in the region after Shanghai.
Within Australia, industrial prime grade net face rent continues to experience positive reversion. That said, it is noted that expectations are softening as tenants adopt a more conservative approach to deal with the ongoing trade uncertainty.
Within Australia, demand for industrial space remains robust across the cities due to interest from manufacturing, transport, postal and warehousing sectors. However, due to softer activities from third-party logistics occupiers, demand for larger spaces (10,000 to 30,000 sqm) subsides.