Singapore REITs Business Updates For 1st Quarter 2025

Daniel Lee
10 minutes ago
4 min read

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

Singapore’s hospitality sector performance for 1Q was weak largely due to the absence of high profile events. Other key markets remained relatively stable.
The Singapore Torusim Board projects arrivals to reach between 17 to 18.5mil in 2025 ahead of the 16.5m visitor recorded in 2024 with the opening of several major attraction (Minion Land and Mandai Wildlife Reserve Rain Forest) serving as the catalyst for tourism demand.
Japan tourism remain robust and growth projections for international arrivals remain strong at 9%. However, the overall contribution from this country thus far has been largely mitigated by the depreciation of Yen against SGD.
According to Tourism Research Australia, international visitation remains below pre-pandemic levels, with 7.6 million trips recorded for the year ended Dec 2024 — just 88% of Dec 2019 levels, reflecting a slower recovery pace compared to other key markets
VisitBritain forecasts 43.3 million inbound visits for 2025, a 5% increase from 2024, surpassing the pre-pandemic level of 40.9 million visits in 2019
The U.S. lodging market has stabilized, with hotel occupancy projected to grow as demand outpaces supply. Furthermore, the recovery in domestic business and group demand is expected to drive increases in average daily rates (“ADR”), contributing to the lodging industry's continued stability

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Retail REITs

China’s retail scene held out well in 1Q with slightly higher shopper traffic but slightly lower tenants sales. Moving forward, the retail space is expected to be supported by government stimulus to counteract the impact of an ongoing trade war.
Singapore's retail scene remained resilient with rental reversion expected to remain positive in the upcoming quarters driven by limited retail supply. CBRE research expects islandwide retail rents to recover to pre-COVID 19 levels in 2025.
Singapore’s sub-urban retail market is posied for continued growth in the medium term supported by new home growth to increase catchment population, growth in median household income and constructive government support measures to improve retail spend capacity.
Singapore’s consumer discretionary sector have experienced a slight decrease in tenant sales, especially in specific trade sectors like shoes & bags, fashion & accessories, and sporting goods & apparel.
Indonesia has enacted populist initiatives– free lunch programme, raised minimum wage by 6.5% in 2025, scraped plans to limit distribution of subsidised cooking gas and scaled back the increase in VAT to 12% applicable only to luxury goods– to boost economic growth at a target of 8%
U.S. retail spending surged and increased in March at its fastest pace in over two years, as retail sales rose by 1.4% from February, a sharp acceleration from the previous month’s modest 0.2% gain and the strongest monthly increase since January 2023.

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Office & Commercial REITs

US Commercial headwinds are expected to persist and if not worsen due to the impacts of an ongoing trade war and a potential recession. This may result in a continuation of a negative spiral of higher unoccupancy rates and lower valuations, therefore exacerbating the re-financing woes that the US Com REITs are experiencing.
European real estate market has improved, even though recent global financial volatility, geopolitical developments and tampered investor interest may slow down the recovery in 2025.
Prime-grade offices are performing better than non-prime-grade offices with a general trend of a “flight to quality” or it could be that the tenants of prime-grade offices have the financial means of weathering through the economic uncertainty.
Headwinds in China are resulting in lower occupancy rates in their business parks.

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Industrial REITs

Industrial rental reversions are expected to cool down in FY2025 as compared to FY2024 due to the ongoing economic uncertainty and headwinds. This is especially so for China's industrial and logistics properties.
MTI downgraded Singapore GDP growth forecast for 2025 from 1% to 3% to 0% to 2%. The external demand outlook for Singapore for the rest of the year is expected to weakened significantly due to the lack of clarity over US trade policies and ongoing trade frictions.
India’s industrial property is expected to hold up well as they stand to benefit as an attractive manufacturing alternative hub to China as the trade war continues.
Global demand for data centres is expected to remain strong. Vacancy rates among key markets (US & Japan) continues to remain low as demand outweighs supply.
For Australia’s logistics market, Occupier demand is expected to remain steady during 2025, although net absorption may come in at slightly lower levels than in 2024. Supply is forecast to moderate further, although still high from a historical perspective
In the UK logistics market, speculative take-up increased year on year while expansion in vacancy rate is driven by secondary markets as occupiers consolidate into prime locations and assets
Japan logistics market faced near term challenges due to large supply of logistics space in recent years. However, the logistics sector is expected to be stable in the long term with demand supported by structural trends.