5 Singapore REITs With High Occupancy Rate and Potential Upside

REITs could be in the play for 2025 and 2026 as the Fed looks towards more Rate Cuts in the years going forward.

So what are the Singapore REITs that could be riding this trend given that the Sibor has already been trending down?

Here’s a set of simple criteria we look at for identifying potential REITs:

1. High occupancy rates

2. High upside according to ShareInvestor’s consensus estimates

3. High dividend payout.

Let’s get to it.

1. Digital Core REIT USD

Digital Core REIT seems to be the most high-risk, high-reward kind of REIT on this list. We are looking at it due to its

• Occupancy rate: 98%

• Share price upside: +47.3%

Digital Core REIT is listed in Singapore and mainly has data centre-related real estate assets in its portfolio. It provides services to various global companies that want to use its data centre and digital economy services.

Most of its assets are in

1. The United States: 53% of portfolio

2. Europe: 32%

3. Asia Pacific: 10%

4. Latin America: 5%

Now, here comes the most important point – Digi Core is trading at a very low price-to-earnings ratio (PER) of 3.3 times. And there’s a good reason for it.

The share price has significantly declined by 50% from its listing. And most of the declines came in the years 2022 and 2023

• Higher interest rates 

  The Federal Reserve was hiking interest rates to bring down inflation in the U.S. Higher interest rates typically are bad for REITs, as property valuations decline.

• Loss of a major client

  Digital Core REIT was losing a major client (7% of its portfolio) due to bankruptcy.

• Declining revenue and profits

  The company was losing revenue and profits in 2022 and 2023.

However, things are looking up in 2025. It managed to double its revenue to US$89 million in 1H 2025 and here are some catalysts that could drive the company up

• Low valuation at 3.3 PER

• Financial rebound in 2025 after declines in 2022 and 2023

• Federal Reserve expected to reduce interest rates further

Did I also mention that it has a dividend yield of 7.1%?

2. United Hampshire REIT USD

Continuing on the story of U.S. REITs, United Hampshire REIT (UH REIT) is second on our list of Singapore REITs.

• Occupancy Rate: 97.2%

• Upside: +41.4%

UH REIT invests and manages in strip mall-like properties that include groceries, sports brands and other types of retail outlets in the United States. It also has some self-storage facilities assets.

Like Digital Core, the company is trading at a low valuation of 9.7 times compared to industry’s average of 20 times. And share price has declined sharply in the years of 2022 and 2023 due to high interest rates in the U.S.

Looking deeper into the company, here are some things that we like which could be a long-term stable investment

• High exposure to essential services sector

  In economics, we call these as necessity goods where customers will always buy them regardless of the state of the economy. These include things like groceries, pharmacies, gas stations, hardware, home appliances, medical supply, banks, convenience stores and others.

  UH REIT has a 58% exposure to these tenants.

• Good and long rental leases

  As most of its tenants are in essential services, UH REIT has a high Weighted Average Lease Expiry (WALE) of 7.6 years. Its tenants are long-term and don’t change much.

  Top 10 Tenants: 9.8 years

  Essential Services Tenants: 8.1 years

We would classify UH REIT as a low-beta stock (like many REITs) which you can hold for a long-term and expect consistent dividends. And the great thing is that the company has a HIGH dividend yield of 8.6%.

However, there are some things to be worried about.

• 1H 2025 results declined.

  Revenue and profits declined by 3.0% and 5.6% respectively. Profits meanwhile, has been going downhill since 2023.

• Trump tariffs and recession concerns

  Tariffs are eating into the profits of most of UH REIT’s tenants. There are already concerns that this will send the U.S. economy into a recession this year.

3. Sasseur REIT

Let’s switch gears a bit and look at this REIT listed in Singapore, which has assets in China.

• Occupancy Rate: 98.9%

• Upside: +22.4%

Sasseur REIT has a portfolio of outlet malls with its 4 biggest assets of

1. Chongqing Liangjian: 50% of revenue

2. Hefei: 25%

3. Kunming: 15%

4. Chongqing Bishan: 10%

We are not going to lie. When we found out this REIT only has assets in China, we were a bit concerned

• China’s prolonged property downturn

  China’s property slump is entering its 6th year, with no end in sight. Evergrande, its biggest property developer, just got delisted. While this is affecting mainly residential properties, it has spilled over to commercial properties.

• Weakening consumer spending

  Sasseur’s tenants are mostly shopping brands and is reliant on consumer spending. China’s retail sales growth have moderated to 3.7% in July 2025 from 4.8% in June 2025.

However, after reading up more on it, We do think its business strengths and share price catalysts are worth considering.

• Quick to adapt to consumer trends

  Its WALE is only 1.7 years, which means that management has to constantly renew leases with its tenants. But I actually see this as a strength for Sasseur in China’s fast-changing consumer industry. Short leases allow it to change their tenants constantly to grab the latest consumer trends.

• U.S.-China tariffs could be sorted out soon

  While talks are still ongoing, a positive development on this front could send consumer sentiments up in China.

• Government stimulus probably incoming again

  The Chinese government could probably inject more stimulus to Chinese consumers again.

4. Parkway Life REIT

Time for Singapore true-bred REITS. We are looking at Parkway Life REIT here because

• Occupancy Rate: 100%

• Upside: +16.8%

Parkway Life REIT invests and manages healthcare-related assets in Asia Pacific and Europe. They include hospitals, retirement homes, and other healthcare facilities.

We are a bit excited about Parkway Life REIT because it has a core market in Singapore (65% of its assets) and exposure in Japan (28%) and France (7%). Here are the other points

• Long leasing agreements

  Most healthcare facilities negotiate long leasing agreements as it’s hard to move. Hence, Parkway does not need to constantly look for new tenants.

  WALE is at 14.9 years

• Stable DPU growth

  Distribution per unit has grown by 6% every year from 2010 to 2024.

• Good prospects in the healthcare industry

  Medical tourism in Singapore is becoming more popular. Meanwhile, ageing facilities demand are rising in countries such as Japan and France.

Its financial results have been encouraging too. Revenue grew by 10% in 1H 2025, while profits are up by 20%.

However, we do feel like investors are still hesitating due to its low dividend yield of 3.5%. The healthcare industry is also notoriously ‘slow’ as it is a very stable one.

5. Fraser Centrepoint REIT

Nothing like a good old-fashioned shopping mall REIT in Singapore. Fraser Centrepoint REIT (FCT) is last on this list.

• Occupancy Rate: 100%

• Upside: +11.7%

FCT operates suburban shopping malls in Singapore where its biggest assets are

1. Northpoint City (North and South): 24%

2. Causeway Point: 16.5%

3. NEX: 13%

4. Tampines 1: 10%

5. Tiong Bahru Plaza: 8%

Right off the bat, FCT’s acquisition of Northpoint City South Wing is a positive development in the north of Singapore. That’s because the Singapore government has unveiled its URA Masterplan for the region that will benefit from the Singapore-Johor Bahru Special Economic Zone.

Furthermore, Singapore shoppers are also expected to have a big spending binge with the CDC and SG60 government vouchers.

Similar to Sasseur REIT, WALE for Fraser is low at 1.94 years but I view this as a strength for shopping mall REITs as it allows them to refresh their brands to capture the latest consumer trends.

• Dividend yield is at 4.5% which is decent also,

• Retail rent rates have been growing steadily over the years (1.7% to 2.6% annually).

The only concern we have at the moment is that the REITs fortunes is tied to Singaporean consumer’s spending.

• While it’s still resilient now (retail sales grew at 4.8% in July 2025), Trump tariffs have created a lot of risks for Singapore which is very reliant on global trade.

Cheers,

James Yeo