Commercial Property

Staff Reporter

, Singapore

Published:

9 years ago

Here's why you should ditch Singapore REITS for developers

Low rates will likely keep asset prices well supported.

Investors looking to dip into the local real estate market should be eyeing developers, as analysts continue to be unimpressed with Singapore REITs' growth prospects.

According to a report by Jefferies, aggregate sector yields are 40 bps higher than historical average, pricing in the uninspiring dividend growth outlook.

"REIT average gearing is at 35%. Asset values need to decline by about 22% to reach the regulatory cap of 45%. While it is not impossible, current low rates are likely to keep asset prices well supported even through growth prospects are weak," Jefferies noted.

"Ascendas India Trust (AIT), Frasers Logistics & Industrial Trust, Mapletree Industrial Trust (MINT) and SPH REIT has ample financial flexibility to grow dividends through organic/inorganic means," it added.

Jefferies champions Ascendas REIT, Keppel REIT, CapitaCommercial Trust, AIMS AMP REIT, AIT.

Meanwhile, Jefferies asserted that though MINT and Mapletree Commercial Trust have the best growth profiles, the two are also the most expensive both on yield and price to book.

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