Hence, OCBC’s three themes for S-REITs in 2026 carry a cautious tone.
Singapore REITs (S-REITs) underperformed the Straits Times Index (STI) and the MSCI Singapore Index for most of 2025, with the FTSE ST All-Share REITs Index delivering returns of 15.6% from the start of the year to Nov 25. In comparison, the STI returned 24.3% and the MSCI Singapore Index returned 23.0% over the same period.
Compared to market expectations, OCBC Investment Research sees a “more measured pace of rate cuts” by the US Federal Reserve this year. This could curtail the share price performance of S-REITs, warns OCBC in a research note released Nov 26, 2025.
