Iggy's Journal: The S-REIT Selloff Nobody's Talking About: Why It's Not Singapore's Fault

23 August 2026, PM

Macro Read:

S-REITs are down 7.1 percent this year while the STI has been setting fresh record highs, a 29 percentage point gap. That's not a Singapore problem, it's US Treasury yields repricing REIT valuation models everywhere, regardless of what our own 10-year SGS is doing. Two data centre REITs clear the same 4.7 percent yield hurdle and still land in different zones. Keppel DC REIT sits at Zone 4, Caution. Mapletree Industrial Trust sits at Zone 4-. One locked 87 percent of its debt at 2.6 to 2.7 percent before this cycle started. The other saw floating-rate exposure jump from 11.4 to 26.7 percent in a single quarter. The hedge ratio is doing more work here than the trailing yield ever could.

Still Thinking This Through:

The size of this gap actually caught me off guard when I first ran the numbers, a record index and a REIT sector this far underwater at the same time isn't something I expected to find sitting side by side. That's exactly the kind of divergence that deserves more than one article's worth of attention, so I'm setting aside this Sunday to go properly deep into why it's happening and what it actually means if you're holding S-REITs for CPF or SRS income. Tonight's full breakdown is up now.

Not financial advice. Iggy's Forensic Compliance Standards apply.

📺 https://youtu.be/pK6Eg5V6Aek

📩 https://investingiguana.com/p/the-s-reit-selloff-nobodys-talking

Cheers, Iggy 🦖