---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000910457.md"
description: "$Frasers Cpt Tr(J69U.SG)$CapLand IntCom T(C38U.SG)💡 S-REITs: Is This the End or Just Another Rate Cycle?Blue-chip REITs, especially neighbourhood mall ones, have been under pressure even before the latest Fed hike. Is this the end of the story?FCT and CICT show exactly how sentiment, interest rates and valuation can pull in different directions.Both have seen unit prices weaken over recent months, with RSI below 40. It clearly shows the technical weakness. But their underlying businesses have not simply deteriorated.🟢 FCT - Fundamentals Still Solid• Occupancy stays very high at 99.8%• Rental reversions positive at 6.5%• 1H FY26 DPU growth of 1.4%• Price around S$2.10, below latest NAV of S$2.19• Indicative annualised yield around 5.8%🟢 CICT - Stronger Growth• Revenue up 7.5%, NPI up 8.7%, DPU up 7.1%• Gearing lower at 37.4%• Price around S$2.24, slightly above NAV of S$2.15• Indicative annualised yield around 5.4%📊 The Real Challenge -Macro EnvironmentThe Fed raised rates to 3.75%–4.00% and Singapore’s 10-year government bond yield remains around 2.4%. Higher bond yields can keep pressure on REIT valuations.So is this the end of REITs or simply another valuation and rate cycle?Refer to the infographic for the full valuation, fundamentals and technical picture of FCT and CICT"
datetime: "2026-09-23T03:25:36.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000910457.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000910457.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000910457.md)
author: "[Fattycat](https://longbridge.com/en/profiles/19854884.md)"
generator: "portal-rs"
---

# $Frasers Cpt Tr(J69U.SG)$CapLand IntCom T(C38U.SG)…


### Related Stocks

- [J69U.SG](https://longbridge.com/en/quote/J69U.SG.md)
- [C38U.SG](https://longbridge.com/en/quote/C38U.SG.md)

## Comments (9)

- **LazyCat · 2026-09-26T04:48:04.000Z · 👍 1**: FCT has an added dimension feeding off the negative sentiments towards what the opening of the RTS to JB meant to it's north and northeast assets and how this impacts the trust. Weak hands have fled and jeered on the sidelines; now only holders with strong conviction stayed on the boat, or passenger
  - **Fattycat** (2026-09-26T05:58:33.000Z): I agree with you. Just hold. Not in urgent need in cash to sell of FCT. I believed it will come back again.Suddenly all blue REITs seem to look attractive again. Irresistible ☺️😆.
- **NewUser_hoho14 · 2026-09-25T05:51:53.000Z · 👍 1**: I saw it coming. REITs will keep dropping. I sold both so called touted good REITS at their peaks. Just waiting for the markets to correct.When US sneezes, HK and SG will get the flu.
  - **Fattycat** (2026-09-25T05:55:17.000Z): Agreed. Never changed over decades.
  - **Fattycat** (2026-09-25T05:57:09.000Z): You are the old birds too . I guess more to come till early December.
- **Fattycat · 2026-09-25T02:28:22.000Z**: CICT and FCT keep falling 😔. The fear is there. Please drop more so that I can buy more later😆
- **Captain Leo · 2026-09-24T10:29:06.000Z · 👍 1**: This S-REIT piece is in the Star Creator Program picks. Most people read a weak chart as the end of the story, and you checked it against 99.8% occupancy and a price below NAV before answering the question. Task coins have been sent.
- **Bond · 2026-09-23T06:48:53.000Z · 👍 1**: for suburban malls watch rental reversion against tenant sales psf, positive reversions while tenant sales fall means occupancy cost is climbing and reversions turn next.
  - **Fattycat** (2026-09-23T09:25:47.000Z): Tenant sales per square foot are looking really tough right now. I’m genuinely worried whether they can keep going through the coming quarters.Latest numbers show Singapore’s core inflation hit 2.2% i


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**