<p><strong>2025 年上半年 iEdge S-REIT 指數前十名錶現者</strong></p>
<table>
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<td><strong>信託名稱</strong></td>
<td><strong>年初至今總回報 (%)</strong></td>
<td><strong>年初至今淨機構流入 (百萬新元)</strong></td>
<td><strong>年初至今淨零售流入 (百萬新元)</strong></td>
<td><strong>股息收益率 (%)</strong></td>
<td><strong>市淨率</strong></td>
</tr>
<tr>
<td>Frasers Hospitality Trust</td>
<td>21.4</td>
<td>19.3</td>
<td>-23.2</td>
<td>3.1</td>
<td>1.1</td>
</tr>
<tr>
<td>CapitaLand Integrated Commercial Trust</td>
<td>13.8</td>
<td>38.1</td>
<td>-75.9</td>
<td>5.0</td>
<td>1.0</td>
</tr>
<tr>
<td>First REIT</td>
<td>10.7</td>
<td>0.1</td>
<td>-0.9</td>
<td>8.7</td>
<td>1.0</td>
</tr>
<tr>
<td>Frasers Centrepoint Trust</td>
<td>10.4</td>
<td>-12.8</td>
<td>-14.3</td>
<td>5.3</td>
<td>1.0</td>
</tr>
<tr>
<td>ParkwayLife REIT</td>
<td>10.0</td>
<td>11.9</td>
<td>-14.5</td>
<td>3.7</td>
<td>1.7</td>
</tr>
<tr>
<td>CapitaLand Ascendas REIT</td>
<td>9.3</td>
<td>-31.2</td>
<td>28.0</td>
<td>5.7</td>
<td>1.2</td>
</tr>
<tr>
<td>AIMS APAC REIT</td>
<td>8.9</td>
<td>-2.8</td>
<td>2.7</td>
<td>7.3</td>
<td>1.1</td>
</tr>
<tr>
<td>OUE REIT</td>
<td>7.8</td>
<td>-1.4</td>
<td>1.5</td>
<td>7.0</td>
<td>0.5</td>
</tr>
<tr>
<td>Mapletree Pan Asia Commercial Trust</td>
<td>6.7</td>
<td>-30.8</td>
<td>17.2</td>
<td>6.4</td>
<td>0.7</td>
</tr>
<tr>
<td>Keppel DC REIT</td>
<td>5.9</td>
<td>-20.9</td>
<td>-3.9</td>
<td>4.3</td>
<td>1.5</td>
</tr>
</tbody>
</table>
<p><em>來源：彭博社，新加坡交易所，截至 2025 年 6 月 26 日的數據。</em></p>
<p>2025 年上半年，S-REIT 行業表現穩定，截至 6 月 26 日，iEdge S-REIT 指數上漲 0.6%，達到 1010.73，股息使得該指數的總回報率達到 3.2%。</p>
<p>在 iEdge S-REIT 指數的 30 個成分股中，超過一半在上半年實現了正的總回報，前五名錶現者在此期間的總回報均為兩位數。</p>
<p>這些表現優異的信託包括 Frasers Hospitality Trust (FHT)、CapitaLand Integrated Commercial Trust (CICT)、First REIT、Frasers Centrepoint Trust (FCT) 和 Parkway Life REIT，截至 6 月 26 日，其年初至今總回報在 10.0% 到 21.4% 之間。</p>
<p>上半年大多數表現優異的信託報告了強勁的運營表現，穩定的入住率和積極的租金回升。</p>
<p>FCT 在 2025 年上半年實現了收入和淨物業收入（NPI）分別增長 7.1% 和 7.3%，達到 1.844 億新元和 1.337 億新元。這一增長主要得益於其購物中心的入住率和租金的提升，以及 Tampines 1 的 AEI 完成。每單位分配（DPU）也增長了 0.5%，達到 0.06054 新元。</p>
<p>同樣，ParkwayLife REIT 在 2025 年第一季度報告了更高的總收入，這得益於在日本和法國收購的護理院的貢獻。DPU 也上升了 1.3%，達到 0.0384 新元。</p>
<p>在同類比較中，CICT 在第一季度的總收入和 NPI 分別增長了 1.1% 和 1.4%，並繼續觀察到新籤和續簽租約的租金上升。</p>
<p>與此同時，FHT 的優異表現得益於其提出的私有化計劃。</p>
<p>與歷史平均水平相比，REIT 行業的估值具有吸引力。</p>
<p>截至 5 月底，FTSE ST REIT 指數的前瞻性股息收益率約為 6.4%，與基準 10 年期新加坡政府債券收益率的收益差接近 4 個百分點，高於 10 年平均水平。</p>
<p>在市淨率方面，該行業的市淨率也低於 0.8 倍，低於 10 年平均的 1.0 倍。2025 年上半年 iEdge S-REIT 指數表現最強的 S-REIT 也正是當前市淨率最高的那些。</p>
<p>上半年表現最好的七個信託的市淨率在 1.0 倍到 1.7 倍之間，高於行業平均水平。</p>
<p>在 2025 年上半年，零售投資者是 S-REIT 的淨買家，截至 6 月 26 日，該行業的總淨流入約為 4 億新元。</p>
<p>在此期間，機構投資者是 S-REIT 的淨賣家，淨流出超過 5 億新元。然而，幾隻 S-REIT 逆勢而上，在上半年錄得淨機構流入，包括 CICT、FHT 和 ParkwayLife REIT。機構在最近幾周也在淨買入 REIT 行業，截至 6 月 26 日的五個交易日內淨流入超過 1 億新元。</p>
<p>隨着下半年的臨近，投資者將關注利率的走勢以及持續的運營韌性。</p>
<p>儘管美國聯邦儲備委員會在 2025 年尚未降息，但預計今年晚些時候將會有幾次降息。</p>
<p>在新加坡，國內利率也在下降，三個月複合新加坡隔夜利率（SORA）從 1 月 2 日的 3.0227 降至 6 月 26 日的 2.0797。</p>
<p>觀察該行業的分析師指出，地方借貸利率的下降尚未引發該行業單位價格的顯著波動。然而，如果全球利率最終被降低，投資者情緒可能會改善。</p>
<p><em><strong>欲瞭解更多關於新加坡 REIT 行業的研究和信息，請訪問</strong></em> sgx.com/research-education/sectors <em><strong>獲取 SREITs 和物業信託圖表書。</strong></em></p>
<p><em><strong>REIT 觀察是《商業時報》上的定期專欄，</strong></em> 閲讀 <em><strong>原版文章。</strong></em></p>
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<p>iEdge S-REIT 指數在 2025 年上半年表現穩定，上漲 0.6%，總回報率為 3.2%。表現最佳的包括輝盛國際信託（21.4%）、凱德綜合商業信託（13.8%）和先鋒醫療產業（10.7%）。散户投資者為淨買入，而機構投資者則出現淨流出。該行業的估值具有吸引力，預期股息收益率為 6.4%。分析師正在關注利率，因為降息預期可能會影響下半年的投資者情緒</p>

<p><strong>Top 10 iEdge S-REIT Index Performers in H1 2025</strong></p>
<div class="lb-trans"><p><strong>2025 年上半年 iEdge S-REIT 指數前十名錶現者</strong></p>
</div><table>
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<td><strong>Trust Name</strong></td>
<td><strong>YTD Total Returns (%)</strong></td>
<td><strong>YTD Net Insti Flows (S$M)</strong></td>
<td><strong>YTD Net Retail Flows (S$M)</strong></td>
<td><strong>Dividend Yield (%)</strong></td>
<td><strong>P/B Ratio</strong></td>
</tr>
<tr>
<td>Frasers Hospitality Trust</td>
<td>21.4</td>
<td>19.3</td>
<td>-23.2</td>
<td>3.1</td>
<td>1.1</td>
</tr>
<tr>
<td>CapitaLand Integrated Commercial Trust</td>
<td>13.8</td>
<td>38.1</td>
<td>-75.9</td>
<td>5.0</td>
<td>1.0</td>
</tr>
<tr>
<td>First REIT</td>
<td>10.7</td>
<td>0.1</td>
<td>-0.9</td>
<td>8.7</td>
<td>1.0</td>
</tr>
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<td>Frasers Centrepoint Trust</td>
<td>10.4</td>
<td>-12.8</td>
<td>-14.3</td>
<td>5.3</td>
<td>1.0</td>
</tr>
<tr>
<td>ParkwayLife REIT</td>
<td>10.0</td>
<td>11.9</td>
<td>-14.5</td>
<td>3.7</td>
<td>1.7</td>
</tr>
<tr>
<td>CapitaLand Ascendas REIT</td>
<td>9.3</td>
<td>-31.2</td>
<td>28.0</td>
<td>5.7</td>
<td>1.2</td>
</tr>
<tr>
<td>AIMS APAC REIT</td>
<td>8.9</td>
<td>-2.8</td>
<td>2.7</td>
<td>7.3</td>
<td>1.1</td>
</tr>
<tr>
<td>OUE REIT</td>
<td>7.8</td>
<td>-1.4</td>
<td>1.5</td>
<td>7.0</td>
<td>0.5</td>
</tr>
<tr>
<td>Mapletree Pan Asia Commercial Trust</td>
<td>6.7</td>
<td>-30.8</td>
<td>17.2</td>
<td>6.4</td>
<td>0.7</td>
</tr>
<tr>
<td>Keppel DC REIT</td>
<td>5.9</td>
<td>-20.9</td>
<td>-3.9</td>
<td>4.3</td>
<td>1.5</td>
</tr>
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<div class="lb-trans"><table>
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<td><strong>信託名稱</strong></td>
<td><strong>年初至今總回報 (%)</strong></td>
<td><strong>年初至今淨機構流入 (百萬新元)</strong></td>
<td><strong>年初至今淨零售流入 (百萬新元)</strong></td>
<td><strong>股息收益率 (%)</strong></td>
<td><strong>市淨率</strong></td>
</tr>
<tr>
<td>Frasers Hospitality Trust</td>
<td>21.4</td>
<td>19.3</td>
<td>-23.2</td>
<td>3.1</td>
<td>1.1</td>
</tr>
<tr>
<td>CapitaLand Integrated Commercial Trust</td>
<td>13.8</td>
<td>38.1</td>
<td>-75.9</td>
<td>5.0</td>
<td>1.0</td>
</tr>
<tr>
<td>First REIT</td>
<td>10.7</td>
<td>0.1</td>
<td>-0.9</td>
<td>8.7</td>
<td>1.0</td>
</tr>
<tr>
<td>Frasers Centrepoint Trust</td>
<td>10.4</td>
<td>-12.8</td>
<td>-14.3</td>
<td>5.3</td>
<td>1.0</td>
</tr>
<tr>
<td>ParkwayLife REIT</td>
<td>10.0</td>
<td>11.9</td>
<td>-14.5</td>
<td>3.7</td>
<td>1.7</td>
</tr>
<tr>
<td>CapitaLand Ascendas REIT</td>
<td>9.3</td>
<td>-31.2</td>
<td>28.0</td>
<td>5.7</td>
<td>1.2</td>
</tr>
<tr>
<td>AIMS APAC REIT</td>
<td>8.9</td>
<td>-2.8</td>
<td>2.7</td>
<td>7.3</td>
<td>1.1</td>
</tr>
<tr>
<td>OUE REIT</td>
<td>7.8</td>
<td>-1.4</td>
<td>1.5</td>
<td>7.0</td>
<td>0.5</td>
</tr>
<tr>
<td>Mapletree Pan Asia Commercial Trust</td>
<td>6.7</td>
<td>-30.8</td>
<td>17.2</td>
<td>6.4</td>
<td>0.7</td>
</tr>
<tr>
<td>Keppel DC REIT</td>
<td>5.9</td>
<td>-20.9</td>
<td>-3.9</td>
<td>4.3</td>
<td>1.5</td>
</tr>
</tbody>
</table>
</div><p><em>Source: Bloomberg, SGX, data as of 26 Jun 2025.</em></p>
<div class="lb-trans"><p><em>來源：彭博社，新加坡交易所，截至 2025 年 6 月 26 日的數據。</em></p>
</div><p>The S-REIT sector has delivered a stable performance in the first half of 2025, with the iEdge S-REIT index gaining 0.6 per cent to 1010.73 as of Jun 26, while dividends take the index total returns to 3.2 per cent for the period.</p>
<div class="lb-trans"><p>2025 年上半年，S-REIT 行業表現穩定，截至 6 月 26 日，iEdge S-REIT 指數上漲 0.6%，達到 1010.73，股息使得該指數的總回報率達到 3.2%。</p>
</div><p>More than half of the 30 constituents on the iEdge S-REIT index delivered positive total returns in the first six months of the year, with the top five performers delivering double digit total returns over the period.</p>
<div class="lb-trans"><p>在 iEdge S-REIT 指數的 30 個成分股中，超過一半在上半年實現了正的總回報，前五名錶現者在此期間的總回報均為兩位數。</p>
</div><p>These outperformers include Frasers Hospitality Trust (FHT), CapitaLand Integrated Commercial Trust (CICT), First REIT, Frasers Centrepoint Trust (FCT) and Parkway Life REIT, with YTD total returns ranging between 10.0 and 21.4 per cent as of Jun 26.</p>
<div class="lb-trans"><p>這些表現優異的信託包括 Frasers Hospitality Trust (FHT)、CapitaLand Integrated Commercial Trust (CICT)、First REIT、Frasers Centrepoint Trust (FCT) 和 Parkway Life REIT，截至 6 月 26 日，其年初至今總回報在 10.0% 到 21.4% 之間。</p>
</div><p>Most of the outperformers in the first half reported robust operating performance with stable occupancy and positive rental reversions.</p>
<div class="lb-trans"><p>上半年大多數表現優異的信託報告了強勁的運營表現，穩定的入住率和積極的租金回升。</p>
</div><p>FCT saw revenue and net property income (NPI) grow by 7.1 per cent and 7.3 per cent on year to S$184.4 million and S$133.7 million respectively in H1 2025. This growth was primarily driven by increased occupancy and passing rent across its portfolio of malls, and the completion of AEIs at Tampines 1. Distribution per unit (DPU) also grew 0.5 per cent to S$0.06054.</p>
<div class="lb-trans"><p>FCT 在 2025 年上半年實現了收入和淨物業收入（NPI）分別增長 7.1% 和 7.3%，達到 1.844 億新元和 1.337 億新元。這一增長主要得益於其購物中心的入住率和租金的提升，以及 Tampines 1 的 AEI 完成。每單位分配（DPU）也增長了 0.5%，達到 0.06054 新元。</p>
</div><p>Similarly, ParkwayLife REIT has reported higher gross revenue in 1Q 2025, arising from the contribution of nursing homes acquired in Japan and France. DPU also rose 1.3 per cent to S$0.0384.</p>
<div class="lb-trans"><p>同樣，ParkwayLife REIT 在 2025 年第一季度報告了更高的總收入，這得益於在日本和法國收購的護理院的貢獻。DPU 也上升了 1.3%，達到 0.0384 新元。</p>
</div><p>On a like-for-like basis, CICT also saw growth in Q1 gross revenue and NPI by 1.1 per cent and 1.4 per cent respectively, and it continued to observe higher signing rents for new and renewed leases.</p>
<div class="lb-trans"><p>在同類比較中，CICT 在第一季度的總收入和 NPI 分別增長了 1.1% 和 1.4%，並繼續觀察到新籤和續簽租約的租金上升。</p>
</div><p>Meanwhile, FHT’s outperformance has come on the back of a proposed privatisation.</p>
<div class="lb-trans"><p>與此同時，FHT 的優異表現得益於其提出的私有化計劃。</p>
</div><p>The REIT sector trades at compelling valuations compared to their historical average.</p>
<div class="lb-trans"><p>與歷史平均水平相比，REIT 行業的估值具有吸引力。</p>
</div><p>As of end-May, the forward dividend yield for the FTSE ST REIT Index was around 6.4 per cent, representing a yield spread of nearly 4 percentage points to benchmark 10-year Singapore Government Bond yields, higher than the 10-year average.</p>
<div class="lb-trans"><p>截至 5 月底，FTSE ST REIT 指數的前瞻性股息收益率約為 6.4%，與基準 10 年期新加坡政府債券收益率的收益差接近 4 個百分點，高於 10 年平均水平。</p>
</div><p>In terms of price-to-book ratio, the sector also trades under 0.8x, below the 10-year average of 1.0x. The strongest performing S-REITs on the iEdge S-REIT index in the first half of 2025 are also among those that have the highest price-to-book ratios currently.</p>
<div class="lb-trans"><p>在市淨率方面，該行業的市淨率也低於 0.8 倍，低於 10 年平均的 1.0 倍。2025 年上半年 iEdge S-REIT 指數表現最強的 S-REIT 也正是當前市淨率最高的那些。</p>
</div><p>The top seven performers in H1 have price-to-book ratios of between 1.0x to 1.7x, higher than the sector average.</p>
<div class="lb-trans"><p>上半年表現最好的七個信託的市淨率在 1.0 倍到 1.7 倍之間，高於行業平均水平。</p>
</div><p>For the first half of 2025, retail investors were net buyers of S-REITs, with the sector receiving total net inflow of around S$400 million as of June 26.</p>
<div class="lb-trans"><p>在 2025 年上半年，零售投資者是 S-REIT 的淨買家，截至 6 月 26 日，該行業的總淨流入約為 4 億新元。</p>
</div><p>Institutional investors were net sellers of S-REITs over the period, with over S$500 million in net outflows. However, several S-REITs bucked the trend and recorded net institutional inflows in H1, including CICT, FHT and ParkwayLife REIT. Institutions have also been net buying the REIT sector in recent weeks with over S$100 million in net inflows for the five sessions to Jun 26.</p>
<div class="lb-trans"><p>在此期間，機構投資者是 S-REIT 的淨賣家，淨流出超過 5 億新元。然而，幾隻 S-REIT 逆勢而上，在上半年錄得淨機構流入，包括 CICT、FHT 和 ParkwayLife REIT。機構在最近幾周也在淨買入 REIT 行業，截至 6 月 26 日的五個交易日內淨流入超過 1 億新元。</p>
</div><p>As the second half approaches, investors will be watching for the path of interest rates as well as continued operational resilience.</p>
<div class="lb-trans"><p>隨着下半年的臨近，投資者將關注利率的走勢以及持續的運營韌性。</p>
</div><p>While the US Federal Reserve has not cut interest rates so far in 2025, expectations are for several rate cuts to come later in the year.</p>
<div class="lb-trans"><p>儘管美國聯邦儲備委員會在 2025 年尚未降息，但預計今年晚些時候將會有幾次降息。</p>
</div><p>In Singapore, domestic interest rates have also been falling, with the three-month compounded Singapore Overnight Rate Average (SORA) slipping from 3.0227 on Jan 2 to 2.0797 on Jun 26.</p>
<div class="lb-trans"><p>在新加坡，國內利率也在下降，三個月複合新加坡隔夜利率（SORA）從 1 月 2 日的 3.0227 降至 6 月 26 日的 2.0797。</p>
</div><p>Analysts watching the sector have noted that the decline in local borrowing rates has not triggered significant unit price movements for the sector thus far. However, investor sentiment may improve if global interest rates abroad are eventually cut.</p>
<div class="lb-trans"><p>觀察該行業的分析師指出，地方借貸利率的下降尚未引發該行業單位價格的顯著波動。然而，如果全球利率最終被降低，投資者情緒可能會改善。</p>
</div><p><em><strong>For more research and information on Singapore’s REIT sector, visit</strong></em> sgx.com/research-education/sectors <em><strong>for the SREITs &amp; Property Trusts Chartbook.</strong></em></p>
<div class="lb-trans"><p><em><strong>欲瞭解更多關於新加坡 REIT 行業的研究和信息，請訪問</strong></em> sgx.com/research-education/sectors <em><strong>獲取 SREITs 和物業信託圖表書。</strong></em></p>
</div><p><em><strong>REIT Watch is a regular column on The Business Times,</strong></em> read <em><strong>the original version.</strong></em></p>
<div class="lb-trans"><p><em><strong>REIT 觀察是《商業時報》上的定期專欄，</strong></em> 閲讀 <em><strong>原版文章。</strong></em></p>
</div><p><em><strong>Enjoying this read?</strong></em></p>
<div class="lb-trans"><p><em><strong>喜歡這篇文章嗎？</strong></em></p>
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REIT Watch - Best performing S-REITs post double digit total returns in H1

REIT 觀察 - 表現最佳的新加坡房地產投資信託在上半年實現了兩位數的總回報