Starhill Global REIT property in Singapore, Ngee Ann City. (Photo: REITsWeek)Starhill Global REIT property in Singapore, Ngee Ann City. (Photo: REITsWeek)

Singapore REITs plunge by as much as 6.6% at the close of the trading day on 24 August in line with a rout on stock markets across the Asia-Pacific region.

Singapore’s Straits Times Index fell by more 4.3%, or 127.6 points, to end at 2,843.

Leading the pack of losers was office and retail REIT Starhill Global REIT (SGX:P40U) which has a portfolio of 13 properties across Asia including Malaysia, Japan and China. The counter closed the trading day at SGD0.705. Following close behind is office REIT Keppel REIT (SGX:K71U) which slid 5.612% to end at SGD0.925. The REIT has a stable of nine office properties across Singapore and Australia.

The ten Singapore REITs with biggest losses is compiled as follows:

REIT Symbol Last (SGD) Fall (SGD) % Fall
Starhill Global REIT P40U 0.705 -0.05 -6.623
Keppel REIT K71U 0.925 -0.055 -5.612
Ascott REIT A68U 1.150 -0.065 -5.350
Frasers Commercial Trust ND8U 1.200 -0.065 -5.138
Suntec REIT T82U 1.485 -0.075 -4.808
First REIT AW9U 1.190 -0.060 -4.800
Lippo Malls D5IU 0.30 -0.015 -4.762
CapitaLand Retail China AU8U 1.32 -0.065 -4.693
Fortune REIT F25U 7.30 (HKD) -0.35 (HKD) -4.575

Bucking the trend for the day is Singapore-listed India-focused property trust Indiabulls Trust which gained 17% after Credit rating agency Standard & Poor's issued a stable outlook to the counter. The trust ended at closed at SGD0.22 on the Singapore Exchange.

Downward pressure on Singapore-listed REITs are expected to continue in the wake of China's sudden move to devalue its currency and general weakness across the Asia-Pacific region.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.