Singapore-listed REITs, Frasers Commercial Trust (SGX:ND8U) and Lippo Malls Indonesia Retail Trust (SGX:D5IU) slid by by more than 4% today on concerns over the US Federal Reserve’s direction in the coming months.

The counters were spooked by comments that a rate rise might still happen for September 2015 despite the global market rout in the past week.

Frasers Commercial Trust fell by 4.67% to end at SGD1.32 while Lippo Malls Indonesia Retail Trust slipped by 4.54% to finish at SGD0.31. The counters reflect a broaders sell-of on the benchmark Straits Times Index which shed 34.5 points (1.17%) to close at 2,921.4.

Should interest rates rise, REITs with exposure to emerging markets such as Lippo Malls Indonesia Retail Trust are expected to decline further in the coming months.

Bucking the trend on 1 September however was Saizen REIT (SGX:T8JU) which rose 1.8% on news that the REIT was acquiring a 42-unit residential property in Japan. Saizen REIT last changed hands on the Singapore Exchange at SGD0.83.