Resilience and yield are key to Singapore’s growing appeal
28 October 2025
Singapore’s stock market is emerging as a popular destination for investors who are leaning into yield plays and defensive assets.
Domestic retail investors have been net buyers of dividend-rich blue-chips, real estate and REITs or real estate investment trusts for years.[1] This year, however, a 14% gain in the local benchmark shows that the market is also capturing the attention of global funds.
Morgan Stanley earlier this year described Singapore as a “safe haven” for equity investors, citing supportive reforms, attractive dividend yields, and policy measures designed to strengthen the city-state’s markets.[2]
Capital markets and real estate transactions rose to S$7 billion in Q2 2025, an 8.9 % increase quarter-on-quarter, bringing first-half volumes to S$13.4 billion — up 27 % year-on-year.[3]
For many local investors, Singapore equity holdings this year have already delivered healthy returns, which can now serve as a springboard for broader opportunities.
Equity-linked financing can allow investors — including holders of S-REIT and blue-chip Singapore stocks — to unlock liquidity without selling their positions, preserving exposure to long-term upside while freeing up capital to pursue other opportunities.
S-REITs: Building blocks of wealth
The appeal of Singapore’s REIT market lies in robust regulation, transparency, and diversification across retail, industrial, office and hospitality assets.[4] Supply constraints and recovering consumption have kept retail REITs buoyant, while robust demand for industrial and commercial assets suggests continued appetite for real assets.[5]
Many S-REITs also hold portfolios across Australia, Japan and Europe, offering investors global exposure combined with the governance standards of the SGX — an attractive mix for income-seekers looking for steady, passive cash flows.
Average REIT yields are projected at 5-6% for 2025, remaining competitive in a lower interest rate environment.[6] Analysts expect the sector to outperform, supported by falling interest expenses, solid fundamentals and accretive acquisitions, which have prompted target-price upgrades across the board.[7] Historically, S-REITs have rebounded strongly once interest rates peak — potentially making this year a compelling entry point for long-term investors.
Industrial and logistics REITs are leading the recovery, buoyed by e-commerce expansion and resilient supply chains in Asia.[8] Hospitality REITs are also expected to rebound, helped by a surge in tourism: Singapore welcomed 11.6 million visitors in the first nine months of 2025, a 2.7% increase, even before the October boost from the Singapore Grand Prix.[9]
Investor appetite for yield-bearing assets remains high. Centurion Accommodation REIT raised S$771.1 million ($598.8 million) last month in Singapore’s second-largest IPO of 2025, part of a broader revival that has propelled the city-state to ninth place globally in IPO activity, surpassing London and leading Southeast Asia in proceeds raised.[10],[11]
Broader appeal
But Singapore’s broader capital market momentum is clearly extending beyond REITs. It helps that the Singapore Exchange (SGX) has carried out a renewed policy push. In February, authorities introduced measures to boost listings — including a 20% tax rebate for primary issuances.[12] The reforms have drawn new issuers, such as US cybersecurity firm AvePoint, which became the first company dual-listed on Nasdaq and SGX in September.[13]
Meanwhile, Singapore’s property market continues to reflect underlying wealth accumulation. A record number of public housing units sold for S$1 million ($780,000) or more in the June quarter — nearly three-quarters of 2024’s full-year total — reinforcing confidence in local assets and sustaining domestic consumption.[14]
Global headwinds have also proved less severe than expected. While new US tariff measures announced earlier this year initially raised concerns, the impact on Singapore’s export sector has been contained. Shipments to the US face a 10% baseline tariff, lower than most regional peers, while resilient US demand and front-loaded exports have helped keep trade flows stable.[15]
Against this backdrop, Singapore has become an attractive option for local and international investors seeking steady income and policy stability.
Long-term holders are well positioned to build on this momentum, using equity-backed financing to capture the next wave of opportunity while retaining exposure to a resilient market that has underpinned their success so far.
[1] https://www.sgx.com/research-education/market-updates/20250623-reit-watch-most-s-reits-singapore-retail-assets-record
[2] https://www.businesstimes.com.sg/companies-markets/morgan-stanley-says-singapore-market-safe-haven-raises-price-target-sector
[3] https://assets.cushmanwakefield.com/-/media/cw/marketbeat-pdfs/2025/q2/apac-and-gc/singapore-capital-markets-mb-2q2025.pdf?rev=79ae43f4c78b47e6a42a3be5ba4db3c5
[4] https://www.businesstimes.com.sg/companies-markets/diversified-s-reits-offer-portfolio-resilience-stable-2024-operating-performance
[5] https://www.syfe.com/magazine/whats-driving-growth-singapore-retail-reits-2025/
[6] https://cksaksens.com/global/en-sg/is-2025-the-right-time-to-invest-in-singapore-reits-expert-analysis-on-market-outlook/
[7] https://www.minichart.com.sg/2025/10/08/singapore-reits-outlook-2025-yield-top-picks-sector-trends-amid-lower-interest-rates/
[8] https://www.businesstimes.com.sg/companies-markets/hospitality-lags-while-industrial-s-reits-defy-tariff-concerns-h1-results
[9] https://sg.finance.yahoo.com/news/investors-ride-asia-growing-tourism-093000305.html
[10] https://www.reuters.com/world/centurion-accommodation-reit-debuts-higher-after-singapores-second-biggest-ipo-2025-09-25/
[11] https://www.businesstimes.com.sg/opinion-features/singapore-gets-noticed-ipo-activity-rises
[12] https://www.reuters.com/markets/asia/singapore-announces-tax-rebates-37-billion-program-boost-stock-market-2025-02-21/
[13] https://www.avepoint.com/news/avepoint-announces-dual-listing-on-the-singapore-exchange-to-continue-global-expansion-250919
[14] https://www.reuters.com/world/asia-pacific/singapore-million-dollar-flat-sales-hit-record-q2-market-data-shows-2025-08-13/
[15] https://www.reuters.com/world/asia-pacific/singapore-central-bank-keeps-monetary-policy-unchanged-expected-2025-10-14/
Disclaimer
Past performance does not guarantee future returns, and individual returns are not guaranteed or warranted.
This Document is intended solely for accredited investors, sophisticated investors, professional investors, or otherwise qualified investors, as may be required by law or otherwise, and it is not intended for, and should not be used by, persons who do not meet the relevant requirements. The content provided herein is for informational purposes only and is general in nature and not targeted to any specific objective or financial need. The views and opinions expressed in this Document have been prepared by third parties and do not necessarily reflect the views and opinions of EquitiesFirst. EquitiesFirst has not independently examined or verified the information provided herein, and no representation is made that it is accurate or complete. Opinions and information herein are subject to change without notice. The content provided does not constitute an offer to sell (or solicitation of an offer to purchase) any securities, investments, or any financial products (“Offer”). Any such Offer shall only be made through a relevant offering or other documentation which sets forth its material terms and conditions. Nothing contained in this Document shall constitute a recommendation, solicitation, invitation, inducement, promotion, or offer for the purchase or sale of any investment product by Equities First Holdings, LLC or its subsidiaries (collectively, “EquitiesFirst”), nor shall this Document be construed in any way as investment, legal, or tax advice, or as a recommendation, reference, or endorsement by EquitiesFirst. You should seek independent financial advice prior to making an investment decision about a financial product.
This Document contains the intellectual property of EquitiesFirst in the United States and other countries, including, without limitation, their respective logos and other registered and unregistered trademarks and service marks. EquitiesFirst reserves all rights in and to their intellectual property contained in this Document. The Document should not be distributed, published, reproduced or otherwise made available in whole or in part by recipients to any other person and, in particular, should not be distributed to persons in any country where such distribution may lead to a breach of any legal or regulatory requirement.
EquitiesFirst make no representation or warranty with respect to this Document and expressly disclaim any implied warranty under law. You acknowledge that EquitiesFirst is not liable under any circumstances for any direct, indirect, special, consequential, incidental, or punitive damages whatsoever, including, without limitation, any lost profits or lost opportunity, even if EquitiesFirst has been advised of the possibility of such damages.
EquitiesFirst makes the following further statements that may be applicable in the stated jurisdiction:
Australia: Equities First Holdings (Australia) Pty Ltd (ACN: 142 644 399) holds an Australian Financial Services Licence (AFSL Number: 387079). All rights reserved.
The information contained on this Document is intended for persons located in Australia only and classified as a Wholesale Client only as defined in Section 761G of the Corporations Act 2001. The distribution of information to persons outside this criteria may be restricted by law and persons who come into possession of it should seek advice and observe any such restriction.
The material contained in this Document is for information purposes only and should not be construed as an offer or solicitation or recommendation to buy or sell financial products.
The information contained in this Document is intended to be general in nature and is not personal financial product advice. Any advice contained in the Document is general advice only and has been prepared without considering your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. You should seek independent financial advice and read the relevant disclosure statements or other offer documents prior to making an investment decision about a financial product.
Forecasts are not guaranteed, and undue reliance should not be placed on them. This information is based on views held by Equities First Holdings (Australia) Pty Ltd as at the publishing date of this material.
Dubai: Equities First Holdings Hong Kong Ltd (DIFC Representative Office) at Gate Precinct Building 4, 6th Floor, Office 7, Dubai International Financial Centre (commercial license number CL7354) is regulated by the Dubai Financial Services Authority (“DFSA”) as a Representative Office (DFSA Firm Reference No.: F008752). All rights reserved.
The information contained in this document is intended to be general in nature, and, to the extent that it is perceived as advice, any advice contained in this document is general advice only and has been prepared without considering your objectives, financial situation, suitability of the financial products or your needs.
The material contained in this document is for information purposes only and should not be construed as financial advice, including an offer or solicitation or recommendation to buy or sell financial products. The information contained in this document is intended to be general in nature and any advice contained in this document is general advice only and has been prepared without considering your objectives, financial situation, suitability of the financial products or your needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. If you do not understand the contents of this document, you should consult an authorised financial adviser.
This document relates to a financial product which is not subject to any form of regulation or approval by the DFSA. The DFSA has no responsibility for reviewing or verifying any documents in connection with this financial product. Accordingly, the DFSA has not approved this document or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it.
Hong Kong: Equities First Holdings Hong Kong Limited is licensed under the Money Lenders Ordinance (Money Lender’s Licence No. 1659/2024) and to carry on the business of dealing in securities (Type 1 licence) under the Securities and Futures Ordinance (“SFO”) (CE No. BFJ407). This Document has not been reviewed by the Hong Kong Securities and Futures Commission. It is not intended as an offer to sell securities or a solicitation to buy any product managed or provided by Equities First Holdings Hong Kong Limited and is only intended for persons who qualify as Professional Investors under the SFO. This document is not directed to individuals or organizations for whom such offers or invitations would be unlawful or prohibited.
Korea: The foregoing is intended solely for sophisticated investors, professional investors or otherwise qualified investors who have sufficient knowledge and experience in entering into securities financing transactions. It is not intended for, and should not be used by, persons who do not meet those criteria.
United Kingdom: Equities First (London) Limited is authorised and regulated in the UK by the Financial Conduct Authority (“FCA”). In the UK, this Document is only being distributed and made available to persons of the kind described in Article 19(5) (investment professionals) and Article 49(2) (high net worth companies, unincorporated associations etc.) of Part IV of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (‘’FPO’’) and any investment activity to which this presentation relates is only available to, and will only be engaged in with, such persons. Persons who do not have professional experience in matters relating to investment or who are not persons to whom Article 49 of the FPO applies should not rely on this document. This Document is only prepared for and available to persons who qualify as Professional Investors under the Markets in Financial Instruments Directive.
