Singapore REITs Trading Below NAV

Price-to-NAV (P/NAV) shows how the market values a REIT's units relative to the net book value of its properties. When P/NAV is below 1.0, the unit price is below the professional appraisal value of the underlying assets. In accounting terms, that is a discount to book.

In practice, the market prices REITs below NAV for reasons: high gearing, weak sponsor support, sector headwinds (e.g. US office post-COVID), or currency exposure to a weakening market. A P/NAV of 0.6 may reflect genuine stress or market caution — the data does not answer that question on its own. To keep this list useful, we exclude clearly distressed REITs where distributions are paused or currently zero, and REITs with gearing above 43% (SGX cap is 50%, so 43% leaves a meaningful safety buffer). The trusts here are trading below NAV and still paying — a narrower subset worth further research. Cross-check DPU trend and occupancy before drawing conclusions from the P/NAV ratio alone.