2025 has been a good year for Singapore REITs (S-REITs).
According to a SGX Market Update report on 8 December 2025, the iEdge S-REIT index has risen 9.3% year-to-date, with dividend distributions taking total returns to 14.7%. Of the 33 constituents in the iEdge S-REIT index, 29 have delivered positive total returns for the 2025 YTD, with the top 10 performers delivering over 20 per cent total returns.
In this week’s edition of 4 Stocks This Week, we look at four top-performing S-REITs that have generated good returns for their shareholders in 2025.
OUE REIT (SGX: TSOU)
OUE REIT (SGX: TS0U) is a Singapore-listed real estate investment trust that owns and manages a portfolio of income-producing commercial, hospitality and retail properties in prime locations across Singapore. Its assets include Grade A office buildings and well-known hotels, allowing the REIT to generate recurring rental and hospitality income across different economic cycles. It currently manages S$5.8 billion in total assets.
Thus far in 2025, it has generated a total return of about 32%, including a 6% dividend yield. Its share price has gone up from $0.29 at the start of the year to $0.35 as of 12 December 2025. It’s currently trading at a price-to-book (PB) value of 0.6.
Acrophyte Hospitality Trust (USD) (SGX: XZL)
Formerly known as ARA US Hospitality Trust, Acrophyte Hospitality Trust (USD) (SGX: XZL) is a Singapore-listed stapled trust focused on hospitality assets, with a portfolio of hotels located in the United States. Structured to pay distributions in US dollars, the trust provides investors with exposure to the US hospitality sector, benefiting from travel demand and hotel operating performance.
For 2025, the company has generated a return of about 32%, including a dividend yield of about 5%. Currently trading at a PB of 0.4, it has seen its share price rise from USD 0.20 at the start of the year to USD 0.25 as of 12 December.
Keppel REIT (SGX: K71U)
Positioned as a pure-play office REIT, Keppel REIT (SGX: K71U) is a Singapore-listed real estate investment trust that focuses on high-quality Grade A office properties, primarily in Singapore’s core business districts, with selective overseas exposure. Its portfolio includes well-located office buildings leased to multinational corporations and blue-chip tenants, providing relatively stable, recurring rental income.
Keppel REIT has generated a return of about 29%, inclusive of a dividend yield of about 7%. The company is trading at a PB of 0.8, with its share price currently at $0.96, up from $0.87 at the start of the year.
Earlier this week, Keppel REIT announced that it has agreed to acquire an additional one-third interest in Marina Bay Financial Centre (MBFC) Tower 3for an agreed property value of S$1.45 billion.
CapitaLand Integrated Commercial Trust (SGX: C38U)
Almost everyone living in Singapore would have interacted with the commercial malls and offices that are managed by CapitaLand Integrated Commercial Trust (SGX: C38U).
As Singapore’s largest listed REIT by market capitalisation, it is a pure-play integrated commercial REIT. It owns a diversified portfolio of prime retail and office assets, mainly in Singapore, with selective exposure to overseas markets. These include popular shopping malls such as Ion Orchard, Bugis Junction, and Tampines Mall. Office buildings like Asia Square Tower 2 and Capital Tower, as well as integrated developments like Raffles City and Funan.
Since the start of the year, CapitaLand Integrated Commercial Trust has generated a return of about 26% for its shareholders, inclusive of a dividend yield of about 4%. Its share price has gone up from $1.95 at the start of the year, to $2.33 as of 12 December. It’s trading at a PB ratio of 1.1.
Read Also: Meet The CapitaLand REIT Family
