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, you're paying less than the professional appraisal value of the underlying assets. In theory, that's a discount.

In practice, the market discounts REITs 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 might be a genuine bargain, or it might be a value trap. 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 — the more interesting subset. Cross-check DPU trend and occupancy before assuming discount equals opportunity.