S-REIT:投资需采取精选策略 现阶段并非具吸引力的入场点

尽管新加坡房地产投资信托(S-REIT)上半年运营表现稳健,但短期内缺乏推动全面复苏的有力催化剂。分析师指出,现阶段并非一个具吸引力的入场点,投资需采取精选策略。

FSM Global
FSM Global15 Sep 2026 9 Views
S-REIT:投资需采取精选策略		现阶段并非具吸引力的入场点

美国降息预期减弱及利率维持高位,导致新加坡房地产投资信托(S-REIT)的整体回报承压。截至今年8月下旬,富时海峡时报房地产投资信托指数(FTSE ST REIT Index)的总回报率为负2.7%,显著低于海峡时报指数同期的28.3%总回报率。

中东局势持续推升能源价格,当前的高通胀局面使降息不再可能,甚至为加息敞开了大门。美联储主席沃什8月底在杰克逊霍尔年会上发表鹰派讲话后,市场加息预期显著升温。若美联储选择加息,信托将被迫以更高利率为即将到期的贷款进行再融资,从而导致债务成本更高,可能降低可派发收入。

FSM Global 研究及投资组合管理部研究分析员陈秋伊于8月下旬撰文指出,尽管S-REIT上半年运营表现稳健,但自3月以来中东冲突升级已降低了市场对美联储可能进一步降息的预期,并为2026年下半年的融资成本带来上行风险。在她看来,现阶段并非一个具吸引力的入场点,投资S-REIT需采取精选策略。

众多板块中,陈秋伊看好工业和中央商业区(CBD)甲级办公楼,以及数据中心REIT的前景。她说,中央商业区甲级办公楼的空置率在今年第二季继续维持在3.3%的历史低位,预计在2028年之前不会有显著的新增供应,这种结构性稀缺为业主提供更强的租金定价能力。

工业房地产方面,第三方物流运营商和科技驱动型租户的需求持续存在,支撑较低空置率和租金调升。由于这种需求源于供应链及技术需求的结构性转变,而非受更广泛的宏观经济周期,她认为工业REIT能够更好地抵御利率长期维持高位的环境。

陈秋伊于8月中旬接受《联合早报》访问时也提到,数据中心REIT将持续受益于云计算和人工智能(AI)基础设施建设带来的结构性需求,但酒店信托仍面临机票价格高昂、地缘政治局势抑制旅游需求等风险。不过,鉴于下半年本地盛事众多,包括世界一级方程式赛车(F1)和韩国男团防弹少年团(BTS)开唱,或有助缓解相关影响。

总括而言,尽管S-REIT在今年上半年展现稳健的运营表现,但短期内缺乏推动全面复苏的有力催化剂。陈秋伊提醒,应重点关注资产负债表具备韧性、融资成本可控、能维持可持续派息并让每单位派息(DPU)稳健增长的信托。

表一:2026年上半年派息表现最佳新加坡房地产投资信托(S-REIT)

房地产投资信托

2026年上半年每单位派息(DPU)/ 每单位分派(DPS)

同比增长

1

Prime美国房地产投资信托(Prime US REIT)

0.50美分

+316.7%

2

华联房地产投资信托(OUE REIT)

1.26分

+28.6%

3

新达信托(Suntec REIT)

3.936分

+24.8%

4

恒信综合地产信托(Alpha Integrated REIT)

2.03分

+19.4%

5

百汇生命产业信托(Parkway Life REIT)

8.77分

+14.6%

6

吉宝数据中心房地产投资信托(Keppel DC REIT)

5.714分

+11.3%

7

砂之船房地产投资信托(Sasseur REIT)

3.366分

+10.0%

8

城市发展酒店服务信托(CDL Hospitality Trusts)

2.15分

+8.6%

9

远东酒店信托(Far East Hospitality Trust)

1.63分

+7.9%

10

凯德综合商业信托(CapitaLand Integrated Commercial Trust)

6.02分

+7.1%

所有数据均为截至2026年6月30日止的六个月期间,由各房地产投资信托(REIT)的管理人呈报,并取自公司业绩公告及财经媒体。每单位派息(DPU)及每单位分派(DPS)的增长率均以报告数据为准,除内生运营表现外,可能包含收购、出售资产、资本分派或一次性项目所带来的贡献,因此相关数据未必能直接进行同类比较;本列表反映该期间新加坡房地产投资信托(S-REIT)板块中报告的最高每单位派息(DPU)或每单位分派(DPS)增长率,不应被视为该板块所有标的的完整排名。资料撷取日期:2026年8月14日。


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