As we head into the final month of 2025, three Singapore’s blue-chip stocks stand out for making meaningful moves that could shape their long-term growth. Let’s take a closer look.
CapitaLand Ascendas REIT (SGX: A17U) Unlocks Value Through S$381.5 Million Divestment Programme
Singapore’s largest industrial REIT, CapitaLand Ascendas REIT (SGX: A17U) or CLAR, is strengthening its portfolio by selling older properties and reinvesting into newer, higher-yielding assets. The REIT has lined up S$381.5 million in divestments across Singapore and the UK, with most sales done at healthy premiums.
The sale of 30 Tampines Industrial Avenue 3 was completed for S$23.0 million, a 5 % premium to valuation. Four more Singapore properties — 31 Ubi Road 1, 9 Changi South Street 3, 10 Toh Guan Road, and 19 and 21 Pandan Avenue — are expected to complete in the fourth quarter of 2025. Together, they are expected to fetch S$306.0 million at a 6% premium-to-valuation and 21% above what CLAR originally paid for them. In the UK, the divestment of Astmoor Road in North West England will bring in S$52.5 million, or 13 % above valuation.
These assets, mostly acquired between 2004 and 2006, no longer meet tenant demand for modern, higher-specification facilities. Across the entire divestment programme, CLAR will achieve an average 7% premium to valuation and 17% above acquisition cost. Proceeds are being recycled into five new Singapore properties worth S$1.3 billion, which offer stronger yields of between 6 and 7%.
CLAR also completed the redevelopment of 5 Toh Guan Road East in September 2025. The S$107.4 million project transformed the site into a six-storey ramp-up logistics facility, increasing its gross floor area by 71% to 50,920 square metres. Leasing is progressing steadily, with 52% already occupied and 13% in advanced negotiations.
Looking ahead, the Singapore industrial REIT has five ongoing development and redevelopment projects worth around S$350 million, mostly focused on green-certified logistics facilities in the UK that are expected to yield about 7%. With recent acquisitions, CLAR’s Singapore portfolio is set to exceed S$12 billion, reinforcing its position as a key player in Singapore’s industrial real estate landscape.
Portfolio occupancy remains stable at 91.3%, and rental reversions of 7.6% in the third quarter of 2025 point to sustained demand. Overall, CLAR’s disciplined capital recycling is improving the quality of its assets and positioning the REIT for stronger, more sustainable returns for income-focused investors.
Keppel Ltd (SGX: BN4) Accelerates Asset Monetisation with S$14 Billion Unlocked Since 2020
Keppel Ltd (SGX: BN4) released its business update for the first nine months of 2025, showing steady progress across its core businesses in Infrastructure, Real Estate and Connectivity. A key part of its strategy continues to be disciplined asset monetisation, allowing the company to recycle capital and reinvest into higher-growth opportunities.
During 9M2025, Keppel monetised about S$2.4 billion worth of assets, bringing the total unlocked since October 2020 to S$14.0 billion. This includes the major S$4.7 billion divestment of Keppel Offshore & Marine in 2023. The most notable deal this year is the proposed S$1.3 billion divestment of M1’s telco business. Once completed, it is expected to release close to S$1 billion in cash, subject to regulatory approval. Keppel will retain M1’s ICT services arm, which better supports its long-term connectivity strategy.
Keppel also announced the sale of its 40.5% stake in waste management firm 800 Super for S$184 million, valuing the company at over S$600 million. Over the three years it held this investment, Keppel achieved 20% EBITDA growth, a mid-teens internal rate of return, and capital gains amounting to around half of its initial investment. Its Real Estate division also continued to pivot towards an asset-light model, monetising around S$830 million worth of assets in the first nine months of the year. Management expects more deals amounting to over S$500 million in the months ahead.
Keppel also reiterated that future dividends will be based on the New Keppel’s annual net profit, supported by cash generated from ongoing monetisation efforts. Since 2022, the company has returned S$6.6 billion to shareholders through a mix of cash and in-specie distributions. Over this period, Keppel delivered an annualised total shareholder return of 38%, well above the Straits Times Index’s 14.5%.
Taken together, Keppel’s active recycling of capital, improving business mix and commitment to returning value to shareholders highlight management’s focus on long-term performance and disciplined execution.
Mapletree Logistics Trust (SGX: M44U): Short-Term DPU Pressure, Long-Term Renewal
Mapletree Logistics Trust (SGX: M44U), one of Asia’s largest logistics REITs, is pressing ahead with a portfolio rejuvenation strategy that brings some short-term pressure to distributions but aims to strengthen the trust’s long-term growth profile.
MLT has identified around S$1.0 billion worth of older-specification assets for divestment, with about half located in China and Hong Kong SAR. For the current financial year ending 31 March 2026, the logistics REIT is targeting S$100 million to S$150 million in divestments. As at 30 September 2025, MLT had completed about S$58 million in sales, on top of S$209 million divested in the previous year.
This active capital recycling weighed on its second-quarter results. DPU for 2Q’FY26 fell 10.5% year on year to S$0.01815, mainly due to the absence of one-off divestment gains. Excluding those gains, DPU from operations declined a more moderate 4.8%, reflecting lower rental contributions after the disposal of 13 properties over the past year.
In the quarter, MLT divested three properties in Singapore, Malaysia and South Korea for a total of S$24.7 million, achieving premiums ranging from 1.3% to 31.3% above valuation. Another property in Australia was sold for S$51.0 million shortly after the quarter ended.
Management’s approach remains consistent: sell assets with limited redevelopment potential and channel the proceeds into modern logistics facilities with better long-term demand and rental growth prospects. While this transition temporarily softens DPU, it improves the quality of the portfolio and supports more sustainable distributions over time.
Get Smart: What to Know About These Singapore Blue-Chip Stocks
Singapore’s blue-chip stocks continue to evolve as management teams recycle capital, reshape portfolios and prepare for long-term growth. CapitaLand Ascendas REIT, Keppel and Mapletree Logistics Trust each offer different ways to benefit from rising demand for industrial, infrastructure and logistics assets. For investors looking at Singapore stocks in December 2025, these updates provide useful clues on where future performance may come from.
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Disclosure: The Smart Investor owns shares in CapitaLand Ascendas REIT and Mapletree Logistics Trust.
