Lower rates and strong earnings have led to new highs for the Straits Times Index (STI) in 2025.
In this article, we highlight three under-the-radar Singapore-listed companies that may be poised for a year-end rally on the back of improving fundamentals.
Lendlease Global Commercial REIT (SGX: JYEU): Riding the Tourist Recovery
Lendlease Global Commercial REIT, or Lendlease, is a local REIT that owns a portfolio of retail and commercial properties.
89% of the REIT’s portfolio value comes from its two Singapore properties, JEM and 313@somerset. The remaining 11% comes from its properties in Milan, Italy. As of 30 June 2025, which is the date of the latest valuation, Lendlease’s portfolio has a value of S$3.76 billion.
Lendlease’s share price is up roughly 9.1% year-to-date (YTD) and 8.1% over the last year. There might be some upside juice left in this name.
For the second half of its financial year ended 30 June 2025 (H2 FY2025), Lendlease’s net property income (NPI) rose 2.7% year-on-year (YoY) to S$73.8 million, with distributable income (DI) increasing 4.8% YoY to S$44.1 million. Distribution per Unit (DPU) also came in stronger at S$0.018 per share, up 1.8% YoY. Encouragingly, this represents a turnaround from softer results for H1 FY2025.
In its latest quarterly update (for Q1 FY2026), the REIT reported an occupancy rate of 95.0%. Positive rental reversions of 8.9% and 1.7% were achieved for both its retail and office segments, respectively. Lendlease also has a long weighted average lease expiry (WALE) of 7.0 years, giving it nice visibility for future rental income.
Recent successful refinancing efforts have led to a reduction of Lendlease’s weighted average cost of debt from 3.46% as of 30 June 2025 to 3.09% as of 30 September 2025. Lendlease had S$1.67 billion of borrowings outstanding in Q1 FY2026, with a weighted average debt maturity of 2.6 years. The REIT reduced its aggregate leverage to 35% on 12 November 2025 (from 42.7% as of 30 September 2025) with the divestment of its JEM offices.
The interest coverage ratio (ICR) of Lendlease, at 1.6, is at the lower end though, which might cause some concern.
Lendlease not only sports a high trailing annualised distribution yield of 5.0%, its price-to-book (P/B) ratio is also just 0.83.
With steady economic growth expected in Singapore for 2025, alongside a supportive rental market for offices, we believe that Lendlease could continue its operating performance. There is room for increased distributions as well, given management’s intent of distributing gains from sales of non-core assets to shareholders.
In sum, Lendlease, with its portfolio mix, undemanding valuation, high yield, and supportive operating environment, could rally into the end of 2025 and beyond.
NTT DC REIT (SGX: NTDU): Pure Data Centre Exposure with High Yield
Recently listed on 14 July 2025, NTT DC REIT, or NTT, offers investors exposure to data centre growth.
NTT’s share price is down 1.5% since its IPO.
For the first half of its fiscal year ending 31 March 2026 (H1 FY25/26), the REIT produced NPI of US$22.6 million, 1.7% higher than the forecast given in its IPO prospectus. The REIT’s DI and DPU of US$17.4 million and US$0.0169 were also both 3.3% higher than forecasted.
The REIT’s US$1.5 billion portfolio consists of six assets across the USA (64.7% of the portfolio value), Europe (18.1%), and Singapore (17.3%). Do note that the high foreign-expsoure puts the REIT at risk of foreign exchange fluctuations.
NTT’s properties are mostly filled, with an occupancy rate of 95.1%. The WALE of 4.4 years is decent. Importantly, NTT experienced positive rent reversion of 5.1%.
The data centre operator has a low aggregate leverage of 32.5% and the ICR is comfortable at 4.1.
NTT has US$522 million of debt outstanding, with an average debt tenor of 2.8 years. 70% of its debt have fixed rates or are hedged, and its average cost of debt is 3.9%.
Annualising NTT’s H1 FY25/26 DPU of US$0.0169 gives a forward yield of 7.82%, which would be the highest of all data centre REITs in Singapore.
We believe that with NTT’s attractive yield, low leverage, and strong business fundamentals (vacancy rates of data centres in the REIT’s key geographies are really low), the current share price of US$0.98 represents a compelling option for investors looking for data centre exposure and solid income.
As the stock gets more coverage and local attention, it might rally into the end of 2025 and 2026.
Centurion Accommodation REIT (SGX: 8C8U): Essential Housing with an Attractive Yield
Centurion Accommodation REIT, or CAREIT, is another relatively new listing. It is Singapore’s first pure-play accommodation REIT that offers exposure to purpose-built accommodation (PBA) for both workers (PBWA) and students (PBSA).
The REIT’s appraised portfolio value is expected to increase from S$1.84 billion to S$2.12 billion upon the acquisition of a student PBA in Australia that is scheduled to be completed around February 2026. This will give CAREIT 15 properties and 27,602 beds across Singapore, the United Kingdom (UK), and Australia.
Since its listing on 25 September 2025, the REIT’s share price is up roughly 15.3%. We think there is more upside left.
In 2024, CAREIT’s NPI surged 31.4% to S$112.8 million. The REIT did not disclose its DPU, but DBS is forecasting DPU of S$0.058 per share for 2025, rising to S$0.069 for 2026.
Given a current share price of S$1.13, this represents an estimated attractive forward yield of 6.1%.
The REIT’s current aggregate leverage is low at 20.9% and is expected to be 31% after the acquisition of the aforementioned PBA in Australia. The REIT’s ICR for 2026 is expected to be healthy at 4.6.
The PBWA sector in Singapore, moving forward, is expected to have favourable fundamentals with controlled supply of new beds and higher foreign labour demand. Similarly, the PBSA sectors in the UK and Australia are expected to deliver robust growth given strong demand for higher education, coupled with a low supply of available beds.
These tailwinds should support CAREIT’s high occupancy rates (averaging 98% for PBWA and 94% for PBSA assets from 2022 to 2024). Also, the favourable demand-supply situation should continue CAREIT’s positive rental reversion trends for 2022 to 2024: the compound annual growth rates (CAGRs) of the REIT’s rental reversions for its PBWA and PBSA assets for the time period are 26.3% and 11.3%, respectively.
With the potential of new acquisitions, alongside its current well-positioned accommodation assets, we believe CAREIT is in a strong position to continue growing its NPI and DI. This will support increasing DPU to shareholders.
As such, we believe CAREIT could rally into 2026 and beyond.
Conclusion – Get Smart: Positioning for a Strong Finish
Investors interested in a year-end rally driven by fundamentals can consider the three REITs highlighted: Lendlease, NTT DC REIT, and CAREIT.
All three offer attractive yields and clear growth paths that could sustain into 2026, which could lead to strong rallies moving forward.
Don’t let market uncertainty hijack your financial dreams. While headlines scream gloom, 5 Singapore companies have been quietly building wealth and paying reliable dividends. You’re probably overlooking them. Discover these resilient giants and their secrets to sustained income, even through global storms. Click here to download your free report now and secure your financial future!
Follow us on Facebook, Instagram and Telegram for the latest investing news and analyses!
Disclosure: Wilson does not own shares in any of the companies mentioned.
