Lower interest rates and robust earnings have driven the Straits Times Index (STI) to new highs in 2025.
In this article, we spotlight three lesser-known Singapore-listed companies that are likely to see a year-end rally due to improved fundamentals.
Lendlease Global Commercial REIT (SGX: JYEU): Benefiting from Tourist Recovery
Lendlease Global Commercial REIT (Lendlease) owns a portfolio of retail and commercial properties.
Of the REIT’s portfolio, 89% of the value comes from its Singapore properties, JEM and 313@somerset, while the remaining 11% is derived from its properties in Milan, Italy. As of June 30, 2025, Lendlease’s portfolio was valued at S$3.76 billion.
Lendlease’s share price has risen approximately 9.1% year-to-date (YTD) and 8.1% over the past year, suggesting further potential for growth.
In the second half of the financial year ending June 30, 2025 (H2 FY2025), Lendlease’s net property income (NPI) increased by 2.7% year-on-year (YoY) to S$73.8 million, with distributable income (DI) rising 4.8% YoY to S$44.1 million. Distribution per Unit (DPU) also saw an improvement, reaching S$0.018 per share, a 1.8% YoY increase. This marks a recovery from weaker results in the first half of FY2025.
In its Q1 FY2026 update, the REIT reported a 95.0% occupancy rate, with positive rental reversions of 8.9% for retail and 1.7% for office segments. Lendlease maintains a weighted average lease expiry (WALE) of 7.0 years, providing strong visibility for future rental income.
Recent refinancing efforts reduced Lendlease’s weighted average cost of debt from 3.46% on June 30, 2025, to 3.09% as of September 30, 2025. By Q1 FY2026, Lendlease had S$1.67 billion in outstanding borrowings with a weighted average debt maturity of 2.6 years. The REIT lowered its aggregate leverage to 35% on November 12, 2025, down from 42.7% as of September 30, 2025, following the divestment of its JEM offices.
Despite a lower interest coverage ratio (ICR) of 1.6, which raises some concerns, Lendlease boasts a trailing annualised distribution yield of 5.0% and a price-to-book (P/B) ratio of just 0.83.
Given the expected steady economic growth in Singapore in 2025 and a favorable rental market for offices, Lendlease is likely to sustain its operating performance. There is also potential for higher distributions due to management’s intent to distribute gains from the sale of non-core assets to shareholders.
In conclusion, with its robust portfolio, low valuation, high yield, and supportive operating environment, Lendlease could see a rally into the end of 2025 and beyond.
NTT DC REIT (SGX: NTDU): High-Yield Pure Data Centre Exposure
Listed on July 14, 2025, NTT DC REIT (NTT) offers investors exposure to data centre growth.
The stock price of NTT has declined by 1.5% since its IPO.
For the first half of FY25/26, ending March 31, 2026, NTT reported NPI of US$22.6 million, 1.7% higher than forecasted in its IPO prospectus. DI and DPU were also both 3.3% above expectations, at US$17.4 million and US$0.0169, respectively.
NTT’s portfolio worth US$1.5 billion includes six assets across the USA (64.7% of portfolio value), Europe (18.1%), and Singapore (17.3%). However, the high foreign exposure subjects the REIT to foreign exchange risks.
NTT maintains a 95.1% occupancy rate and a WALE of 4.4 years, with a positive rent reversion of 5.1%.
With low aggregate leverage of 32.5% and a comfortable ICR of 4.1, NTT appears financially stable.
Having US$522 million in outstanding debt with an average debt tenor of 2.8 years, 70% of NTT’s debt is either at fixed rates or hedged, resulting in an average cost of debt of 3.9%.
Annualizing NTT’s H1 FY25/26 DPU of US$0.0169 provides a forward yield of 7.82%, the highest among Singapore’s data centre REITs.
We believe that NTT’s attractive yield, low leverage, and robust business fundamentals make its current share price of US$0.98 an appealing option for investors seeking exposure to data centres and solid income.
As coverage and local interest in the stock grow, NTT might experience a rally into the end of 2025 and 2026.
Centurion Accommodation REIT (SGX: 8C8U): Essential Housing with a Strong Yield
Centurion Accommodation REIT, or CAREIT, is a relatively new listing and Singapore's first pure-play accommodation REIT. It provides exposure to purpose-built accommodation (PBA) for workers (PBWA) and students (PBSA).
The REIT’s appraised portfolio value is set to increase from S$1.84 billion to S$2.12 billion upon the acquisition of a student PBA in Australia expected to be completed by February 2026. This will expand CAREIT’s portfolio to 15 properties and 27,602 beds across Singapore, the UK, and Australia.
Since its listing on September 25, 2025, CAREIT’s share price has increased by 15.3%, with further upside potential.
In 2024, CAREIT’s NPI surged by 31.4% to S$112.8 million. Although the REIT did not disclose its DPU, DBS forecasts a 2025 DPU of S$0.058 per share, rising to S$0.069 in 2026. At a current share price of S$1.13, this represents an attractive forward yield of 6.1%.
CAREIT's current aggregate leverage is low at 20.9%, expected to rise to 31% post-acquisition of the PBA in Australia. The projected ICR for 2026 is a healthy 4.6.
The PBWA sector in Singapore is expected to benefit from controlled new bed supply and higher foreign labor demand. Similarly, the PBSA sectors in the UK and Australia are poised for growth due to strong demand for higher education and limited bed supply.
These favorable conditions should support CAREIT’s high occupancy rates, averaging 98% for PBWA and 94% for PBSA from 2022 to 2024. The positive rental reversion trends for PBWA and PBSA assets from 2022 to 2024 show compound annual growth rates (CAGRs) of 26.3% and 11.3%, respectively.
With potential new acquisitions and a well-positioned portfolio, CAREIT is well-placed to continue growing its NPI and DI, supporting increased distributions to shareholders.
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