I’m not “buying,” but here’s how I’d position:
CapitaLand Ascendas REIT
→ Core, defensive. Beneficiary of rate cuts + strong occupancy.
→ But flows are crowded, upside likely moderate.
Keppel DC REIT
→ Structural AI/data centre demand.
→ Higher growth, but also more sensitive to sentiment.
Verdict:
Don’t chase either after inflows.
Use Ascendas on pullbacks (income anchor).
Scale into Keppel DC gradually (growth leg).
Edge: Barbell strategy > picking one.
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