Singapore REITs have rallied more than 20% in 2025, buoyed by easing bond yields and resilient demand across offices, retail and logistics. But despite the rebound, the sector still trails broader Asian equities, raising questions about whether valuations can stretch further.

Dan Koh speaks with Xavier Lee, Equity Analyst at Morningstar, to unpack the latest Morningstar Industry Pulse Q3 2025 Report, from what’s driving the recovery to which sectors stand out, how rate cuts could shape returns, and the S-REITs that still offer compelling value today.