Shares were steady, but Singapore real estate investment trusts (REIT) outperformed the market, ahead of results next week.
The Straits Times Index was flat and the MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.3 percent.
Shares of Keppel REIT, which owns commercial properties, gained as much as 1.8 percent to a 5-year high of S$1.43, while Ascendas REIT jumped 2.2 percent S$2.76, the highest in nearly six years.
REITs have continued to outperform both the broader market and developers, Nomura said, expecting a slower growth in the first-quarter with cost management as a focus.
“While the REITs we cover appear to have managed costs relatively well in 2012, we could see more pressure in the coming quarters as the domestic economy continues to restructure itself,” Nomura said.
Both Keppel REIT and Ascendas REIT are scheduled to report their results on Monday.
Reporting by Teo Jion Chun; Editing by Anupama Dwivedi (firstname.lastname@example.org)(+6564035659)(Reuters Messaging: email@example.com)