We might have heard people saying “low can go lower and high can go higher” and if we have been an investor for a while, we would know that this is indeed the case.

S-REITs’ performance in recent times has been nothing short of stellar. I will admit that I am turning cautious on S-REITs and I have said as much in an earlier blog post:

Never lose money in real estate and REITs?

In that blog post, I said I had turned cautious on S-REITs but I had not turned negative on them. This has not changed.

Conditions remain benign for S-REITs and as long as they stay this way, S-REITs will continue to be attractive to yield hungry investors. Money will always go to where it is treated best.

But while Singapore-listed REITs may seem expensive after a rally over the past year or so, they aren’t when compared …