Two SGX listings landed with a thud in the past two months. JustCo closed its first trading day almost 18% below its offer price. Foundation Healthcare, backed by Temasek's SeaTown, had to settle for the floor of its price range despite becoming the largest healthcare IPO since 2012. Read in isolation, both look like evidence that Singaporeans just aren't excited about Singapore stocks.

Read differently, they're evidence of something narrower and more fixable: Singapore doesn't have a returns problem. It has an awareness problem.

The Numbers Nobody's Advertising

The Straits Times Index rose 23% in 2025. In my own writing last month, I ran the actual math comparing a S$1,000,000 unleveraged basket of ten SGX REITs against the same S$1,000,000 used as a 25% deposit on a 75%-geared, rented-out condo. The REIT basket returned a blended 6.68% a year in cash — tax-free, no mortgage, no stamp duty, instant liquidity.