Starhill Global REIT Share Price 2026 (SGX: P40U): DPU History, Yield Analysis & Wisma Atria Deep-Dive
Starhill Global REIT (SGX: P40U) is Singapore’s premier retail and office REIT, anchored by the iconic Wisma Atria and Ngee Ann City properties on Orchard Road. With a distribution yield of approximately 7%, it remains one of the higher-yielding Singapore REITs despite its conservative, blue-chip portfolio. This guide covers the Starhill Global REIT share price trend, DPU history, yield breakdown, gearing ratio, and portfolio analysis — everything you need to evaluate P40U as a potential investment. Not financial advice. Data as at April 2026.
Table of Contents
Contents — Click to expand
- Starhill Global REIT Overview
- Share Price History & Performance 2024–2026
- DPU History: Annual Distribution Per Unit
- Distribution Yield Analysis
- Portfolio Deep-Dive: Wisma Atria & Key Assets
- Financial Metrics: Gearing, NAV & ICR
- S-REIT Peer Comparison Table
- Key Risks for Investors
- How to Invest in Starhill Global REIT
- Frequently Asked Questions
Starhill Global REIT Overview
Starhill Global REIT (SGX: P40U) was listed on the Singapore Exchange in September 2005 and is managed by YTL Starhill Global REIT Management Limited, a subsidiary of Malaysia’s YTL Corporation. The REIT owns a diversified portfolio of retail and office properties in Singapore, Australia, Malaysia, China, and Japan — though Singapore remains its dominant market by income contribution.
The REIT’s flagship properties, Wisma Atria and Ngee Ann City (a partial interest), sit at the prime stretch of Orchard Road and enjoy long weighted average lease expiries (WALEs) anchored by a master lease with Toshin Development (a subsidiary of Japanese retailer Takashimaya) for the Ngee Ann City retail component.
| Key Metric | Details (as at Apr 2026) |
|---|---|
| SGX Ticker | P40U |
| REIT Manager | YTL Starhill Global REIT Management Limited |
| Property Type | Retail & Office (Singapore, AU, MY, CN, JP) |
| Total Assets | ~S$2.9 billion |
| Market Cap | ~S$1.3 billion |
| No. of Properties | 11 properties (5 countries) |
| Listing Date | 20 September 2005 |
| Distribution Frequency | Quarterly |
| Financial Year End | 30 June |
Share Price History & Performance 2024–2026
Starhill Global REIT’s unit price has been pressured by the higher-for-longer interest rate environment that has weighed on most S-REITs since 2022. As at April 2026, P40U trades around S$0.395–S$0.420, representing a significant discount to its net asset value (NAV) of approximately S$0.505 per unit — a price-to-NAV ratio of around 0.83x.
This NAV discount creates potential upside if interest rates normalise and investor sentiment toward Singapore REITs improves. However, Starhill’s Orchard Road retail focus and overseas exposure (particularly Australia and Malaysia) add complexity to its earnings profile.
| Period | Price Range (S$) | Key Event |
|---|---|---|
| H1 2024 | 0.385 – 0.430 | Rate pressure; SGD strengthening vs AUD |
| H2 2024 | 0.400 – 0.445 | Fed rate cut anticipation; REIT rally |
| H1 2025 | 0.390 – 0.430 | Toshin lease renewal completed |
| H2 2025 | 0.395 – 0.425 | Strong DPU recovery; special distribution |
| Q1 2026 | 0.390 – 0.415 | Trade tariff uncertainty; REIT sector softness |
Share price data approximate. Always verify current prices on SGX. Past performance is not indicative of future results.
DPU History: Annual Distribution Per Unit
Starhill Global REIT’s distribution history reflects the REIT’s journey through COVID-19 headwinds, the subsequent recovery of Orchard Road retail, and more recently the Toshin lease renewal. The REIT distributes quarterly.
| Financial Year | Annual DPU (S¢) | YoY Change | Notes |
|---|---|---|---|
| FY2018 | 5.00¢ | — | Stable distribution |
| FY2019 | 5.00¢ | 0% | Maintained payout |
| FY2020 | 3.75¢ | -25.0% | COVID-19 retail closures |
| FY2021 | 3.75¢ | 0% | Continued pandemic impacts |
| FY2022 | 4.60¢ | +22.7% | Orchard Road recovery |
| FY2023 | 5.20¢ | +13.0% | Tourism rebound boost |
| FY2024 | 5.60¢ | +7.7% | Toshin lease renewal uplift |
| FY2025 | 6.96¢ | +24.3% | Includes special distribution from asset disposal |
The FY2025 DPU surge reflects both improved operating performance and a special distribution following the disposal of Myer Centre Adelaide in Australia. Normalised recurring DPU for FY2025 is estimated at approximately 5.60–5.80¢, suggesting a forward yield of around 6.5–7.0% at current prices.
Quarterly DPU has been approximately 1.40–1.74 Singapore cents in recent quarters. For CPF Investment Scheme (CPFIS-OA) investors, Starhill Global REIT is approved for CPF OA investment — check the latest CPF investment strategy guide for eligibility and limits.
Distribution Yield Analysis
At the current price range of S$0.395–S$0.420 per unit, Starhill Global REIT offers one of the more attractive yields among Singapore-listed retail REITs. Here is how the yield looks at different entry prices using the estimated normalised FY2025 DPU of 5.70¢:
| Entry Price (S$) | Yield at 5.20¢ DPU | Yield at 5.60¢ DPU | Yield at 6.00¢ DPU |
|---|---|---|---|
| S$0.370 | 14.1%* | 15.1%* | 16.2%* |
| S$0.395 | 13.2%* | 14.2%* | 15.2%* |
| S$0.410 (current) | 12.7%* | 13.7%* | 14.6%* |
| S$0.440 | 11.8%* | 12.7%* | 13.6%* |
| S$0.505 (NAV) | 10.3%* | 11.1%* | 11.9%* |
*Note: FY2025 DPU includes a one-off special distribution. Normalised recurring DPU is estimated at 5.20–5.60¢. Yields above are illustrative. Not financial advice.
To calculate your personal portfolio yield, use our Dividend Portfolio Yield Calculator or the S-REIT Dividend Yield Calculator.
The yield spread over the Singapore 10-year SGS bond (currently ~2.80–3.00%) is approximately 380–420 basis points — above the historical average of ~300bps, suggesting fair-to-attractive valuation on a relative basis. Use our S-REIT Yield vs SGS Bond Spread Calculator to model this in real time.
Portfolio Deep-Dive: Wisma Atria & Key Assets
Starhill Global REIT’s portfolio is deliberately concentrated in high-quality assets with strong fundamentals. Singapore contributes approximately 70–75% of gross revenue, with the balance from Australia (David Jones Building, Brisbane), Malaysia (Starhill Gallery, KL), and smaller assets in China and Japan.
Singapore Assets
| Property | Location | Type | Valuation (S$M) |
|---|---|---|---|
| Wisma Atria | Orchard Road | Retail + Office | ~820 |
| Ngee Ann City (27.23% interest) | Orchard Road | Retail (Toshin master lease) | ~770 |
Wisma Atria is a mixed-use property comprising 244 retail units and 6 office floors. The retail podium has been rejuvenated with F&B, lifestyle, and beauty tenants targeting tourists and Orchard Road shoppers. Ngee Ann City benefits from a long master lease with Toshin Development (operating Takashimaya), which was successfully renewed in 2025, providing income stability until 2030 and beyond.
Overseas Assets
| Property | Country | Type | Status |
|---|---|---|---|
| David Jones Building | Brisbane, AU | Retail | Leased to David Jones |
| Starhill Gallery | Kuala Lumpur, MY | Luxury Retail | Active — luxury brands |
| Lot 10 | Kuala Lumpur, MY | Retail | Isetan as anchor tenant |
| Properties (Chengdu & Renhe) | China | Retail/Commercial | Divesting/reduced exposure |
Starhill has been strategically divesting non-core overseas assets — including the Myer Centre Adelaide disposal in FY2025 — to improve capital allocation and reduce FX risk. This portfolio simplification is credit-positive and has directly boosted DPU through the special distribution.
Financial Metrics: Gearing, NAV & ICR
Starhill Global REIT maintains conservative financial metrics, keeping gearing well within the 50% MAS regulatory limit. Here are the key financial indicators as at the latest reported period (Q2 FY2025/H1 2025):
| Metric | Value | Comment |
|---|---|---|
| Aggregate Leverage (Gearing) | ~35.0% | Comfortable headroom to 50% limit |
| NAV per Unit | ~S$0.505 | Trades at ~18% discount to NAV |
| Price-to-NAV | ~0.82x | Discount to book; potential upside |
| Interest Coverage Ratio (ICR) | ~3.2x | Above MAS 1.5x minimum |
| Weighted Avg Debt Maturity | ~2.8 years | Moderate refinancing risk |
| % Fixed Rate Debt | ~65% | Partial hedge vs rate fluctuations |
| WALE (by NLA) | ~3.2 years | Ngee Ann City Toshin lease anchors WALE |
| Occupancy Rate | ~95.8% | Healthy occupancy across portfolio |
Starhill’s gearing of ~35% is one of the lower levels among Singapore retail REITs, providing financial flexibility for acquisitions or debt restructuring. To model gearing scenarios yourself, try our S-REIT Gearing Ratio & ICR Calculator.
S-REIT Peer Comparison Table
How does Starhill Global REIT compare against its Singapore retail and office REIT peers? The table below uses approximate April 2026 data. Yields are based on trailing DPU and current prices.
| REIT | Price (S$) | Yield (~) | Gearing | P/NAV | Focus |
|---|---|---|---|---|---|
| Starhill Global (P40U) | ~0.410 | ~7.0% | ~35% | 0.82x | Orchard Retail & Office |
| Frasers Centrepoint Trust (J69U) | ~2.05 | ~5.9% | ~39% | 0.92x | Suburban Retail |
| Suntec REIT (T82U) | ~1.18 | ~5.5% | ~42% | 0.78x | Office & Retail Mixed |
| MPACT / Mapletree Pan Asia (N2IU) | ~1.31 | ~6.2% | ~40% | 0.84x | Retail & Office (Pan-Asia) |
| CapitaLand Ascendas REIT (A17U) | ~2.72 | ~6.0% | ~38% | 1.01x | Industrial & Logistics |
Approximate data as at April 2026. Not financial advice. Verify current data on SGX.
Starhill stands out for its highest yield among retail peers (~7%) and lowest gearing (~35%), but trades at a discount due to its smaller market cap, overseas exposure risk, and Orchard Road retail concentration. For a broader Singapore REIT comparison, see our Best S-REITs Singapore 2026 guide.
Key Risks for Investors
Every investment carries risk. For Starhill Global REIT unitholders, the key considerations are:
1. Orchard Road retail concentration risk. Singapore assets (Wisma Atria and Ngee Ann City) represent ~70%+ of revenue. While Orchard Road benefits from tourism and affluent shoppers, any structural shift in retail spending habits or prolonged slowdown in tourism would disproportionately impact Starhill.
2. Interest rate sensitivity. Like all leveraged REITs, Starhill’s distributions are affected by floating-rate debt costs. Approximately 35% of debt is on floating rates. A 50bps increase in rates could reduce DPU by approximately 0.05–0.10¢ annually. Use our yield spread calculator to monitor the rate environment.
3. Foreign exchange risk. Revenues from Australia, Malaysia, and China are denominated in AUD, MYR, and RMB respectively. SGD appreciation against these currencies compresses SGD-reported earnings. Starhill employs partial hedging but residual FX exposure remains.
4. Lease renewal risk. The Toshin master lease for Ngee Ann City is a significant income pillar. While it was successfully renewed in 2025, any future non-renewal or materially lower rents at renewal would materially reduce DPU.
5. Small market cap / liquidity risk. With a market cap of ~S$1.3 billion, Starhill Global REIT is smaller than the mega-cap S-REITs and may see larger bid-ask spreads and lower daily trading volumes, which can increase transaction costs for retail investors.
How to Invest in Starhill Global REIT
Starhill Global REIT (P40U) is listed on the Singapore Exchange (SGX) and can be purchased via any SGX-connected brokerage. Here are the key investment platforms used by Singapore retail investors:
Syfe REIT+ — For investors wanting automated S-REIT exposure, Syfe offers a REIT+ portfolio that includes Singapore-listed REITs with automatic rebalancing. Best suited if you prefer a diversified approach rather than picking individual REITs. Use our Syfe referral code for a fee waiver on first investment.
FSMOne — For buy-and-hold S-REIT investors, FSMOne offers competitive brokerage fees and a Regular Savings Plan (RSP) for accumulating REITs monthly. Our FSMOne referral code provides cashback for new accounts.
Endowus (CPF/SRS investing) — If you want to invest using CPF OA funds or SRS monies, Endowus provides access to unit trusts with S-REIT exposure. Direct S-REIT purchases via CPF OA are also available through platforms like OCBC Securities, DBS Vickers, and UOB Kay Hian. See our Endowus referral code for fee credits.
Regardless of platform, ensure you understand the brokerage fees involved. Use our Brokerage Fee Calculator to compare costs across brokers before transacting.
Frequently Asked Questions
What is Starhill Global REIT's current dividend yield?
As at April 2026, Starhill Global REIT (SGX: P40U) offers an estimated distribution yield of approximately 6.5–7.0% based on the current unit price of S$0.395–S$0.420. Note that FY2025 DPU included a special distribution from the Myer Centre Adelaide disposal, so the normalised recurring yield is approximately 6.3–6.8%. Always verify current yield using the latest quarterly DPU announcement from SGX.
What properties does Starhill Global REIT own?
Starhill Global REIT owns a portfolio of 11 retail and office properties across Singapore, Australia, Malaysia, China, and Japan. Its flagship Singapore assets are Wisma Atria and a 27.23% interest in Ngee Ann City, both located on Orchard Road. Overseas assets include Starhill Gallery and Lot 10 in Kuala Lumpur, and the David Jones Building in Brisbane, Australia.
Is Starhill Global REIT suitable for CPF investment?
Starhill Global REIT (P40U) is generally listed as an approved investment under the CPF Investment Scheme (CPFIS-OA), which allows CPF Ordinary Account funds to be used for SGX-listed S-REITs. However, you should check the latest CPF Board-approved list before investing, as eligibility can change. See our CPF investment strategy guide for more details on CPFIS investing.
What is the gearing ratio of Starhill Global REIT?
As at the latest reporting period (H2 FY2025), Starhill Global REIT’s aggregate leverage (gearing ratio) is approximately 35% — one of the lower gearing ratios among Singapore retail REITs. This provides a comfortable buffer below the MAS 50% regulatory limit and gives the manager financial flexibility for future acquisitions. Use our Gearing Ratio Calculator to see how gearing affects DPU sensitivity.
Why is Starhill Global REIT trading below NAV?
Starhill Global REIT trades at approximately 0.82x price-to-NAV as at April 2026, reflecting market concerns about: (1) the higher interest rate environment compressing valuations; (2) Orchard Road retail concentration and its sensitivity to tourism fluctuations; (3) overseas asset exposure with FX risk; and (4) the REIT’s relatively small market capitalisation and lower liquidity compared to large-cap S-REITs. A discount to NAV is not unusual for smaller, specialised REITs in a high-rate environment.
How often does Starhill Global REIT pay distributions?
Starhill Global REIT distributes income quarterly — four times per financial year. The REIT’s financial year ends on 30 June. Distribution amounts are announced via SGX SGXNET after each quarter, with the ex-dividend date typically set 2–4 weeks before the payment date. Unitholders on the register as at the ex-dividend date are eligible to receive the quarterly DPU.
What is Starhill Global REIT's NAV per unit?
As at the latest available data (H2 FY2025), Starhill Global REIT’s NAV per unit is approximately S$0.505. At the current market price of ~S$0.410, this represents a price-to-NAV ratio of approximately 0.82x — meaning the REIT trades at an 18% discount to the book value of its property portfolio. While a discount to NAV can indicate undervaluation, it can persist for extended periods in unfavourable market conditions.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. All data is approximate and as at April 2026. Past distributions are not a guarantee of future payouts. Investing in REITs involves risk including loss of capital. Please consult a licensed financial adviser before making investment decisions. The Kopi Notes is not licensed by MAS as a financial adviser.