Sabana REIT Share Price 2026 (SGX: M1GU): DPU +23%, 91.4% Occupancy & Alpha Integrated REIT Deep-Dive

Sabana REIT — now officially Alpha Integrated REIT (SGX: M1GU) — delivered one of the most dramatic turnarounds among Singapore industrial S-REITs in 2025. With FY2025 DPU surging 23.4% year-on-year to 3.53 cents, occupancy climbing to 91.4% by March 2026, and all-in financing costs dropping to 3.85%, the question for unitholders is simple: is M1GU a value buy, a yield trap, or something in between? This guide covers everything you need to know — share price history, DPU data, gearing, the completed internalisation, and how M1GU stacks up against peer industrial REITs. Not financial advice. Data as at May 2026.

Table of Contents

1. What is Alpha Integrated REIT (formerly Sabana REIT)?

Sabana Shariah Compliant Industrial REIT was listed on the Singapore Exchange (SGX) on 26 November 2010 under ticker M1GU. On 4 November 2025, the REIT officially changed its name and branding to Alpha Integrated REIT (AI-REIT), completing a multi-year corporate transformation that included an internalisation of management functions.

The REIT focuses exclusively on Singapore industrial assets across four sub-sectors: high-tech industrial, warehouse and logistics, chemical warehouse and logistics, and general industrial. As at 31 December 2025, it held a portfolio of 18 properties with a combined gross floor area of approximately 386,227 sqm, valued at over S$1.6 billion.

Unlike some of its larger peers such as Mapletree Industrial Trust (MIT) or CapitaLand Ascendas REIT (CLAR), M1GU is a pure-play Singapore industrial REIT with no overseas assets — a more concentrated but simpler structure for investors who want direct Singapore industrial exposure.

2. Sabana REIT Share Price History 2026

Investors searching for “Sabana REIT share price” will note that the ticker M1GU still trades on SGX under the Alpha Integrated REIT name. As of May 2026, M1GU trades in the approximate range of S$0.39–S$0.48, reflecting the strong FY2025 DPU recovery and improved operational metrics.

The share price trajectory over 2025–2026 has been shaped by three major catalysts:

• Internalisation completion (Nov 2025) — removed external manager fee drag and aligned management incentives with unitholders
• DPU recovery (+23.4% YoY for FY2025) — strongest annual distribution growth in the REIT’s recent history
• Occupancy improvement — portfolio occupancy rising from ~85.7% (1Q2025) to 91.4% (1Q2026), a 5.7 percentage point gain

At an indicative price of ~S$0.47, the trailing yield based on FY2025 DPU of 3.53¢ is approximately 7.5% — one of the highest among Singapore-listed industrial S-REITs.

For the latest live share price, check SGX or your preferred brokerage platform. You can also use our S-REIT Dividend Yield Calculator to compute yield at different entry prices.

3. DPU History: FY2020–FY2025

The table below shows Alpha Integrated REIT’s annual Distribution Per Unit (DPU) history. Note that DPU declined from FY2021 to FY2024 as occupancy pressure and manager fee drag weighed on distributable income — before the sharp FY2025 recovery following internalisation and leasing momentum.

Source: SGX announcements / Alpha Integrated REIT investor relations. Past distributions are not a guarantee of future payouts.

4. FY2025 Results Deep-Dive

Alpha Integrated REIT released its FY2025 full-year results on 13 February 2026. The headline numbers represent a genuine operational inflection, driven by both improved fundamentals and the cost savings from internalisation.

Source: Alpha Integrated REIT FY2025 Financial Results, SGX announcement 13 Feb 2026.

The NPI margin expansion from ~50.7% (FY2024) to ~56.4% (FY2025) is the standout metric — it shows that not only did top-line revenue grow, but cost management (partly from internalisation savings and higher occupancy leveraging fixed property costs) drove significantly more income to the bottom line.

For context on how these numbers compare with other industrial REITs, see our Best S-REITs Singapore 2026 guide.

5. 1Q2026 Business Update

On 16 April 2026, Alpha Integrated REIT released its 1Q2026 business update, confirming that the operational momentum from FY2025 has continued into 2026. Key highlights:

• Portfolio occupancy: 91.4% as at 31 March 2026 — a 5.7 percentage point rise year-on-year (from ~85.7% in 1Q2025)
• All-in financing cost: 3.85% — down sharply from 4.57% a year earlier, a 72 basis point reduction that directly boosts distributable income
• Occupancy by sector (1Q2026):
  • General industrial: 98.9%
  • Chemical warehouses & logistics: 95.5%
  • High-tech industrial and other segments also improved

The combination of rising occupancy and falling financing costs is a powerful dual tailwind. At 3.85% all-in cost, M1GU’s debt is among the cheaper in the industrial REIT sector — benefiting from rate cuts and successful debt refinancing post-internalisation.

Want to model what this means for your investment? Try our S-REIT Total Return Calculator to estimate total return including DPU reinvestment.

6. Internalisation: What Changed and Why It Matters

The internalisation of Alpha Integrated REIT’s management functions — completed in October 2025 — is arguably the single most structurally significant event in the REIT’s history since listing. Here’s what it means in plain terms:

Before internalisation: M1GU was managed by an external REIT manager (Sabana Real Estate Investment Management Pte Ltd), which charged management fees from the REIT’s distributable income. This created a conflict of interest where the manager’s revenue was tied to asset size (incentivising acquisitions) rather than unitholder returns.

After internalisation: The REIT now has an internal management team employed directly by the Trust. Management salary costs are fixed expenses rather than fee-based AUM charges. This structure:

• Removes the external manager fee drag on DPU
• Aligns management compensation with long-term REIT performance
• Reduces conflicts of interest around acquisitions and capital recycling
• Improves governance perception (a common EEAT signal for institutional investors)

The FY2025 NPI margin jump from ~50.7% to ~56.4% partially reflects the cost savings flowing through post-internalisation. As the internal team settles in and further optimises the portfolio, there is upside potential for further NPI margin improvements in FY2026.

For a broader overview of how S-REIT structures affect returns, read our Singapore REIT ETF Guide.

7. Portfolio Overview: 18 Singapore Industrial Properties

Alpha Integrated REIT’s portfolio is 100% Singapore-based — a deliberate strategic choice that gives it deep local market knowledge but also full exposure to Singapore industrial market dynamics. As at 31 December 2025:

Source: Alpha Integrated REIT FY2025 Annual Results, SGX announcement 13 Feb 2026.

New Tech Park, located at 151 Lorong Chuan, is M1GU’s flagship asset — a multi-tenanted high-tech industrial development that commands premium rents and anchor tenants in the tech and electronics manufacturing space. The general industrial cluster at 98.9% occupancy reflects strong underlying tenant demand for Singapore industrial space, supported by the government’s MTI industrial development agenda.

8. Peer Yield Comparison: How Does M1GU Stack Up?

At an indicative yield of ~7.5% based on FY2025 DPU, Alpha Integrated REIT offers one of the highest trailing yields among Singapore-listed industrial S-REITs. Here’s how it compares with key peers as at May 2026 (indicative, based on trailing DPU and market prices):

Indicative yields based on trailing DPU and approximate market prices as at May 2026. Not a recommendation to buy or sell.

The yield premium M1GU commands over larger peers like MIT and CLAR reflects its smaller size, lower liquidity, and legacy concerns about asset quality — but the internalisation and occupancy recovery have materially de-risked the thesis compared to 2022–2024. For CPF investors, note that M1GU is currently not on the CPF investment-approved list — check the CPF Investment Guide for approved S-REITs before using OA funds.

9. Key Risks to Watch

No REIT analysis is complete without an honest look at the downside risks. For M1GU in 2026, the key risk factors include:

1. Portfolio concentration risk. 18 properties, all in Singapore, means there is no geographic diversification. A slowdown in Singapore industrial demand — for example, from a manufacturing contraction or trade war impact — would hit M1GU’s occupancy and rents directly with no overseas buffer.

2. Smaller asset base limits acquisition optionality. With total assets just above S$1.6B, M1GU has limited capacity for large-scale debt-funded acquisitions without risking gearing headroom. The 45% MAS gearing limit constrains how much it can grow inorganically.

3. Internalisation execution risk. The internal management structure is new. While cost savings are real, there is a transitional period where operational execution risk is elevated — particularly around leasing and asset management decisions.

4. Interest rate sensitivity. While the all-in financing cost has improved to 3.85%, any reversal in the interest rate cycle could push borrowing costs higher and compress the DPU.

5. Asset age and capex requirements. Some of M1GU’s properties are older industrial assets. As leases expire, tenants may require landlord contributions to upgrade space, increasing capex needs.

To stress-test your own investment thesis, our S-REIT Gearing Ratio & ICR Calculator lets you model different gearing and interest rate scenarios.

10. Useful Tools for REIT Investors

Make better-informed decisions with these free Singapore investing calculators:

11. Frequently Asked Questions