Starhill Global REIT Share Price (P40U): Dividend Yield, DPU & 2026 Outlook

Starhill Global REIT (SGX: P40U) anchors its Singapore portfolio on two of Orchard Road’s most recognisable addresses: Wisma Atria and a stake in Ngee Ann City. Beyond Singapore, the REIT holds commercial assets across Australia, Malaysia, Japan, and China, making it a rare pan-Asian retail income play listed on the SGX. Income investors tracking P40U watch its share price closely because small price moves translate directly into meaningful yield shifts around its current 6-plus per cent distribution level.

Starhill Global REIT Share Price Overview

Starhill Global REIT (SGX: P40U) trades on the Singapore Exchange Main Board. As of late August 2026, units changed hands at around S$0.530, leaving the REIT at a notable discount to its net asset value of S$0.71 per unit. That discount reflects headwinds that weighed on smaller-cap S-REITs through 2025: elevated borrowing costs and modest organic growth from the overseas portfolio. With the US Federal Reserve’s rate cycle now turning, sentiment has begun to shift and P40U has recovered from the lower end of its 52-week range.

Three factors move P40U’s unit price more than most S-REITs of comparable size. First, interest rates: as a yield instrument, Starhill competes with fixed deposits and Singapore Government Securities, so when rates fall, REIT yields become relatively more attractive. Second, Orchard Road retail sentiment: tourist arrivals and discretionary spending directly affect the rent Wisma Atria can charge its tenants. Third, overseas income drag: earnings from Australian and Malaysian assets are exposed to AUD and MYR movements, which can dampen distributions when the Singapore dollar strengthens. All price data above is indicative; check your brokerage for the live quote before making any decisions.

Dividend Yield & DPU History 2024–2026

Starhill Global REIT pays distributions semi-annually, shortly after its half-year (December) and full-year (June) results announcements. The REIT targets a high payout ratio, distributing substantially all of its distributable income to unitholders each period. For FY2025/26 (financial year ended 30 June 2026), Starhill reported a distribution per unit of 3.68 cents, up 0.8 per cent year-on-year. At a unit price of S$0.530, that translates to an indicative annual yield of approximately 6.9 per cent.

The yield figure above uses the FY2025/26 full-year DPU divided by the late-August 2026 unit price. Actual yield depends on the price paid. Starhill’s overseas assets in Australia, Malaysia, and Japan contribute rental income in foreign currencies. When the SGD strengthens, the SGD-equivalent income from those properties shrinks, which can weigh on future DPU even if local occupancy holds firm. The Singapore portfolio remains the primary income driver and provides the most stable base for the REIT’s distributions.

Portfolio: Orchard Road & Beyond

Starhill Global REIT holds nine properties across five countries, with a total portfolio value of approximately S$2.73 billion as at 30 June 2026. The Singapore assets dominate revenue, anchored by Wisma Atria, a wholly owned retail and office building at 435 Orchard Road, and a 27.23 per cent interest in Ngee Ann City, one of Singapore’s largest prime retail complexes. These two properties sit at the heart of the Orchard Road shopping belt, drawing both locals and tourists throughout the year.

Singapore’s dominance in the portfolio means Starhill’s fortunes are closely tied to conditions on Orchard Road. Post-pandemic, Orchard Road has reclaimed its position as a regional retail destination, supported by recovering inbound tourism and steady domestic consumer spending. The Australian properties staged an occupancy and rental income recovery in FY2025/26 after earlier post-pandemic softness. For a detailed breakdown of each property, lease structure, and tenant concentration, see the complete Starhill Global REIT investor guide.

Key Financial Metrics

Starhill’s gearing of 35.8 per cent sits well below the MAS aggregate leverage limit of 50 per cent, giving the manager meaningful buffer for asset enhancement initiatives or opportunistic acquisitions without requiring equity fundraising. The near-full portfolio occupancy of 97.2 per cent reflects the constrained supply of prime Orchard Road retail space and Starhill’s long-standing tenant relationships. Revenue and NPI growth were modest in FY2025/26, a period when higher borrowing costs weighed on distributable income across the broader S-REIT sector. For the full results breakdown, see the FY2026 results: DPU rises to 3.68 cents.

Starhill Global REIT 2026 Outlook

The most significant macro tailwind for Starhill entering the second half of 2026 is the change in the US Federal Reserve’s rate direction. The Fed has begun cutting the federal funds rate, and markets expect further reductions through 2026. Lower base rates reduce refinancing costs for REITs and raise the relative attractiveness of REIT yields over risk-free alternatives. For Starhill, which carried gearing at 35.8 per cent with a mix of fixed and floating rate debt, a sustained rate decline would ease financing costs and support distributable income growth.

On the ground in Singapore, Orchard Road has maintained strong occupancy through 2025 and into 2026. Wisma Atria benefits from high footfall driven by both tourist spending and domestic retail visits. Singapore’s visitor arrivals have recovered strongly, and the retail micro-market along Orchard Road remains one of the most competitive in Asia. New leases signed at Wisma Atria have reflected positive rental reversions, which bodes well for future NPI growth from the Singapore core.

Starhill Global REIT entered FY2026/27 with a new chief executive. Kemmy Tan Peck Mun assumed the role of Chief Executive Officer and Executive Director effective 1 July 2026, having previously served as CEO of M+S Pte Ltd where she oversaw the development and management of Marina One and DUO. Her appointment signals a continuation of the manager’s strategy, with a focus on asset enhancement and tenant mix optimisation across the portfolio. The transition was flagged well in advance, providing continuity for unitholders.

One area to monitor is Starhill’s overseas portfolio. Australian and Malaysian assets, while recovering in occupancy, contribute income in AUD and MYR respectively. A stronger Singapore dollar can reduce the SGD-equivalent distributions from these properties even when underlying performance improves. Japan’s Daikanyama asset remains a small but stable contributor. The Singapore properties, Wisma Atria and the Ngee Ann City stake, remain the primary determinants of Starhill’s income trajectory over the near term.

How to Invest in Starhill Global REIT

P40U trades on the Singapore Exchange Main Board under the ticker P40U. Investors can purchase units through any CDP-linked brokerage or through custodian-based platforms. The minimum board lot is 100 units. The platforms below are commonly used by Singapore investors to access SGX-listed REITs, listed for reference only and not as a recommendation:

• Endowus – access SGX-listed REITs through a CPF, SRS, or cash portfolio. Sign up with referral code 2V343 for fee rebates.
• Syfe – invest in REIT portfolios or individual SGX stocks through Syfe Trade. Use invite code SRPRFFFCD for a welcome bonus.
• FSMOne – a CDP-linked online brokerage for SGX stocks and REITs. Open an account with referral code P0544985.
• Interactive Brokers (IBKR) – a global brokerage with SGX access and competitive commissions. Open an account with referral code jianxiong368.

Some investors hold S-REITs through their CPF Ordinary Account via the CPF Investment Scheme (CPFIS). P40U may be eligible for CPFIS investment through CPFIS-approved brokerages; verify eligibility directly with your broker before proceeding, as the approved list can change. SRS funds can also be used to purchase SGX-listed securities through eligible SRS operators. This section provides platform information only and does not constitute investment advice.

Frequently Asked Questions