Net Asset Value Singapore

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Net Asset Value Singapore

Net Asset Value (NAV) in Singapore is the total value of a fund’s or REIT’s assets minus its liabilities, divided by the number of units outstanding. It represents the per-unit intrinsic value and is used to assess whether a REIT or fund is trading at a premium or discount. This page is for informational purposes only and does not constitute financial advice.


Net Asset Value Singapore — Singapore Investing Glossary | The Kopi Notes

Table of Contents

What Is Net Asset Value (NAV) in Singapore?
How NAV Is Calculated
NAV for Singapore REITs
NAV for Unit Trusts and ETFs
Premium vs Discount to NAV
Why NAV Matters for Singapore Investors

What Is Net Asset Value (NAV) in Singapore?

Net Asset Value (NAV) is a fundamental valuation metric used across REITs, unit trusts, ETFs, and robo advisor portfolios in Singapore. At its core, NAV answers: if you liquidated all assets and paid off all debts, what would be left per unit? For Singapore retail investors, understanding NAV helps assess whether a fund or REIT is cheap or expensive relative to its underlying worth.

How NAV Is Calculated

The formula: NAV = (Total Assets − Total Liabilities) ÷ Units Outstanding. For a unit trust, total assets include market value of all securities held. For an S-REIT, total assets include the appraised value of investment properties, receivables, and cash, minus total debt and other obligations. The result — NAV per unit — is expressed in SGD.

NAV for Singapore REITs

For S-REITs, NAV reflects the current estimated worth of the portfolio since properties are appraised (not at historical cost), revalued at least annually by independent valuers. Rising property values increase NAV; rising debt or declining values decrease it. Understanding NAV alongside gearing ratio and DPU gives a fuller picture of REIT financial health. See our Best S-REITs Singapore 2026 guide for NAV-to-price comparisons.

NAV for Unit Trusts and ETFs

Unit trust NAVs in Singapore are published daily — you buy and redeem at NAV (plus fees). On platforms like FSMOne and Endowus, NAV is shown at transaction. For ETFs listed on SGX, an indicative NAV (iNAV) is published, but actual trade price fluctuates throughout the day — meaning ETFs can briefly trade at a premium or discount to NAV.

Premium vs Discount to NAV

When a REIT’s market price exceeds NAV, it trades at a premium — investors pay more than liquidation value, typically expecting DPU growth or a high-quality portfolio. When price falls below NAV, it trades at a discount. As at Q1 2026, many S-REITs trade at discounts due to elevated interest rates weighing on property valuations. A discount is not automatically a buy signal — always check debt maturity profile, interest rate hedging, and aggregate leverage.

Why NAV Matters for Singapore Investors

For robo advisor users on Syfe or Endowus, NAV is the price at which your portfolio’s underlying positions are valued. For direct REIT investors, monitoring NAV trends shows how property portfolio values are evolving. For S-REIT ETF investors, understanding NAV explains why your ETF price can briefly diverge from holdings’ combined value during volatile sessions. Learn more via our Singapore REIT ETF guide.


Frequently Asked Questions — Net Asset Value Singapore

What does NAV mean in Singapore investing?
NAV stands for Net Asset Value — total assets minus total liabilities, divided by units outstanding. It gives a per-unit intrinsic value that investors compare to the market price to assess if a fund or REIT is cheap or expensive.
Is a REIT trading below NAV a buy signal?
Not automatically. A discount can reflect legitimate concerns: high leverage, poor asset quality, weak DPU growth, or rising rates. However, quality S-REITs at deep discounts have historically recovered as yields attracted buyers.
How often is NAV updated for unit trusts in Singapore?
Unit trust NAVs are typically calculated and published daily after market close by the fund manager, based on closing prices of underlying securities. Available on platforms like FSMOne and Endowus.
How is REIT NAV different from stock book value?
Both represent net assets per unit/share. REIT NAV uses appraised fair market value of properties (revalued periodically by independent valuers). Stock book value uses historical cost unless assets are marked to market.
Where can I find the NAV of Singapore REITs?
Published in each REIT’s quarterly results and annual report. SGX lists book value per unit data. Platforms like Syfe and Endowus publish portfolio-level NAV for their REIT funds daily.

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