Singapore REITs are set for a gradual, cautious re-opening in what is left of the year, with travel rebounding only in phases from 2021, says DBS Group Research analyst Derek Tan in an Oct 19 note. 

As expected, domestic travel will recover faster compared to international travel, as borders here remain shut. The sector’s gearing is set to increase to about 44% assuming 15% to 20% decline in valuations, with the “worst case scenario” priced in at current levels, says Tan. 

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