The Singaporean government has transferred 11.1 hectares of land through the "Industrial Government Land Sale" program. These plots are located in major industrial zones, demonstrating the government's confidence in the industrial economy.

Perhaps it is now time for investors to shift their attention to high-quality industrial real estate investment trusts.

Let's take a look at a few names that might be major beneficiaries.

CapitaLand Ascendas REIT (SGX: A17U), or CLAR – Anchoring Growth in Singapore’s Industrial Core

CLAR’s business is globally diversified but anchored in Singapore, accounting for 68% of its portfolio value, allowing the trust to benefit from the tailwinds of rising local rents.

Its latest full year 2025 (FY2025) revenue increased 1% to S$1.54 billion year on year (YoY), while net property income (NPI) rose 1.7% to S$1.07 billion due to its accretive acquisitions partially offset by the impact of property divestments.

While these rejuvenation moves led to a favourable rental reversion of 12%, a WALE of 3.7 years, and leverage of 39.0%, its FY2025 distributions per unit (DPU) decreased 1.3% YoY to S$0.15.

The trust’s acquisition of assets in 2 Pioneer Sector 1 and Tuas Connection provides it with immediate exposure near western land areas released by IGLS.

Its redevelopment of properties in Toh Guan Road East and Science Park Drive demonstrated CLAR’s ability to redevelop existing assets even without acquiring newly released land through IGLS.

Mapletree Logistics Trust (SGX: M44U), or MLT – Rejuvenation Strategy(MSTR) and Logistics Dominance

In the third quarter of fiscal year 2026 (3QFY2025/2026), MLT’s gross revenue slid 3.1% to S$176.8 million, bringing NPI down 3.3% YoY due to FX headwinds and loss of income from its divested assets.

Such underperformance resulted in a 9.3% decrease in DPU to S$0.01816.

However, these assets were astutely divested at around 20% premium to valuation, giving the trust financial headroom to reduce its leverage by 0.4 percentage points to 40.7%.

Crucially, the proceeds were also used to acquire and develop modern facilities, such as Mapletree Joo Koon Logistics Hub, maintaining its overall portfolio’s occupancy of 96.4%.

With 78.6% of its assets being multi-tenanted, its WALE is reasonably short at 2.6 years, with a rental reversion of 1.1%.

Its rejuvenation strategy of shedding old assets to acquire and develop modern facilities, thereby attracting high-value tenants, aligns with the government’s push for modern, high-density logistics spaces.

Mapletree Industrial Trust (SGX: ME8U), or MIT – Data Centres and High-Specification Focus 

Like MLT, MIT is also executing a “Rejuvenation Strategy”, but in the data centre space, which accounts for 58.3% of MIT’s assets under management (AUM), positioning it to benefit significantly from the accelerating AI economy

In 3QFY2025/2026, gross revenue dipped 8.0% to S$163.1 million, pulling NPI down 7.8% to S$122.8 million YoY, due to a lack of income from its divested Singapore properties, non-renewal of leases from US properties and a weaker USD.

This earnings softness caused its DPU to decline 7.0% YoY to S$0.0317. 

The silver lining is that divestment proceeds were used to repay borrowings, reducing its leverage marginally by 0.1 percentage point to 37.2% quarter on quarter (QoQ).

With a 7.1% rental reversion, a WALE of 4.5 years, and stable occupancy of 91.4%, MIT’s portfolio rejuvenation exhibits signs of stabilisation despite near-term earnings softness.

The IGLS programme’s impact in strengthening the broader industrial ecosystem should drive spillover demands into adjacent industrial clusters such as Mapletree Sunview 1, where MIT has a strong presence.

AIMS APAC REIT (SGX: O5RU) – Strong Singapore Concentration and Organic Growth 

AIMS maintains a strong domestic portfolio in logistics, business parks, and hi-tech buildings.

In the first half of fiscal year 2026 (1HFY2026), its revenue increased modestly by 0.2% to S$93.7 million, driving NPI up 1.1% to S$68.4 million YoY.

Such modest growth is due to resilient contributions from its essential and defensive sectors, such as healthcare, food and staples, and telecommunications, allowing AIMS to increase DPU by 1.1% to S$0.0472.

With a favourable occupancy of 93.3% and rental reversion of 7.7%, supported by a relatively low leverage of 35%, AIMS’ resilient portfolio is expected to benefit materially from a rising industrial property market.

Like CLAR, AIMS unlocked value in existing assets such as the asset enhancement initiatives (AEI) at 7 Clementi Loop, securing a long 15-year master lease.

With approximately 70.4% of its total portfolio value located in Singapore, AIMS offers the most direct play on the Singapore REIT recovery.