Three in four S-REITs surveyed are preparing for sustainability assurance readiness: PwC Singapore study

• With mandatory external assurance for Scope 1 and 2 greenhouse gas (GHG) emissions starting from FY2029, 75% of respondents have conducted or are planning to conduct a readiness assessment as a practical first step for S-REITs to strengthen assurance preparedness
• Three-quarters (75%) of S-REITs surveyed use either ESG-specific or generic systems for sustainability data collection and reporting
• S-REITs are increasingly recognising the importance of involving finance teams in sustainability reporting processes, with finance functions expected to play a more central role as ISSB standards and assurance expectations continue to evolve
• ESG training is broadly embedded across S-REITs, with survey findings highlighting strong interest in more tailored and assurance-focused capability building to support evolving sustainability reporting requirements

SINGAPORE, 29 June 2026 – Three in four (75%) Singapore Real Estate Investment Trusts (S-REITs) surveyed have conducted or are preparing for a sustainability assurance readiness assessment, signalling growing recognition across the sector of the importance of strengthening data quality, processes and controls ahead of future assurance requirements, according to a sector spotlight published by PwC Singapore, with support from the REIT Association of Singapore (REITAS).

The report builds on PwC Singapore's Trust in transition: building confidence in sustainability disclosures study, published in November 2025, which examined sustainability assurance readiness across Singapore businesses broadly. This sector spotlight turns the lens specifically on S-REITs, drawing on responses from 20 S-REITs, which together account for 48% of the S-REIT sector’s total assets under management of S$201 billion as of March 2026.

S-REITs occupy a unique position in Singapore's sustainability reporting landscape. Many today use the Global Real Estate Sustainability Benchmark (GRESB) as a benchmarking tool, adding to stakeholder expectations and market scrutiny around the quality and credibility of sustainability disclosures alongside regulatory requirements. This report’s findings on data infrastructure, training effectiveness and assurance readiness provide a timely view of how the sector is preparing for this next phase of sustainability reporting.

At the same time, sustainability data collection can be more complex for S-REITs given the structure of their portfolios. Energy, water and waste data often sit with tenants and property managers rather than the REIT itself; portfolios may span multiple jurisdictions with differing reporting standards; and management teams are typically lean relative to the scale of assets under management. These realities mean that assurance readiness requires coordinated effort across internal teams and external stakeholders.

While the Accounting and Corporate Regulatory Authority (ACRA) and SGX RegCo have extended the timeline for mandatory external limited assurance to FY2029, S-REITs are required to report their Scope 1 and Scope 2 greenhouse gas emissions by FY2025. The extension provides additional runway for S-REITs to continue strengthening the processes, systems and controls needed to support assurance-ready reporting.

Lee Bing Yi, Partner, Sustainability and Climate Change, Financial Services Assurance, said:

“The growing adoption of readiness assessments is an encouraging sign that the sector is proactively preparing for assurance. Readiness assessments are a diagnostic tool, and should be followed by targeted action. Our findings highlight specific areas that require attention, including data infrastructure, capacity building, and the structural complexity of collecting audit‑quality data from third parties. S‑REITs that use the FY2029 window to address these areas in a targeted way will be better positioned when mandatory assurance arrives.”

Nupur Joshi, Chief Executive Officer at REITAS, said:

"S-REITs have made meaningful progress in strengthening sustainability disclosures as regulatory requirements, investor expectations and market scrutiny have evolved. What external assurance adds is independent verification — and in a market where institutional investors are scrutinising the credibility of sustainability disclosures more closely than ever, that distinction matters. The findings show the sector is moving in the right direction, with the next phase requiring continued focus on strengthening systems, processes and internal capabilities. S-REITs that build robust assurance capabilities now are not just preparing for regulatory requirements — they are signalling to global capital markets that their disclosures can be trusted, which is an increasingly important competitive consideration."

Assurance adoption remains in early stages

At 15%, the share of S-REITs that have obtained external assurance over sustainability reporting-related information is broadly in line with the 17% recorded across Singapore businesses in PwC Singapore's Trust in transition report — though lower than the 57% external assurance rate reported among STI constituents. A further quarter (25%) of S-REITs surveyed plan to obtain external assurance, suggesting a pipeline of adoption is forming as the sector prepares for future assurance requirements.

Slightly over half (55%) currently rely on outsourced internal audit for sustainability reporting reviews, and an additional 35% have in-house functions. Although this approach can help provide independence and specialist capabilities, close engagement between management and internal audit remains important to ensure findings are translated into practical improvements.

When it comes to data management, S-REITs have made meaningful progress in moving towards more structured reporting approaches. Seventy-five percent of S-REITs surveyed have moved beyond manual processes, with half (50%) using ESG-specific systems for sustainability data collection and reporting, and a further quarter (25%) using generic platforms.

For companies adopting system-based approaches, this shift may help mitigate risks associated with manual errors by enabling automated checks and standardised processes. At the same time, reconciling landlord, tenant and common-area data remains a persistent challenge regardless of the system used. Encouragingly, 90% of S-REITs are able to complete data collection and reporting within four months of the financial year-end, in line with SGX RegCo requirements.

Among S‑REITs surveyed, 85% engage their finance teams either minimally or not at all in sustainability reporting, reflecting lean operating structures within this sector and the still evolving integration between sustainability and financial reporting. With the ISSB climate reporting standards becoming mandatory for SGX-listed companies from FY2025, finance teams are expected to become more engaged as the standards place greater emphasis on the connectivity between sustainability and financial disclosures.

On ESG training, S-REITs are ahead of the broader market in adoption, with ESG training widely integrated across the sector. At the same time, nearly three-quarters (72%) of S-REITs surveyed were neutral or disagreed that existing programmes adequately met their needs, pointing to strong interest in more tailored and assurance-focused capability building. This is particularly evident for S-REITs with international portfolios, where sustainability reporting data requirements may vary by jurisdiction, asset type and other considerations.

For more information or to download the full report, please visit our webpage here.

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Notes to the editor

About the report

The findings are drawn from responses by 20 S-REITs to a survey conducted between 14 August 2025 and 1 October 2025, as part of the broader Trust in transition: building confidence in sustainability disclosures study developed by PwC Singapore, with support from the Institute of Singapore Chartered Accountants (ISCA) and Singapore Exchange Regulation (SGX RegCo), which collected a total of 116 responses from listed and non-listed companies.

The survey was distributed to all 38 traded S-REITs as of November 2025, according to REITAS, with 20 responses received. Respondents accounted for 48% of the S-REIT sector’s total assets under management of S$201 billion as of March 2026, and 45% of responses originated from REITs with market capitalisation above S$1 billion, capturing perspectives across both larger and smaller REITs.

The percentages and figures presented are based solely on survey responses and may not fully represent the broader S-REIT landscape in Singapore.

About PwC

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About the REIT Association of Singapore (REITAS)

REITAS is the representative voice of the Singapore REIT (S-REIT) industry. It provides its members a representation and engagement in consultation opportunities with policymakers on issues affecting S-REITs. The association also organises talks, courses, investor conferences, retail education events etc. to promote understanding and investment in S-REITs. Please visit www.reitas.sg