Chart of the Day: Check out which Singapore REITs are dominating the market in 2016

Offshore assets are proving to be lifesavers.

Singapore property has been deluged with headwinds thus far in 2016, but analysts note that there has been an interesting turn in the tides year to date.

According to a report by Jefferies, year to date (YTD) outperformers are dominated by REITS from Mapletree stable, and REITs with offshore assets. Jefferies notes that surprisingly, office REITs also topped the list.

"We think office REITs are claiming back some of the underperformance of previous calendar year. Hospitality REITs continue to be laggards," stated Jefferies.

Offshore REITs also displayed the best performance YTD.

"Some of the Offshore REITs like CRCT SP, AIT SP, Croesus and IREIT Global offer the best DPU growth profile over the next 2 years. Given the group is trading 15% below book, YTD outperformance is justified," asserted Jefferies.

"Even over a longer period of 3 years, offshore REITs have outperformed the local REIT index by about 9 ppt on an annualized basis," it added.