There are 38 real estate investment trusts (REITs) in Singapore’s stock market. The REIT with the worst performance over the last 12 months is Sabana Shariah Compliant REIT (SGX: M1GU), whose units have fallen by 49% in price to S$0.36 currently. Sabana REIT is unique for being the world’s first Shariah-compliant REIT. In the third quarter of 2016 Sabana saw its gross revenue decline by 9.7% to S$23.0 million while its net property income shrank by 24% to S$13.9 million. Although the REIT’s portfolio occupancy rate managed to step up from 88.8% in the second quarter of 2016 to 89.2%, the number is still lower than the 91.7% seen a year ago. Market researcher Knight Frank projected a decline in industrial rents in Singapore of 6% to 8% in the fourth quarter of 2016. Put another way, Sabana REIT’s business environment is in a condition of low demand and oversupply.