Tropical peatlands are important global carbon sinks, and the ways they differ from adjacent forest ecosystems in environmental functions have not been well characterized. Our study investigated family-level floristic and soil differences between adjacent paired patches of intact waterlogged peat forests and kerangas (free-draining heath) forests in Brunei Darussalam. For each patch, we examined total and labile nutrient concentrations in soils, tree stand diversity and structural characteristics, functional traits of live leaves and leaf litter, and nutrient resorption during leaf senescence. We found that total nutrients were more abundant in peat and kerangas humus than in kerangas sand, while available nutrients were highest in kerangas humus, suggesting that anoxic conditions in peat soils impair mineralization of nutrients to available forms but do not lead to losses of nutrient capital. We also found significant compositional differences among those families that occur frequently in both peat and kerangas plots. Despite this, family-level measures of tree diversity and structural characteristics, including tree abundance and stand basal area, did not differ between forest types. Similarly, leaf and litter functional traits and nutrient resorption were invariant across forest types, indicating low plasticity of leaf characteristics associated with plant nutrition. This suggests that belowground carbon accumulation in peatlands is disconnected from aboveground plant community characteristics and is likely driven by belowground processes.