Portfolio Update July 2026: Increasing My Highest Conviction Holdings

Over the past month, I made two large additions to my dividend portfolio by increasing my holdings in NTT DC REIT and Daiwa House Logistics Trust and a smal addition in Asian Pay TV Trust.

These purchases have increased my projected annual dividend income to $100,591.61, while  improving the overall quality of my income portfolio.

Buying More of What I Understand

As my portfolio grows larger, I have become more selective with where I deploy fresh capital.

Rather than constantly searching for the next high-yield stock avaliable in SGX, I rather increase my exposure to businesses that I have already spent considerable time researching and have high conviction in. Sometimes the best investment idea is not finding something new, but simply buying more of what you understand well.

NTT DC REIT continues to fit that description. The long-term demand for data centres remains supported by structural trends such as artificial intelligence, cloud computing and digitalisation. Together with healthy rental reversions, a quality sponsor and a visible acquisition pipeline, I believe it remains one of the strongest REITs listed on SGX today.

Why Daiwa House Logistics Trust

Demand for modern warehouses is increasingly supported by supply chain optimisation, third-party logistics providers, manufacturing inventory and changes to Japan's transportation industry. Coupled with positive rental reversions over the past few years, I believe the trust offers attractive long-term income potential while providing diversification away from my other REIT holdings.

Recycling capital

I exited my entire position in Riverstone Holdings. While it remains a good company, I felt my capital could be better deployed to the above 02 REITs, my trust in how this would further strengthen my recurring dividend income.

Looking ahead

Looking back over the past year, my portfolio has gradually shifted from accumulating many different dividend stocks to concentrating capital into my highest-conviction ideas. It is definite that 2027 will be a year where I experience a $100,000 annual dividend inflow.

Dividend (Year to Date)

USD $13,060

HKD $22,599.18 (Alibaba Dividend during this update)

SGD $15,317.38 (NTT DC REIT Dividend during this update)

Portfolio Update June 2026: Accumulating NTT DC, Daiwa Logistics REIT for Dividend Growth

I have made several purchases recently to strengthen my dividend income stream, along with one new position that is more of a vanity project than a pure investment.

Have sold my Frencken Position at $3.53-$3.54

NTT DC REIT – Major Accumulation

Data centre capacity remains in high demand globally. Among the listed data centre REITs available to me, I evaluated NTT DC REIT, Keppel DC REIT and Digital Core REIT.

My view is that Keppel DC REIT has the strongest portfolio, particularly given its significant exposure to Singapore, which is one of the tightest data center markets in the world. However, the market already recognizes this quality and has priced it accordingly, resulting in a rich valuation.

NTT DC REIT, in my opinion, offers the second-best portfolio mix while still trading at a comfortable dividend yield and a discount to book value. This provides a more attractive balance between quality, income and valuation. In particular, I like its exposure to Singapore as well as selected overseas markets where data centre demand remains robust.

As a result, I have made a substantial purchase of NTT DC REIT at a forward yield of approximately 7.8%. This position should materially enhance my dividend income beginning in 2027.

Daiwa House Logistics Trust

I have recently added to my income portfolio as part of a selective expansion into higher-yield industrial real estate with geographical diversification.

Daiwa House Logistics Trust is a Japan-focused logistics REIT with exposure to modern warehouse and distribution assets across key logistics hubs in Japan. Its properties are strategically positioned near major transport corridors and consumption hubs. Tenants typically include e-commerce distributors, and warehouse users such as Suntory and Mitsubishi Express, providing long lease structures and stable cash flow visibility.

Vanity Project – Japan Foods Holding

I have also continued accumulating shares in Japan Foods Holding, to the extent that I should now rank among the company's top 20 shareholders.

From a pure investment perspective, this is not my strongest idea. The company is currently loss-making and remains in the midst of a rationalization and turnaround process. However, I enjoy being a shareholder of a business whose products and outlets I regularly patronise, which is why I consider this a vanity project.

Should management successfully restore profitability, there is potential for dividends to resume from 2027 onwards. While the investment carries execution risk, I am prepared to be patient and see how the turnaround unfolds.

Dividend (Year to Date)

USD $13,060

HKD $9,068.61

SGD $9,068.20

May 2025: New Addition UIBREIT

Dividend came in from Nanofilm, Frencken and Riverstone. Besides, I have bought UIB REIT. This diversifies my dividend sources and importantly, increases my dividend received.

With discovery of high yielding Singapore stocks and sustainable payout, I am now shifting my annual dividend target (for the better, unlike PAP-style goalpost shifting to smoke citizens.)

The dividend target I have set is $100,000. It is an increase from my previous goal of $60,000 because I have bested it due to NTT DC REIT, United Hampshire gains

Dividend (Year to Date)

USD $13,060

HKD $9,068.61

SGD $8,891.20

April 2026 Update: Strengthening My Portfolio’s Dividend Power

Over the past week, I have trimmed my position in Nanofilm to take partial profits following its recent share price strength. While I remain constructive on its longer-term prospects, the sharp rebound presented an opportunity to lock in gains and rebalance exposure. As per my previous update, I had sold Alibaba shares amid regulatory uncertainty and a muted consumer recovery in China.

Proceeds from these adjustments have been channelled into NTT DC REIT, primarily for its attractive dividend yield of approximately 7–8%. In the current environment, the ability to generate stable and recurring income is a key priority, and the REIT offers a compelling yield spread relative to other income instruments. This provides a strong foundation for portfolio cash flow while reducing overall volatility.

Beyond yield, NTT DC REIT offers direct exposure to the data centre sector, which is underpinned by powerful structural tailwinds such as cloud adoption, artificial intelligence workloads, and ongoing digitalisation. The quality of its assets, coupled with long-term leases signed with large software companies, supports visibility and resilience of its DPU.

As the year progresses, the portfolio is steadily evolving into a more robust income generator. Dividend contributions are increasing meaningfully, and the $60,000 annual dividend target now appears well within reach.

Dividend

There is no change in the total dividend income received.

Current Portfolio Value is $1,220,400

Dividend

USD:$13,060

HKD:$9,068.61

SGD:$6,507.80

April 2026 Portfolio Update: Dividend Growing

Since the last update, I have made 03 additional stock acquisitions:

1. Lendlease Global Commercial REIT
   The share price fell below its issue price, presenting an attractive entry point. I accumulated shares at an average price of 0.55, which translates to an approximate dividend yield of 6.4%. This represents a reasonable yield for a REIT of its profile.
2. NTT DC REIT
   I increased my holdings when the share price declined to 0.925. At this level, the stock offers an estimated yield of around 8%, which I consider a strong value proposition.
3. Yangzijiang Financial

I look forward to achieving higher dividend contributions going forward. From a dividend investment perspective, generating annual returns of 6–8% in Singapore is relatively attainable. By looking beyond the large-cap REITs and selectively investing in mid-cap names such as Lendlease Global Commercial REIT and NTT DC REIT, these levels of yield can be achieved.

In my view, such returns compare favourably against many other asset classes in Singapore, while remaining accessible to the average retail investor.

Dividend

There is no change in the total dividend income received.

Current Portfolio Value is $1,163,500

Dividend

USD:$13,060

HKD:$9,068.61

SGD:$6,507.80

Mar 2026 Portfolio Update- $20,000 dividend inflow

Sold off a few shares in both Lendlease REIT and Yanlord. Bought Riverstone

The reporting of year end financial results meant dividend in a few of my holdings have been declared. For this month alone, I would receive US$13,000 and SGD$6,000 in dividend. 

United Hamsphire continue to be the stand out play with high earnings and a high but yet sustainable dividend. The only issue is the low trading liquidity which results in no institutional interest. While the UOB REIT manager has said it is resolving, little results has been seen. Unitholders may have to voice this concern in the upcoming AGM; every month the REIT fails to meet the benchmark to enter Singapore's REIT index, depsite it being the best few performing REIT.

Current Portfolio Value is $1,085,500

Dividend

USD:$13,060

HKD:$9,068.61

SGD:$6,507.80

Feb 2026 Portfolio Update: Purchase of More Yangzijiang Financial

Following the recent sell-down in Yangzijiang Financial Holdings (YZJFH), I decided to rotate a significant portion of my portfolio into the company. To fund this move, I fully exited my position in StarHub and partial stake in PRIME US REIT. I have accumulated a total stake of 240,000 shares in YZJFH.

Post-restructuring, YZJFH has emerged as a focused debt investment platform with a strong balance sheet, holding only $300,000 of debt against a $1.8 billion loan portfolio. Its loan portfolio currently carries a book value of approximately 54 cents per share, supported by a credit loss allowance of 5.2 cents per share.

Taken together, this implies that if the loan portfolio were to be fully redeemed without drawing down on the credit allowance, the underlying value of the company would amount to roughly 59.2 cents per share. Even allowing for some utilization of the credit allowance, the current market price appears to reflect a substantial discount to underlying asset value.

At a share price of around 33 cents, YZJFH is trading at a significant discount to its adjusted book value. In my view, this valuation presents a compelling risk-reward profile.

Next, a small amount was used to buy Goodwill Entertainment.

Current Portfolio Value is $1,244,000. I am still on track to clock $60k dividend this year

Dividend

USD:$0

HKD:$9,068.61

SGD:$0

Jan 2026 Portfolio Update: First Dividend of the Year

During the month, I took profits on Lendlease REIT after its share price appreciated significantly, reducing my position to 40,000 shares. The capital was reallocated into Yangzijiang Financial Holding.

However, post-demerger, the combined valuation of the two Yangzijiang entities has fallen below pre-split levels. This appears to be driven by structural weakness in China’s real estate sector and a softening shipping market, underscoring the broader economic strain on China amid ongoing tariff pressures from the Trump administration.

A few mid cap and Alibaba have seen a rise in share price; therefore, current Portfolio Value is $1,242,000. I am still on track to clock a $60k dividend inflow this year

Dividend

USD:$0

HKD:$9,068.61

SGD:$0

Finalized the Portfolio With Many Singapore Mid-Small Caps

Following on the idea to "revitalize the Singapore stock" market, I have finalized my portfolio with the purchase of more mid cap stocks in my portfolio.

Unlike active fund, it will be passive without much movement from now. Interestingly, one will observe I have totally sold off Olam and new additions are Frencken, YZJ Financial and Yanlord.

Why I have returned to YZJ Financial is so that I have some exposure to the financial sector + aligning myself in instance YZJFH is able to redeem its China debt investments successfully. For Frencken, I am vested for the financial effects it will reap when it completes the building of its larger production capacity factory in 2027.

It's a Dividend Portfolio

Based on forward dividend estimates, many Singapore stocks in the portfolio provide high dividend, with estimated yield of 4.5% on this portfolio. This is due to Alibaba （which can be bought via SDR） being a large component with little dividend. It is estimated United Hampshire and Asian Pay TV will provide about the same amount of dividend as 2025.

For PRIME US REIT, an increase in dividend will start from 2027 when new rentals start their rent collection phase.

As this continues, the expectation is that a $70,000 dividend level will be achieved in 2027

Current Portfolio Value is $1,215,000

From 2026, I will be recording the dividend received from the below portfolio composition.

Nov 2025 Portfolio Update: Encashing LendLease REIT into a 10% Dividend Yielder Trust

With Lendlease REIT shareholder unfriendly action to dilute existing unitholders at approx. 13.5% discount to finance a purchase, I have pared down my stake

Thought of Lendlease REIT  

While Lendlease REIT is pivoting to be a full Singapore REIT, the way it has resolved to do it is to purchase more shopping malls from the parent. Looking back Fraser Centrepoint Trust has done the same thing, but its share placements have always been only done at 1 times book value; and unitholders were given the opportunity to partake in it. 

Lendlease REIT in its anxious state to grow big has severely diluted existing unitholders and not offer a chance to existing unitholders to join the discount. Further, its purchase was fully financed by share placement. What this means is leverage will lower; but existing unitholders are diluted. The placement price was not good too and the banks supporting it wanted to earn the easy money out by not placing it at $0.62（ex dividend); this could have been done, and it is likely Lendlease REIT would have achieved its fund-raising objective. Both the REIT manager and Singapore banks were doing a great disservice to Lendlease Minority Unitholders which shows how terrible Singapore stock market is and something "MAS" current poster boy Chee Hong Tat should aim for- which is to stop retail investors from being easily diluted with legislative measures put in place to punish controlling shareholders.

As of now, Lendlease REIT only owns 70% of PLQ with a definite future that 30% more will be purchased. I do not know if it will be another share placement or leverage up to 42%; but as unitholders, it seems the REIT manager does not care about the minority at all. As a result, despite 90% of its portfolio now in Singapore shopping mall, there is a discount ascribed to the company where it now trades at 0.9 times book value. There is about 5-6% discount due to potential shareholder unfriendly action. 

With 0.9 times book value and 5.7% dividend yield, Lendlease REIT is ALMOST FULLY VALUED. Unless the REIT manager changes its action and state it in words via SGX announcement documents or AGM minutes, it is unlikely it will go to 0.96 book value (which is the true fair value like Fraser Centrepoint Trust, office properties are now valued at 0.6 times book value); hence I have decided to pare down my stake to buy other shares with higher upside. They are:

1. Asian Pay TV Trust-10% Dividend Yielder who should be chugging along at this rate nicely for 5 years to come
2. NTT DC REIT- a 7% dividend yielder
3. Nanofilm- A component precision manufacturing company with exposure to China and;
4. United Hampshire US REIT- Sustainable 8% Dividend Yielder.

Dividend, Dividend, Dividend

The reshuffling of fund, moving from fair value to undervalued dividend gems, will enhance my dividend inflow.

My US REITs are a great value bargain starting to prove their worth with improvement in cash flow.

Portfolio Update: Achieved a $1 Million Stock Portfolio

Thanks to the better prospects of my US REITs and higher dividends, I have seen a run up in prices.

Aided by my decision to take up the Dividend Reinvestment Plan (DRP) for United Hampshire and Lendlease REIT, I have comfortably exceeded the $1 million mark. Besides the DRP, I have bought more United Hampshire and LINK REIT from the few sales in NTT DC REIT which has returned to near its US$1 IPO pricing and Far East Hospitality Trust. 

$60,000 Annual Dividend To be Achieved in 2026

With expectations of further rate cuts in USA, both United Hampshire and KORE looks set to report higher distributable income. This means higher dividends. 

For Utd Hampshire, it looks set to dish out 4.5 US cents in 2026, while KORE should be a 2 US cents yielder. 

For PRIME, it is now definitely safe. The company had recently announced private placement to obtain the cash to execute tenancy improvements for new leases it will be signing on. PRIME has guided to give at least 50% in distribution from next year. I estimate this means annual 1.8 US cents dividend when the new leases start to generate cash rent.

All these adds to a $60,000 annual dividend portfolio.

Alibaba

Alibaba has gained in share price and this has greatly aided me in securing a $1 million stock portfolio. I am still holding to my Alibaba shares. 

Alibaba is not just an e commerce stock, but one which has data centres, a suite of AI services; similar to the value proposition Amazon holds to USA (an e commerce and software services provider).

For Amazon, its price earnings has been at 30-34 times. As Alibaba holds the same value proposition. A 30 times price earnings is possible. At HKD$171, Alibaba's current P/E is 20, hence, further upside of 50% is where I target Alibaba to be worth (Target price: $250)

United Hampshire US REIT

Returns wise, since my challenge to property agents, United Hampshire REIT has provided 4 US cents capital gain + 4.1 US cents in dividend. That is a 18.0% returns in less than a year. 

For next year, the REIT is likely to give 4.5 US cents dividend, which makes it a 9% dividend yield on current price. I am expecting 9 US cents (capital gains+ dividend) at end of 2026 

I would stop tracking the dividend for this year because of DRP and premature granting of dividend by PRIME. Re-counting will be done from 1 Jan 2026.

Portfolio Update: Buying A Dividend Stock I Once Knew, Creating a 6% Dividend Portfolio

This week saw further deployment of my capital earned from Yangzijiang Financial. I bought Keppel Pacific Oak REIT at 21 US cents. It was bought for its future dividend where from 2026, KORE will resume its distributions.

Portfolio Composition

40% of my portfolio are now in US REITs, listed in SGX. While they are not strong beneficary of the $5 billion MAS funds, my thoughts is investing in them for their potential high yield earned far exceeds the need. Owning this dividend stocks are much better than owning Singapore stocks or buying a property on leverage.

As a result for 2026, the inflow of dividend should be approximately $60,000, giving a 6% dividend. Current total Portfolio Value is close to a million sing dollar.

Returns wise, since my challenge to property agents, United Hampshire US REIT has provided 2.5 US cents capital gain + 4.1 US cents in dividend. That is a 14.5% returns in less than a year. It is likely the REIT will be giving 4.2 US cents in dividend in 2026, which makes it a 9% dividend yield on current price.

Dividend Received Year to Date

USD: $3,682

SGD: $13,414.50

HKD:$7,100

Mid August Portfolio Update: Complete Divestment of Yangzijiang Financial

I have compeleted divesting Yangzijiang Financial shares. With the realised gains and initial capital, I have bought other companies such as Starhub and further increase in my position of Lendlease REIT. 

Lendlease REIT Higher DPU for Next 3 Years

The sale of its JEM office is DPU accretive because the interest saved outweighs the office revenue the REIT would have earned even factoring the 13% rental escalation. Second, with a lower leverage ratio, the REIT can start to use its bank borrowings of 3% interest to redeem perpetuals as and when they reach maturity. I expect 4.0 cents total dividend for 2026 & 2027 and 4.3 SG cents in 2028. Debt ratio will be about 44% once all perpetuals are exchanged to bank borrowings. Buying Lendlease REIT at up to 60 SG cents is attractive given the future dividend of 4.3 cents (7% yield)

Another divestment is Yanlord, keeping only a small amount of shares and a Partial sale of Asian Pay TV .

Dividend Received

LINK REIT paid dividend. So Year to Date

USD: $3,682

SGD: $13,414.50

HKD:$7,100

Asian Pay TV, Olam, Nanofilm, Far East H trust and Lendlease will only pay its dividend in Sept, so there will be another round of dividend inflow. 

Portfolio Composition

Alibaba remains the largest component but has dwindled due to the purchase of other companies. As of now, United Hampshire US REIT is the second largest. However, the third and fourth largest are PRIME and Lendlease with expectation of increasing dividends in the next few years. 

Most of my holdings are in REITs due to the thoughts that interest rate/expenses are coming down. A lower interest expense means a higher net profit and in turn dividend. Dividend Yield compression may happen too which leads to higher share prices for REITs.

This will enable my porfolio to earn a larger amount of dividend over the next few years.

August Portfolio Update: Reinvesting Sale Proceeds

Saw 02 of my holdings reach its fair value and hence I have encashed partial stakes. Yangzijiang Financial was a big winner with a $100,000 in profits

Following up from my last month's view, I have bought NTT DC, United Hampshire US Trust, Fraser Logistics Commercial Trust, Far East Hospitality Trust and Asian Pay TV.

Dividend Prospects

As mentioned, NTT DC REIT has a strong portfolio with rental escalations and of course there is a risk that it will revise down its payout ratio from 100% to 90%. Therefore, it is safe to assume, dividends will stay at 7 to 7.5 US cents per year. However, it is still worth at current prices.

For United Hampshire and Asian Pay TV, it needs no introduction for they are dividend titans in their own rights (>8% dividend yield)

Fraser Logistics Commercial Trust (FLCT) is currently plagued with poor occupancy rates especially in Singapore. Singapore's property outlook is in fact weak with low occupancy rates contrary to what many Singapore property agents talk about. The main reason is due to the mismatch in asking rent and what tenants want to pay, resulting in a low occupancy rate. However, I am banking on the REIT to lower their asking rates to fill up their occupancy. ItThe REIT would maintain at least a 6 cents annual dividend. (>6% dividend yield)

Far East Hospitality Trust owns a few 4 and 5 star hotels in Singapore, with a rather healthy cashflow and I am branching out to gain exposure to Singapore's tourism industry (~6% dividend yield)

With the purchase of these shares, it is definite I will be getting cash inflow equivalent to SGD$50,000 per year. If PRIME US REIT reinstates a 90% payout next year, dividend may rise to SGD$60,000 range.

To me the current portfolio has a right mix of dividend and capital gains (mainly Alibaba is the provider for this aspect), I would be happy earning a 6% dividend portfolio with part of it banking on capital gains from the Hong Kong side. Many Singapore REITs are now priced at high yields that outbeat condo purchases in both capital and rental appreciation. 

United Hampshire US REIT

A shout out to this REIT. Since my post in Dec 2024, it has produced 4 cents in returns (2.05 cents dividend and 1.5 cents in share price gain). This netts a remarkable 8% returns in close to a year from the cost base of 45.5 US cents. The recent purchase of a property should raise its DPU by 1%. Definitely not better than doing unit buybacks but as passive investors we cant influence much; UOB wants to make more money so they will increase AUM instead of doing the better corporate action.

NTT DC REIT IPO View and July Portfolio, Expenditure Update

July Update: Portfolio has grown admirably, in just a month, I have seen an increase of $50,000.

I have taken a small profit off Yangzijiang financial as it is reaching my target price. As a few of my stocks reach my own intrinsic value for them, I am now searching for new undervalued contenders, one of which is the recent IPO'd NCC DC REIT that I will talk more later.

Unitedhampshire US REIT has maintained its price at US$0.465.

Dividend Received

Year to Date (July received Alibaba Dividend)

USD: $3,760

SGD: $13,414.50

HKD: $28,000

Expenditure

I have stopped posting on my Maybank credit card expenditure because it has always been hitting the $800 mark  monthly, resulting in an achivement of 6-7% cash rebate.

NTT DC REIT Short Analysis

NTT DC REIT IPO at US$1 two days ago. Dividend wise, the REIT is guiding for 7.5 US cents.

Debuking the "Tesla" concentration in NTT- Investors have highlighted a concentration risk where 31% of the data centre's property is leased to one tenant, likely Tesla and is up for renewal in 2030. 

A few may be worried of the concentration risk, recalling what happened to Digital Core REIT largest tenant bankruptcy which slashed DPU by 2 cents; however this is different. Digital Core REIT's tenant was in the business of subleasing the space to others for data centre services. Tesla, on the other hand, is in the business of AI and automative segment and needs the data centre space for operational and expansion requirements. It is not speculative as Digital Core's. Hence in term at the stage of IPO, both REITs' risk profile is inherently different.

Possible Overcapacity of US Data Centre Space- This I acknowledge is a risk because too many data centres are now built worldwide. So let's see how this goes, but for now I am personally satsified with NTT DC REIT tenancy rate.

Sponsor- It is NTT, which to me, is as good as Keppel and Mapletree on the global stage so I have no worries. The only difference is most of NTT's REIT assets are in USA which is of lower valuation and occupancy rate compared to Singapore's. This is where Keppel DC REIT shines. This also explains why Keppel DC REIT's yield is at 4+% while NTT is now going at 7%.

With margin of safety, I am looking to buy it at US$1 or lower, because I want a 7.5% dividend on my capital invested. The IPO of this REIT is good in my view and anything US$1 and below is in the area of undervalued to me.

Currently the share price remains at US$1 due to negative sentiments surrounding US REIT + Singapore investors memory of Digital Core. In the foreseeable future as I sell off stakes in existing positions of my portfolio, funds will be channeled to NTT DC REIT. Part of diversification and my plan to increase dividends to $60,000. 

Portfolio Update June 2025: Add Lendlease, Sold Keppel REIT

Keppel REIT has been totally sold off, Lendlease REIT holding has doubled.

No dividend inflow. Dividend is on track to hit $50,000 this year, that's all to update. 

SG listed REITs are still Attractive

With local exposure REITs such as Lendlease going at 7% yield, it is a good value proposition. Low SORA rates are going to benefit due to lower interest expense, especially with liqudiity flushed in Singapore. 

I have never been a fan of condo investing when the yields are so low at 3-4% (before leverage) and investors are subjected to SORA + margin loans. Even operating on leverage, a condo investment now is less superior than that of owning REITs.

What's more, I am getting dividend inflow higher than what property investors get from rental income nett of Agent Commission, Singapore property tax and maintenance fee.

Comparision is simple, just use a $600,000 purchase of Lendlease REIT against a scenario of a $2 million condo which uses $1.4 million loan; mathematically, the dividend earn from Lendlease at $42,000 per year is higher than what condo investors get after netting off all the cost and government taxes.

So yes, I will continue to own REITs to earn a high annual dividend.

Dividend Received

Year to Date

USD: $3,682

SGD: $13,414.50

Portfolio Update end May 2025: Added UnitedHampshire and Lendlease REIT; $50,000 Annual Dividend

As per my thoughts, Lendlease REIT and Unitedhampshire US REIT are bargains. So I have used cash to purchase these shares. As a result, lendlease is a new addition in my portfolio. It is expected for full year 2025, my dividend received will exceed $50,000.

That is a restounding number and mainly thanks to the sell down in Singapore REITs despite the fact local REITs are facing declining interest expense. I am thankful for the market of offering the opportunity to accelerate my income accumulation.

I will continue to accumulate Lendlease REIT due to its 7% dividend yield in Singapore environment. 

Dividend Received

Year to Date

USD: $3,682

SGD: $13,414.50 (received from Yangzijiang Financial, Olam and Nanofilm)

May Portfolio Update (2025): Little Movement, Changing Sing Dollar to USD to Earn $50,000 Annual Dividend

 Nothing much has changed in my portfolio except for the sale of a few shares in Olam and Alibaba.

With the weakening of US Dollar relative to Sing Dollar, I sense an opportuity to start accumulating more United Hampshire US REIT to grow my dividend.

Having researched the REIT thoroughly, I do feel it provides a significant amount of recurring dividend. In addition, as it is in the stripe mall and essentials goods area, tenant sales should not be adversely affecting with the looming price hike among US goods. I will be doubling my stake because a 9% dividend is something I will not miss and the cheap US dollar means my Sing Dollar is able to buy more of the same units.

With the accumulation, I may be creating a $50,000 SGD Annual Dividend Portfolio, something I would have found unachieveable, but thanks to the low prices REITs are going and the strong Sing Dollar, it has become real. With so many strong dividend stocks in both Hong Kong (Link REIT) and US (United Hampshire, possibly PRIME US), holding Sing Dollar and placing it in Singapore banks with low deposit rates is not a good value proposition anymore; its better to just change your money to Hong Kong or US Dollars to buy the dividend stocks avaliable in these countries. It will reap much more benefit than holding Sing Dollar.

Another stock I am evaluating is lend-lease REIT. It owns 02 Grade A buildings in Singapore with close to 100% occupancy and is of 7% dividend yield. Currently it's share price is at a low which makes it beneficial to own, of returns even surpassing what condo owners can own from renting out their property. Its largest tenant is Singapore's Ministry of National Development.

Dividend

Year to Date

USD: $3,682

SGD: $5,250

Portfolio Update April 2025- Addition of Olam; Buying Dividend Stocks in Current Period of Market Turmoil

Sold Petrochina and a few of Keppel REIT/ Asian Pay TV Trust during this past few days of "Tariff War Nightmare"

Added Alibaba, United Hampshire, Yanlord using the sales proceed. Alibaba was bought back because prices are below where I had made a partial divestment. As part of portfolio concentration, I will cap the total number of Alibaba shares I own to 15,000. Currently I own 14,700 shares.

A new stock of Olam was bought. A 7% dividend yielder due to the sell down in prices. It is similar to Keppel REIT sell down which made it attractive.

The portfolio is targeted to provide an average monthly dividend of $3,500 (5% yield on current portfolio of about $800,000). It has changed to that of a dividend-biased portfolio with some potential appreciation in Yanlord and Alibaba. 

While there is a global sell down to tariffs, I am buying into dividend stocks given they are now of higher yield. I do not expect many of their dividends to be adversely cut/

Dividend

LINK & United Hampshire US REITs are providing 7-8% dividend. Their tenant base sells relatively price inelastic goods comprising of supermarkets and essential good players.

Due to their resiliency and high dividend, I am confident owning these 2 REITS will place investors in a strong financial position in the current situation of trade war and economic contractions. Humans still need to eat and have essential groceries, these needs are met by the tenants of the above 02 REITs and hence their DPU will not be negatively affected to a great extent. I am confident these REITs are going to be great wealth accumulators in years to come, surpassing any Singapore condo investment. 

For Unitedhampshire, it may benefit from potential Fed Rate cuts and this places it to have higher DPU.

Unitedhampshire REIT and Asian Pay TV Trust dividend has come in, dividend collected year to date is: 

USD: $3,682

SGD: $5,250

Specially for United Hampshire US REIT, the current share price is US$0.445, so I am up 2.3% since Dec 2024, assuming a cost price of 45.5 cent in my Dec 2024 article where I stated United Hampshire will deliver better returns than big-sized condos in Singapore (this includes 2.05 US cents dividend).

Portfolio Update Feburary 2025 - U-Turn on Keppel REIT Due to Decline, Partial Sale of Alibaba

Due to the run up in share price, I have taken profits off Alibaba.

About 12% of my stake in Alibaba was sold. I will hold the rest of the stake until it reaches HKD$210 (my estimated forward PE of 25). Should Alibaba return to the HKD $100-$125 region, I will start to buy back what i sold off.

Portfolio

Using the sales proceed from Alibaba, I have bought (i) Keppel REIT and (ii) PRIME US REIT.

Previously, I wrote why I would not buy Keppel REIT. However since then, it has fallen 7% post ex-dividend and become a fair value/hold at 81 SG cents. As I have said, the true dividend of Keppel REIT is 5 SG cents and with rental reversion and interest rate being lower, it can go up to maybe 5.3 SG cents. This translates to a 6.5% yield. Many of Keppel REIT properties are in prime areas and buildings are of the Trophy-Grade A status. So i do believe in the flight to quality story and the resiliency of its tenants.

On the assumption the REIT is a 5 SG cents yielder and if it becomes a 5% prospective yielder at $1, I will sell. 

PRIME US REIT is another addition and I do not need to repeat why I think it is a buy.

Dividend

Unitedhampshire REIT and Asian Pay TV Trust has announced dividend within expectations and are of good yield. However, as they will pay it in March 2025, I will not count in this post.

So dividend collected this year has remained at $0.

The portfolio now has a value of about $827,000.