Net Worth Update Oct 2025 | SGD 2m Milestone Achieved!

 

In October 2025, my net worth has crossed the SGD 2,000,000 milestone, mainly turbocharged by the S-Reits and DBS in my investment portfolios, CPF contributions, US option premiums and salary savings.

Net Worth Breakdown:

Safe Heavens (60%)

CPF (34%): CPF still constitutes the bulk of my net worth and foundation of my retirement savings. It is a low hanging fruit tree that we should not ignore.

Cash and war chest (17%): Liquid reserves strategically stashed in fixed deposits and Fullerton cash funds earning around 1+% p.a. provide me some peace of mind and security for unexpected expenses or investment opportunities.

Bonds (9%): A balanced portfolio of low-risk Singapore Savings Bonds and Astrea PE Bonds ensures stability and provides steady source of passive income.

Retirement Savings (16%)

SRS (12%): A tax-deferred savings account serving as a supplementary source of retirement savings. My SRS funds are invested in $30k of SSB and 6 local stocks - Comfortdelgro, DBS, OCBC, Keppel DC Reit, Keppel Reit and Wilmar. I have subscribed to 1,000 Keppel DC Reit preferential offer shares at $2.24.

Insurance (4%): A Prudential whole life insurance plan and other savings plans will provide me with 6-digit lump sum payout after my retirement while offering continual protection for peace of mind. I have also upgraded my Medishield Life to integrated shield plan for private hospital coverage.

Equities (24%)

Stocks and Reits (24%): A real estate-focused portfolio of stocks and Reits provides long-term dividend income and stability. This financial asset class is riskier, more volatile and sensitive to interest rates but offers me the opportunity to indirectly own diversified portfolios of industrial, retail and commercial properties locally, and around the world for consistent passive income. I am currently more active in the US stock market by selling cash secured put options to collect premiums from tech companies that I want to own i.e. AMZN and ADBE.

The Pursuit of FIRE

Net worth is a snapshot of our financial health calculated by subtracting liabilities from assets. In the context of FIRE (Financial Independence, Retire Early), net worth becomes a critical compass. It reflects not only what we own and owe, but how close we are to reaching financial freedom.

By building passive income cashflows and increasing net worth, we move toward a point where our investments and savings can cover our living expenses without active work. This is often referred to as the “FI Number”—the amount of net worth needed to sustainably fund your lifestyle, typically based on the 4% Rule or similar frameworks.

But the pursuit of FIRE is not merely a race toward early retirement. At its heart, it is about reclaiming control: of our time, our choices, and the way we experience life. It’s about creating flexibility—to work if we want to, to take breaks when needed, or to explore passions full-time.

This journey is a deliberate investment in security. As our net worth grows, so does our buffer against life’s unpredictability. We gain confidence to navigate challenges without the looming pressure of financial instability. Financial independence empowers us to design a life we do not need a vacation from, with space to breathe, to live, and to thrive.

The recent resurgence of stock markets hitting new highs has accelerated my pace towards achieving the psychological milestone of SGD 2m, which I am lucky to have achieved before age 40. Moving forward, I am looking forward to at least $36k annual passive income by end of this year and growing my net worth to SGD 3m by year 2030.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. It's crucial to conduct your own research or consult with a qualified financial advisor before making any investment decisions.

Thanks for reading.

With love and peace, 

Qiongster

Will I Subscribe to Keppel DC Reit Preferential Offering at $2.24 in SRS account

 

On 22 September 2025, Keppel DC REIT, in a joint announcement with its sponsor Keppel Ltd, announced the acquisition of Tokyo Data Centre 3, a newly constructed, freehold hyperscale data centre in Inzai City, Greater Tokyo, Japan. 

The total purchase consideration for the facility is JPY 82.1 billion (approximately S$707.0 million), with Keppel DC REIT securing a dominant 98.47% effective interest. This transaction, which is expected to be completed by the end of 2025, represents a strategic move to deepen the REIT's presence in Japan, the largest data centre hub in the Asia Pacific (excluding China). 

The asset is highly desirable as it is fully contracted to a Fortune Global 500 hyperscaler client under a 15-year lease with built-in annual rent escalations, which significantly strengthens the portfolio's income stability and resilience. The acquisition is projected to be immediately Distribution Per Unit (DPU) accretive, with a pro forma DPU uplift of 2.8% for FY2024. 

To partially fund the deal, Keppel DC REIT has launched a fully underwritten, pro rata, non-renounceable preferential offering to raise approximately S$404.5 million, with the remaining financing to include JPY-denominated debt for a natural currency hedge.

Current shareholders of Keppel DC REIT (KDC REIT) are now faced with a common but important decision: whether to participate in the non-renounceable Preferential Offering (PO) at an issue price of S$2.24 per new unit on the basis of 80 units for every 1,000 units held.

This isn't just about snatching a small discount; it's about aligning our capital with the REIT's future strategy. Here's a breakdown of the key factors we need to consider.

1. The Rationale Behind the Offer

A preferential offering is typically a means to raise capital for growth, and KDC REIT's is no exception. The gross proceeds of approximately S$404.5 million are primarily earmarked for strategic initiatives:

• Acquisition of Tokyo Data Centre 3: A significant portion of the funds will partially finance the acquisition of a freehold, newly constructed hyperscale data centre in Inzai City, Greater Tokyo. This is a strategic move to deepen KDC REIT's presence in one of Asia Pacific's largest and most established data centre hubs (excluding China). The asset is fully leased to a global hyperscaler for 15 years with built-in annual rent escalations, offering long-term income stability.

• Asset Enhancement Initiatives (AEI): Funds will also be used for an AEI at Keppel DC Singapore 8.

• Land Lease Extension: Covering costs associated with the 30-year land lease extension for Keppel DC Singapore 1.

• Debt Repayment: A portion will be used to pay down existing debt, helping to maintain a healthy balance sheet.

The acquisition of the Tokyo Data Centre is expected to be yield-accretive, meaning it should increase the distribution per unit (DPU). Pro-forma analysis suggests a DPU increase of around 2.8% for FY2024 if the acquisition was completed then, which is a major positive for income-focused investors.

2. The Mechanics and Financial Impact

The core entitlement allows unitholders to subscribe for 80 new units for every 1,000 existing units held at the record date.

The Discount Factor

The issue price of S$2.24 is set at a discount to the prevailing market price (the unit price was S$2.36 on the day before the announcement). This discount is your immediate financial incentive for subscribing, as you acquire units below the cost of purchasing them on the open market at that time.

The Dilution Risk

If you do not subscribe to your full entitlement, your percentage ownership in KDC REIT will be diluted. The total number of units in issue will increase by about 8% (approximately 180.6 million new units). While the acquisition is DPU-accretive, non-participating unitholders will own a smaller slice of the enlarged DPU-accretive pie, slightly lessening the overall benefit for them.

Should You Apply for Excess Units?

The offering is non-renounceable, meaning you can't sell your rights. However, you can typically apply for excess units. Given that major shareholders have already committed to subscribing in full, and the offering is fully underwritten, the allocation of excess units to minority unitholders may be competitive. But if you have the capital and conviction, applying for excess units allows you to maximise your investment at the discounted price.

3. Verdict: What Should You Do?

The decision boils down to your long-term view on KDC REIT and its sector.

Scenario	Recommendation	Rationale
Long-Term Bullish Investor	Subscribe in Full	You maintain your ownership percentage and benefit from acquiring units at a discount for an accretive and strategically sound acquisition. This aligns your capital with the management's growth vision in the high-growth data centre sector.
Short-Term/Neutral Investor	Consider Subscription	The immediate discount and DPU accretion provide a strong case to subscribe to at least your entitlement. Selling later could potentially yield a profit depending on post-issue market dynamics.
Bearish/Unwilling to Add Capital	Do Not Subscribe	Understand that your stake will be diluted. The long-term DPU accretion from the new assets may still benefit you, but less so than for a participating unitholder.

Bottom Line: The acquisition of a fully-leased hyperscale data centre in Japan, with built-in rent escalations and expected DPU accretion, is a strong strategic move. For existing unitholders, subscribing to the Preferential Offering at S$2.24 allows you to participate in this growth at a favourable price and mitigate the dilution effect.

What will I do?

As I am vested in 11,000 shares of KDC in SRS account, I can only subscribe to the preferential offer shares using SRS funds, which I have deployed to money market funds. I am currently redeeming my market market funds and they should arrive in my SRS account next week I will be then able to subscribe to 1,000 shares (excess 120 shares on top of my entitlement of 880 shares) before the dateline of 13 Oct 2025, 5.30pm. The listing and trading of the new shares will commence on 22 Oct 2025, 9am.

Thanks for reading.

With love and peace, 

Qiongster

Disclaimer: This article is for informational purposes only and is not financial advice. Readers should conduct their own research and consult with a financial professional before making any investment decisions.

Portfolio Update September 2025

It's the last day of Sep 2025 for a quick portfolio update.

My SGX Income Portfolio value increases to $431k from $425k due to the continued recovery of S-REITs as it is almost certain that interest rates will be cut 2 times by year end.

My US Growth Portfolio rises to US$37k from US$17.8k due to assignment of Lululemon from shorting cash secured put option.

My SRS Ultra Long-Term Portfolio value stagnates at around $225k.

Portfolio Actions

1. Sold FTNT 250912 put option with $75 strike price at $1.25.

2. Rollover LULU 250905 put option to 250912 with $185 strike price at $11.20.

3. Assigned 100 shares of LULU at $185.

4. Sold LULU 250919 call option with $177.50 strike price at $1.08.

5. Sold LULU 251003 call option with $180 strike price at $1.73.

Portfolio Dividends

1. Received $299.55 of dividends from SSB on 1 Sep.

2. Received $138 of dividends from SSB on 1 Sep in SRS.

3. Received $99.80 of dividends from Ascendas Reit on 4 Sep.

4. Received $686.70 of dividends from Mapletree Industrial Trust on 8 Sep in SRS.

5. Received $396.45 of dividends from Mapletree Logistics Trust on 10 Sep.

6. Received $402 of dividends from MPACT on 11 Sep.

7. Received $564.63 of dividends from Keppel DC Reit on 15 Sep in SRS.

8. Received $281.55 of dividends from Keppel Reit on 15 Sep in SRS.

9. Received $1,429.27 of dividends from CICT on 18 Sep.

10. Received $798 of dividends from Aims Apac Reit on 24 Sep.

11. Received $266.11 of dividends from Capitaland China Trust on 24 Sep.

12. Received $42 of dividends from OUE on 25 Sep.

SGX Income Portfolio

Portfolio Value = $431k

US Growth Portfolio

Moomoo

Tiger Broker

Syfe Trade

Portfolio Value = US$37k

SRS Ultra Long-Term Portfolio

Disclaimer: This article is for informational purposes only and does not constitute financial advice. It's crucial to conduct your own research or consult with a qualified financial advisor before making any investment decisions.

Thanks for reading.

With love and peace, 

Qiongster

My Passive Income in 3Q 2025 is over $4k a month

  

The third quarter of 2025 is drawing to a close and here is an update of my passive income.

From 1 Jul to 30 Sep 2025, I collected the following dividends.

$544.50 SSB (1 Jul)

$147.50 SSB (1 Jul) SRS

$311.80 Far East Orchard (4 Jul) DRP 310 shares

$377.40 SSB (1 Aug)

$2,050 OCBC (21 Aug) SRS

$750.00 DBS (25 Aug)

$600.00 DBS (25 Aug) SRS

$250.00 UOB (28 Aug)

$850.00 UOB (28 Aug)

€156.20/$231.34 IREIT (28 Aug)

$195.50 Comfortdelgro (28 Aug) SRS

$60.00 Wilmar (28 Aug) SRS

$252.60 Ascott Reit (29 Aug)

$79.60 Suntec Reit (29 Aug)

$299.55 SSB (1 Sep)

$138.00 SSB (1 Sep) SRS

$99.80 Ascendas Reit (4 Sep)

$686.70 Mapletree Ind Trust (8 Sep)

$396.45 Mapletree Log Trust (10 Sep)

$402.00 MPACT (11 Sep)

$564.63 Keppel DC Reit (15 Sep) SRS

$281.55 Keppel Reit (15 Sep) SRS

$1,429.27 CICT (18 Sep)

$798.00 Aims Apac Reit (24 Sep)

$266.11 Capitaland China Trust (24 Sep)

$42.00 OUE (25 Sep)

The total amount collected in Q3 2025 is $12,084.30, a 9.4% YoY increase from Q3 2024's $11,050.13.

Together with the $20,183.84 passive income in the first half of 2025, my passive income in the first 9 months of 2025 is

$32,288.14

On track of achieving my target of $36k passive income for 2025.

Time in the market beats timing the market. In the long-term, I am happy to remain primarily invested locally in SGX for passive income, while having some exposure to US tech stocks for capital growth.

I look forward to collecting more dividends in the rest of the year, while remaining on the sideline for great investment opportunities to acquire more income producing assets and businesses.

My ultimate financial freedom goal by 2030 is to own an investment portfolio valued at S$1m yielding at least $60k of passive income annually. I am more than halfway past the milestone as my passive income has surpassed $30k for 2025.

My mission is simple: Minimalism over consumerism. I live lean and save aggressively to fuel my investments, ignoring market fears and distractions. With unwavering focus, I am steadily building the path to complete freedom—of time, money, and location.

Thanks for reading.

With love and peace, 

Qiongster

Disclaimer: This article is for informational purposes only and is not financial advice. Readers should conduct their own research and consult with a financial professional before making any investment decisions.

Why I'm Skipping the Centurion Accommodation REIT IPO

 

​I've been getting a ton of questions about the new Centurion Accommodation REIT IPO. On the surface, it looks like a slam dunk: high projected yields of over 7% and a seemingly defensive business model. But after digging into the prospectus and doing my own research, I've decided to give this one a pass.

​Don't get me wrong, the Centurion Accommodation REIT is a unique offering, being the first pure-play accommodation REIT on the Singapore Exchange. The portfolio of purpose-built worker and student housing in Singapore, the UK, and Australia is interesting. But here's why the red flags outweigh the green for me.

Background and Timeline 🗓️

To understand my reservations, we need to look at the backstory. Centurion Corporation’s journey is one of a successful transformation. The company, originally an optical disc manufacturer, underwent a reverse takeover in 2011, successfully pivoting to a purpose-built accommodation provider. This strategic shift was a move to capitalize on the growing demand for worker and student housing in Singapore and abroad. Over the past decade, Centurion has built a significant portfolio of assets under its "Westlite Accommodation" brand for workers and "Dwell" for students.

In January 2025, the company announced its intention to explore the feasibility of establishing an accommodation REIT. The move was a logical step to unlock the value of its real estate assets and transition to a more asset-light model, allowing them to expand their management services. The Centurion Accommodation REIT IPO, marking the second-largest listing on the Singapore Exchange in 2025, is the culmination of this strategy.

The Timeline is Tight:

September 18, 2025 (10:00 PM): The public offer officially opened.

September 23, 2025 (12:00 PM): The public offer closes.

September 25, 2025 (2:00 PM): Trading of the REIT units is scheduled to begin on the SGX mainboard.

​1. The Yield is a "Projected" One 🧐

​The headline figures of a 7.47% and 8.11% distribution per unit (DPU) yield for 2026 and 2027, respectively, are what’s getting everyone excited. But let's be real, these are projections. They're based on an "enlarged portfolio" that includes a property in Australia that has yet to be acquired. There's no guarantee this acquisition will go through as planned, or that the rental income and occupancy rates will meet these optimistic forecasts. A bird in the hand is worth two in the bush, and I prefer to invest in a REIT with a proven track record of delivering its dividend.

The Centurion Accommodation REIT has committed to distributing 100% of its distributable income until 2027. After this period, it will revert to the standard Singapore REIT (S-REIT) requirement of distributing at least 90% of its taxable income.

This is a powerful incentive, especially for income-focused investors looking for maximum cash flow from their investments. It's a clear signal from the management that they are focused on rewarding unitholders with every dollar they can. This is part of the reason for the high projected yields of 7.47% and 8.11% for 2026 and 2027, respectively.

While this policy is a huge draw, it's also a double-edged sword that introduces a few major risks.

A 100% distribution policy means that the REIT is not retaining any of its earnings. This has a direct impact on its ability to grow. Without retained earnings, how does the REIT fund future growth?

Acquisitions: The REIT will have to rely almost exclusively on debt or new equity (issuing more units) to acquire new properties. This means every new acquisition will either raise its gearing ratio or dilute existing unitholders.

Asset Enhancement Initiatives (AEIs): It will be challenging to fund major upgrades or refurbishments to existing properties. These initiatives are crucial for a REIT's long-term health, as they help to increase rental income and property value. Without retained capital, the REIT might need to take on more debt to fund these projects, further increasing its leverage.

Buffer for Downturns: A 100% payout leaves the REIT with no cash buffer to weather unforeseen challenges. What happens if a major tenant defaults on rent, or if there's a sudden spike in interest rates? The REIT will have less financial flexibility to handle these events without having to cut its dividend or raise capital from the market at an inopportune time.

​2. Concentration Risk in Worker Dormitories 🏢

​The bulk of the REIT’s net property income (NPI) will come from its purpose-built worker accommodation (PBWA) assets. While demand for these dorms is currently high in Singapore, it's a sector that's heavily influenced by government policies and foreign worker quotas.  A change in government regulations or a sudden economic downturn could drastically reduce the number of foreign workers in Singapore, directly impacting occupancy rates and rental income. This isn't just a hypothetical scenario—we saw this happen during the pandemic.

While the portfolio is presented as diversified across Singapore, the UK, and Australia, a closer look at the portfolio mix is a concern.

Even after the acquisition of the Australian asset, the PBWA component will still constitute a significant portion of the portfolio. This high concentration in a single asset class within a single country makes the REIT vulnerable to shocks in Singapore's foreign worker policy or an economic downturn.

The UK and Australian assets are a welcome addition, but they represent a smaller portion of the overall income stream. The success of this REIT will hinge heavily on the continued stability and demand for worker dormitories in Singapore.

3. Sponsor Alignment is a Double-Edged Sword ⚔️

Centurion Corporation, the sponsor, will maintain a significant stake in the REIT post-listing. While this "skin in the game" can be a good thing, it also means that the sponsor's interests might not always align perfectly with those of minority unitholders. The sponsor could continue to inject assets into the REIT, which might not always be at the best price or in the best interest of unitholders. While the sponsor has a good track record, I’m wary of potential conflicts of interest.

4. Limited Upside Post-IPO 📉

A significant portion of the IPO units has been reserved for cornerstone investors and institutional placements. This means a smaller public tranche is available for retail investors like you and me. With strong demand from these large players, it's possible the IPO will be oversubscribed, and if you're lucky enough to get units, there might not be a huge pop on the first day of trading. The price of S$0.88 a unit seems to already be factoring in much of the good news. I'm not a fan of paying a premium for an IPO that could have limited upside.

My Verdict: Proceed with Caution ⚠️

The Centurion Accommodation REIT IPO is an interesting one, and it's certainly a great opportunity for the company to unlock value and for cornerstone investors to get in on the ground floor. But for me, the risks outweigh the rewards. The high projected yield is tempting, but the concentration risk, reliance on future acquisitions, and potential for limited short-term gains make me a little nervous.

Remember, investing isn't about jumping on every bandwagon. It's about being patient and finding opportunities that truly fit your risk appetite and investment strategy. This time, I’ll be sitting this one out and waiting for a better opportunity.

Disclaimer: This is my personal opinion and not financial advice. Please do your own due diligence before making any investment decisions.

Thanks for reading.

With love and peace, 

Qiongster

Net Worth Update Sep 2025 | Onward to SGD 2m

In September 2025, my net worth is at S$1.988 million fueled by the resurgence of S-Reits in my stock investments and consistent CPF/salary savings.

Net Worth Breakdown:

Safe Heavens (60%)

CPF (34%): CPF constitutes the bulk of my net worth and foundation of my retirement savings. It is a low hanging fruit tree that we should not ignore.

Cash and war chest (16%): Liquid reserves strategically stashed in fixed deposits and Fullerton cash funds earning around 2.0% p.a. provide me some peace of mind and security for unexpected expenses or investment opportunities.

Bonds (10%): A balanced portfolio of low-risk Singapore Savings Bonds and Astrea PE Bonds ensures stability and provides steady source of passive income.

Retirement Savings (16%)

SRS (12%): A tax-deferred savings account holding a supplementary source of retirement savings. My SRS funds are invested in $30k of SSB and 6 local stocks - Comfortdelgro, DBS, OCBC, Keppel DC Reit, Keppel Reit and Wilmar. Recently, I have stashed away all the idle SRS funds into Fullerton SGD Money Market Funds to yield ~2% p.a. instead of meagre 0.05%.

Insurance (4%): A Prudential whole life insurance plan and other savings plans will provide me with 6-digit lump sum payout after my retirement while offering continual protection for peace of mind. I have also upgraded my MediShield life to integrated shield plan for private hospital coverage.

Equities (24%)

Stocks and Reits (24%): A real estate-focused portfolio of stocks and Reits provides long-term dividend income and stability. This financial asset class is riskier, more volatile and sensitive to interest rates but offers me the opportunity to indirectly own diversified portfolios of industrial, retail and commercial properties locally, and around the world for consistent passive income.

The Pursuit of FIRE

Net worth is a snapshot of our financial health calculated by subtracting liabilities from assets. In the context of FIRE (Financial Independence, Retire Early), net worth becomes a critical compass. It reflects not only what we own and owe, but how close we are to reaching financial freedom.

By building passive income streams and increasing net worth, we move toward a point where our investments and savings can cover our living expenses without active work. This is often referred to as the “FI Number”—the amount of net worth needed to sustainably fund your lifestyle, typically based on the 4% rule or similar frameworks.

But the pursuit of FIRE is not merely a race toward early retirement. At its heart, it is about reclaiming control: of our time, our choices, and the way we experience life. It’s about creating flexibility—to work if we want to, to take breaks when needed, or to explore passions full-time.

This journey is a deliberate investment in security. As our net worth grows, so does our buffer against life’s unpredictability. We gain confidence to navigate challenges without the looming pressure of financial instability. Financial independence empowers us to design a life we do not need a vacation from, with space to breathe, to live, and to thrive.

The recent resurgence of stock markets hitting new highs has accelerated my pace towards achieving the psychological milestone of SGD 2m, which I am very looking forward to, as well as $36k annual passive income by end of this year.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. It's crucial to conduct your own research or consult with a qualified financial advisor before making any investment decisions.

Thanks for reading.

With love and peace, 

Qiongster

Portfolio Update August 2025

Time for a portfolio update on the last day of August 2025.

My SGX Income Portfolio value increases to $425k from $415k due to the continued recovery of S-REITs as it is almost certain that interest rates will be cut 2 times by year end. Immense fears from global trade war and potential recession have subsided, fueling the US and SG stock markets to hit newer highs.

My US Growth Portfolio rises to US$17.8k from US$16.9k. Earned more than US$900 from selling put options to collecting premiums.

My SRS Ultra Long-Term Portfolio value inches up to $225k from $223k.

Portfolio Actions

1. Sold NVO 250829 put option with $47 strike price at $2.10.

2. Sold PANW 250822 put option with $167.50 strike price at $3.60.

3. Sold 2 FTNT 250822 put options with $79 strike price at $0.70.

4. Sold LULU 250905 put option with $185 strike price at $5.35.

5. Sold BABA 250829 put option with $117 strike price at $2.02.

6. Sold NVDA 250929 put option with $172.50 strike price at $0.53.

Portfolio Dividends

1. Received $377.40 of dividends from SSB on 1 Aug.

2. Received $2050 of dividends from OCBC on 21 Aug in SRS.

3. Received $750 of dividends from DBS on 25 Aug.

4. Received $600 of dividends from DBS on 25 Aug in SRS.

5. Received $1,100 of dividends from UOB on 28 Aug.

6. Received €156.20/$231.34 of dividends from IREIT on 28 Aug.

7. Received $195.50 of dividends from Comfortdelgro on 28 Aug in SRS.

8. Received $60 of dividends from Wilmar on 28 Aug in SRS.

9. Received $252.60 of dividends from Ascott Reit on 29 Aug.

10. Received $79.60 of dividends from Suntec Reit on 29 Aug.

SGX Income Portfolio

Portfolio Value = $425k

US Growth Portfolio

Moomoo

Tiger Broker

Syfe Trade

Portfolio Value = US$17.8k

SRS Ultra Long-Term Portfolio

Disclaimer: This article is for informational purposes only and does not constitute financial advice. It's crucial to conduct your own research or consult with a qualified financial advisor before making any investment decisions.

Thanks for reading.

With love and peace, 

Qiongster