Saturday, September 30, 2023

Portfolio Update September 2023

This is a quick update of my investment portfolios to conclude the end of Sep 2023.

My SGX Income Portfolio value drops to $320.8k from $327k.

My US/HK Growth Portfolio value falls to US$15 from US$15.4k.

My SRS Ultra Long-Term Portfolio value inches up to $142.2k from $140.2k.

The US stock markets have corrected recently amidst increasing certainty of prolonged high interest rates and lingering fears of global recession. As a result, local S-Reits also tanked. Such storylines just keep repeating, causing chaos and fear amongst investors and traders.

Despite being immersed by uncertainties, immense noises and fears, it is crucial that long-term investors like us stay calm, unwavered and make the best out of current situation by investing and deploying our financial resources into stable, high quality income-producing assets or growth businesses tactfully.

I plan to continue adding high quality S-Reits or local bank stocks to my SGX income portfolio in the next few months while also growing my cash in cash funds and risk-free Singapore Savings Bonds.

Portfolio Actions

1. Bought 2,000 shares of Parkway Life Reit at $3.60 in SRS.

Portfolio Dividends

1. Received $270.65 of dividends from Savings Bonds on 4 Sep.

2. Received $138.00 of dividends from Savings Bonds in SRS on 4 Sep.

3. Received $136.74 of dividends from Mapletree Ind Trust on 5 Sep.

4. Received $300.18 of dividends from Keppel Reit in SRS on 8 Sep.

5. Received $404.08 of dividends from Keppel DC Reit in SRS on 14 Sep.

6. Received $327.00 of dividends from MPACT on 14 Sep.

7. Received $954.00 of dividends from CICT on 15 Sep.

8. Received $407.40 of dividends as 244 shares under DRP from Mapletree Log Trust on 19 Sep.

9. Received $178,50 of dividends from Aims Apac Reit on 22 Sep.

10. Received $205.10 of dividends from Capitaland China Trust on 25 Sep.

11. Received $42 of dividends from OUE Limited on 28 Sep.

SGX Income Portfolio

Portfolio Value = $320.8k

US/HK Growth Portfolio



Tiger Broker


Syfe Trade


Portfolio Value = US$15k

SRS Ultra Long-Term Portfolio

Portfolio Value = S$142.2k

Thanks for reading. Stay focused and remain steadfast as always!

With love and peace, 

Friday, September 29, 2023

Passive Income in 3Q 2023 and 9 months of 2023

Almost 3 quarters of 2023 have whizzed by with a blink of an eye.

Let me provide a quick update on my passive income for 3Q 2023 and first 9 months of 2023.

From 1 Jul to 30 Sep 2023, I collected the following dividends.

$122.50 SSB (3 Jul)
$145.87 SSB (3 Jul) SRS
$372.62 Mapletree Ind (6 Jul)
$576.00 Aims Apac Reit (20 Jul)
$90.00 SSB (1 Aug)
$524.45 UOB (18 Aug)
$192.00 DBS (24 Aug)
$1,800.00 OCBC (25 Aug) SRS
$222.24 Ascott Reit (29 Aug)
$86.95 Suntec Reit (29 Aug)
$90.00 Wilmar (30 Aug) SRS
$157.80 Ascendas Reit (31 Aug)
$145.00 Comfortdelgro (31 Aug)
$298.45 IREIT Global (31 Aug)
$188.00 ST Eng (31 Aug) SRS
$270.65 SSB (4 Sep)
$138.00 SSB (4 Sep) SRS
$136.74 Mapletree Ind Trust (5 Sep)
$300.18 Keppel Reit (8 Sep) SRS
$404.08 Keppel DC Reit (14 Sep) SRS
$327.00 MPACT (14 Sep)
$954.00 CICT (15 Sep)
$407.40 Mapletree Log Trust (19 Sep) DRP 244 Shares
$178.50 Aims Apac Reit (22 Sep)
$205.10 Capitaland China Trust (25 Sep)
$42.00 OUE Limited (28 Sep)

The total amount of passive income in Q3 2023 is $8,375.53, an 18% YoY increase from Q3 2022's $7,086.93.

Together with the $13,466.19 passive income in the first half of 2023, my passive income in the first 9 months of 2023 is


On track of achieving my target of $22k passive income for 2023.

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 a little exposure to US tech stocks for some growth.

My ultimate goal is to own an investment portfolio valued at one million dollars yielding at least $50k of passive income annually. Currently, I am at about half of the journey as my SGX income portfolio and SRS ultra long-term portfolios are valued at around $500K and dividends are projected to be around $25k or more for this year.

My motto is to live frugally, save up, invest in any bear or bull market conditions, slowly and steadily build up my investments in stocks, Reits and risk-free government bonds.

I look forward to collecting more dividends as passive income in the final quarter of Year 2023.

Thanks for reading. Stay focused and remain steadfast as always! Huat ah!

With love and peace, 

Thursday, September 28, 2023

Initiated Position in Most Defensive S-Reit


"The best time to plant a tree was 20 years ago. The second best time is now."

Parkway Life Reit has been on my radar for a very long time since I missed its IPO in 2007.

I had always missed the opportunity to own it as my orders were either not filled or its share price keeps rocketing northward for the past decade and I was unwilling to pay the premium to own it.

The time has finally arrived as its share price corrected from the highs of $5.10s in end 2021 to $3.60 today.

My humble order using idle SRS funds was filled today.

This gives me the chance to initiate a position in a defensive healthcare REIT with a yield of around 4% p.a. for the long term.

Parkway Life Reit owns a unique class of resilient healthcare properties - 57 freehold nursing homes in Japan, specialist clinics in Malaysia and 3 hospitals in Singapore including the likes of Mount Elizabeth and Gleaneagles.

This Reit has never performed any equity fund raising for acquisitions but rely on internal funding and bank loans to expand its assets since IPO to achieve its ever growing dividends.

It is very defensive because of its long-term leases with the hospitals and nursing homes, with stable income supported by positive annual escalation. The properties are located predominantly in Japan and Singapore with ageing population demanding ever-increasing healthcare services.

Furthermore, it is prudent in managing foreign income from Japanese Yen by putting in place Japanese Yen foreign exchange contracts till 1Q 2027 and hedging 77% of interest rate exposure.

I like this Reit and am happy to initiate a small position in my ultra long-term SRS portfolio.

Thank you for reading.

With love & peace,

Monday, September 25, 2023

Reflections on my 6D5N Seoul Trip


Hangang River

I just came back from a maiden 6D5N budget Seoul trip.

It has been an eye-opener and awesome experience.

As shared in earlier blog post, this was a last minute impromptu trip booked merely 3 weeks in advance with minimal planning.

Here is an overview of the itinerary.

Day 1: Dongdaemun (hotel neighbourhood) - Dongmyo flea market, Dongdaemun Gate, Dongdaemun Design Plaza, Cheonggyecheon.

Dongmyo flea market where locals rummage through piles of old branded clothes i.e. Ralph Lauren, Tommy Hilfiger for 1k to 3k Korean won each only.

Dongdaemun Design Plaza, an artsy & musical hub akin to Singapore's Esplanade

Dongdaemun City Gate


Day 2: N Seoul Tower, Namsangol Hanok Village, Myeongdong

N Seoul Tower

Entrance of a traditional house in Namsangol Hanol Village

Shopping paradise in Myeongdong for skincare products, branded clothes and street food

Day 3: Gangnam, Coex Mall Starfield Library, Underground Goto Mall, Banpo Hangang Park

Gangnam Statue outside Coex Mall

Underground Goto Mall at Express Bus Terminal subway station where local ladies shop for stylish Korean clothes at affordable prices

Banpo Hangang Park overlooking Banpo bridge

Day 4: Insadong, Tapgol Park, Annyeong Insadong Mall, Ssamzigil Mall

Insadong street with many teahouses, eateries and artsy shops

Tapgol Park featuring Korean national heroes and a Pagoda

Ssamzigil mall is a complex selling art and crafts items and some providing caricature services

Annyeong Insadong Mall, another cultural shopping complex with galleries and artsy stuffs

Day 5: Olympic Park, Yeouido Hangang Park

Olympic Park

Lone tree hill within Olympic Park where many Kpop music videos and dramas are filmed

Lake in Olympic Park

Yeouido Hangang Park overlooking Mapo bridge and Seoul cityline

Hordes of picnickers, mainly youngsters chillaxing by the Hangang river while enjoying the cold breeze and food

Day 6: Travel to Incheon Airport for noon flight

Journey on AREX train to Incheon Airport

Arrival at the busy Incheon airport for flight home

Due to shortage of time, there are many places of interest that we did not manage to cover - Hongdae, palaces, Buchon Hanok Village, National Museum, Seoul City Wall Trail, Lotte World, other parks and so on.

Let me briefly share on some takeaways from this trip.

1. Cash is still King

Although most shops and restaurants in Seoul accept credit cards or multi-currency debit cards in general, most did not reject cash even for shops with automated ordering kiosks. There is always a way for manual order to accept cash. Top up of Tmoney card at the kiosks in subway stations is via cash only. In Seoul, I believe the more Korean Won we bring will only allow us to get all the items we like and food we crave for. Cash is still King!

2. Transport is robust but complex

The subway system in Seoul is much more complicated and complex than Singapore's. There are 23 lines, each with different colours- navy blue, light blue, purple and so on. Usually, from point A to point B, there are more than 3 routes and we need to find the most efficient route by using apps such as Kakao map or Seoul subway map. Fewer stops do not mean shortest path.

One downside to the efficient subway system is the fleet of stairs one need to climb or long distance to walk to reach a particular subway exit or make train transfers. Some of the subway stations were built decades ago and were not equipped with lifts. 

3. Language is not a barrier with the help of technology

Google translator app or other translator apps can take in text, voice inputs, images and translate Korea words into English on the fly. Hence language barrier can be overcame. Although not fool proof, such translator apps help us greatly to understanding food menus in Korean words and assist us to communicate with Koreans who could not understand English.

4. Great food at great prices

The food in Seoul is great and awesome at affordable prices but not cheap compared to Singapore. From ginseng chicken soup, fried chicken, fast food burgers, ramen, fried rice to gimbap, all are delicious and nice. However, there are no hawkers nor coffeeshops like in Singapore offering S$3.50 noodles or caifan. The average baseline prices for food in Seoul for e.g. a bowl of plain noodles is at least 6,000 won or S$6.20. That is why we need to budget more for food when in Seoul and be prepared to eat what we like or crave for without bothering about prices.

5. A City Rich with Culture and Vibes

There are 12 main Riverside Hangang Parks, 5 Royal Palaces and not to mention the numerous mountains, hills, smaller parks spread across the city and a few nearby islands.

The city is immersed in nature and is a shopping paradise for cosmetics, cultural items, branded and stylish clothes.

In many ways similar to Singapore, there is a good mixture of tradition with modernity, ancient but futuristic, cheap and expensive.

Thank you for reading.

With love & peace,

Applied for Singapore Savings Bonds (SBOCT23 GX23100T)


The Oct 2023 tranche of Singapore Savings Bonds (SSB) has an average yield of 3.16% over 10 years.

The first 6 years yield a flat 3.05% per annum; 7th year yields 3.1% p.a, 8th year yields 3.36% p.a. and 9th, 10th years yield 3.48% p.a.

This is not very appealing considering that other low to risk-free alternatives such as T Bills and bank fixed deposits easily yield more than 3.5% currently. However, this yield is higher than many fixed deposit rates on offer by local banks currently.

Also, if we consider the great flexibility, liquidity of SSB for redemption and long-term lock down at above 3% p.a and above CPF OA yield of 2.5% p.a. for the next decade, then this tranche of SSB is fairly decent for us to park our spare cash at zero risk, capital guaranteed for the long-term. 

We could redeem SSB anytime, earning interest at 3.05% in the short-term while getting back our capital for deployment to other investments or large item purchases unlike T Bills and bank fixed deposits which would incur losses or forfeit of interest with premature withdrawals.

I decided to apply for $10k of this Oct 2023 tranche using my idle war chest funds.

There it goes.

S$800m is up for grabs.

The first payment will be on 1 Apr 2024 and this bond will mature on 1 Oct 2033.

If you are interested in this tranche of SSB, do note that the application dateline is on tomorrow, 26 Sep 2023, 9pm for online applications.

Both short-term and long-term treasury bond yields have increased recently and these could signal that the yields of SSB will be higher in next few months. I am happy to inject more cash into SSB in the next few months if the yields stay above 3%. My ultimate aim is to max out the personal limit of S$200k.

Thank you for reading.

With love & peace,

Wednesday, September 20, 2023

Experiencing Autumn's Tale in Seoul with 500k KRW


After my previous trip to Ho Chi Minh City, Vietnam in Apr 2023, I am currently on a one week vacation in Seoul, South Korea.

This is actually the first time that Ms Doraemon and I have set foot on South Korean soil after decades of "experiencing" K drama and Kpop on TV and social media.

This is another budget trip with budget flights on TWay Air and 2 star acommodation for less than S$900 for 2 pax.

We only brought 500k KRW worth S$518.50, exchanged from the money changer that offers highest rate in the Arcade at S$1 to 964 KRW as of time of writing.

We also brought credit cards and Youtrip multi-currency cards just in case.

All in below S$1.5k for a week in Seoul.

South Korea is an advanced, developed country with standard of living comparable to Singapore's.

We hope to experience a week of local lifestyle living life carefree while enjoying freedom to the maximum, without splurging like tourists.

An all-stop AREX train from airport to city costs 41.5k KRW for 2 pax or S$4.30 using Tmoney card.

A large bowl of chicken noodles costs 9k KRW or S$9.33  in a simple restaurant which is not cheap but value for money.

A pre-owned jacket ravaged from the ground in the Dongmyo flea market costs only 1k KRW or S$1.03.

Visits to many attractions are free or require only a small fee. I visited the N Seoul Tower for a scenic view of Seoul city and Namsangol Hanol Village for free.

Cosmetic, ginseng products, branded clothes, shoes or assessories are at remarkably lower prices than Singapore, hence bringing shopping to an intimate level in this Kpop land of fashion.

I am merely in the third day of this cultural immersion trip and hope to enjoy more surprises and great experiences in the next few days.

This is a just quick sharing on experience in this  eye-opener escapade.

Thanks for reading.

With love & peace,

Sunday, September 17, 2023

Largest S-Reit Sponsored my Seoul Holiday!


I have been busy packing my luggage and settling work and personal admin matters before jetting off to Seoul for a getaway tomorrow morning.

I am delighted to realise that $954 of dividends have been credited to my bank account by CICT, the largest shopping mall and commercial Reit in Singapore.

These dividends help to cover this budget trip with flight and accomodation all in at $870 for 2 pax only, which was only booked just 3 weeks ago. The flight to Seoul was on Tway and return flight is on Scoot for below $280 only. Accomodation is a $60/night minimalist, no frills 2 star hotel.

Income investing has been at the core of my long-term investing philosophy.

While investing in Reits is a slow and steady race that comes with moderate degree of risks, I still prefer the concept of building up free personal, passive cash flows from income producing assets. Only owning profitable businesses or rental properties can achieve such positive cashflows consistently. Reits give us the short-cut to indirectly own properties without managing them actively.

I do agree that growth investing may be more rewarding in the long-term due to extrapolative  compounding effect, experiencing months and years of volatility or even paper losses without receiving any dividends is not morale boosting. This is learn from my personal experience investing in growth tech stocks such as Microsoft and Alphabet. 

I plan to continue building up my investments on all fronts, accumulating more high quality S-Reits, local bank stocks and low-risk government savings bonds or T-bills.

I will continue living frugally, save up, invest in any bear or bull market conditions, look forward to collecting more dividends in my slow and steady journey towards financial freedom.

Occasionally, I will like to experience freedom and living life by budget travelling.

Thanks for reading. Stay focused and remain steadfast as always! Huat ah!

With love and peace, 

Friday, September 15, 2023

Net Worth Update Sep 2023 | SGD1.5m hit!



My net worth hits my target of 1.5 million SGD for 2023!

This will be a quick update before I jet off to Seoul, South Korea for a getaway.

The increase is due to contributions from salary, CPF savings, dividends, together with rebound of Reits' market prices in my investment portfolios after more certainty in the direction of interest rates.

CPF savings form the bulk 37% of my net worth. I have already achieved full retirement sum in CPF SA and topped up my Medisave account to the basic healthcare sum of $68.5k early this year.

Cash and war chest constitute 18% of my net worth. In the current high interest environment, my cash is being stashed away in bank fixed deposits yielding more than 3% p.a., in Fullerton cash funds under custody of Moomoo and Tiger Broker, and in Money Market Funds held by Phillips Capital yielding around 3.5% p.a. with interest paid daily.

Together with 8% of my risk-free Singapore Savings Bonds ($110k) and relatively low-risk Astrea 7A PE bond ($9k), CPF, cash and war chest amount to 63% of my net worth as safe assets. I intend to subscribe to the coming Oct 23 tranche of SSB with average yield of 3.16%.

Stocks and Reits constitute 23% of my net worth. Together with SRS account which forms 8% and are deployed mainly into local stocks and Reits, they are the 32% of riskier assets in my financial portfolio.

Life is exciting in a post pandemic world. Ignore the noises. Remain on track. Be greedy when others are fearful. Be fearful when others are greedy. Be contented when others are hungry. 

Thank you for reading. Stay focused and remain steadfast as always!

With love & peace,