Tuesday, April 16, 2024

Added Frasers Centrepoint Trust

I deployed my war chest into Frasers Centrepoint Trust (FCT) today.

My order of 4,000 shares of FCT at $2.12 was filled this afternoon to increase my stake to 12,000 shares.

In Feb 2024, Frasers Centrepoint Trust (FCT) has issued 71.4m shares at $2.18 from private placement to raise funds of $200m to partially fund a 24.5% stake in Nex by acquiring from its sponsor, Frasers Property. 

This was a strong diversification and consolidation move to cement FCT's position as heartland mall king in Singapore. After the acquisition, FCT effectively owns 50% stake of NEX and is now the only pure local retail mall Reit in Singapore. I hope and believe that FCT will eventually acquire Nex fully to also give shareholders an opportunity to participate in equity fund raising again.

FCT has always been in my watchlist to grow my SGX income portfolio. It will be announcing its results and the remaining dividends (I am expecting 1.5 cents or more) of 1H FY24 on 25 Apr 2024. It has paid out 4.25 cents earlier due to book balancing from additional shares arising from the private placement.

My recent visits to Northpoint City and Tiong Bahru Plaza owned by FCT have been encouraged by great retail crowd, strong retail sales, high tenancy and more efficient usage of atrium spaces for sales events.

At $2.12, FCT is trading at 8% below its net asset value of $2.32 and yielding more than 5.5%. This is a price which is lower than what institutional investors paid for during private placement hence I am comfortable with the margin of safety.

I believe it is a no brainer to add FCT for long-term investment albeit the short-term volatility due to immense fears and noises over recession and high interest rates.

Thanks for reading.

Related posts:

With love & peace,

Added Frasers Logistics & Commercial Trust


545 Blackburn Road, a freehold 5-storey A-grade suburban office building owned by FLCT in Victoria, Australia

The share price of Frasers Logistics & Commercial Trust (FLCT) (SGX:BUOU) took a beating today after news of an imminent war between Israel and Iran.

For the past months, FCLT share price has remained sluggish amidst softening of Australian Dollar which is the primary currency of its property income in Australia, impact from sustained high interest rate environment, economic recession fears, looming war news and so on.

Today, my order of FLCT is filled and my investment FLCT takes a notch further. 

I will now own 30,000 shares of FLCT at average net cost of $0.80

At $1.01, FLCT is trading 14% below its net asset value of $1.17 and yielding around 6.5%. The next expected dividend announcement of around 3 cents is just a month away in May 2023.

I started investing in FLCT since its IPO in 2016 when I was allocated 1,000 shares at $0.89. Since then, I slowly accumulated FLCT through dollar-cost averaging at $0.94, $0.97, $1.19, $0.97 until my last purchase in Oct 2022 at $1.13. 

The investment journey of FLCT has been rewarding and fulfilling but full of volatility. I believe the impact of high interest rates and weak AUD to erode the distribution per unit of FLCT have already been priced in. As around 25% of its debts are maturing in FY24, FLCT will have to renew their loans at the prevailing higher interest rates. Although occupancy is high with positive rental reversions for the logistics properties, the commercial properties have seen declining occupancy particularly in 357 Collins Street in Melbourne, Australia and Fanborough Business Park in UK to 80% and 75% respectively.

It is possible that the share price of FLCT may remain sluggish and even test lower lows in the coming weeks but I still believe FLCT is a no brainer long-term investment to own freehold logistics and commercial properties in Australia for passive income. 

I am optimistic that FLCT will enjoy a broad-based recovery in tandem with other Reits with signs of interest rate cuts and stabilisation of the AUD in time to come. Looking forward to the next dividend in May 2024 soon.

Thanks for reading.

With love & peace,

Monday, April 15, 2024

Added DBS


I FOMOed at the last chance to buy DBS (SGX:D05) to qualify for 1-10 bonus share which will XB on 22 Apr 2024.

Hence I decided to add some more shares as its share price corrected today.

There it goes. My order is filled at $35.61.

My last nibble was in Feb 2024 at $32.38

My initial purchase was in June 2023 at $30.80.

This addition will bring my holdings to 910 shares, positioning for 91 free shares and 1,001 shares in total after ex-bonus.

Technically I am averaging up because I added shares at a much higher price compared to previous purchases.

Considering the 1-10 bonus share offering, the effective cost per share is only $32.37. This is because, remember that on the ex-bonus (XB day), DBS share price will likely fall by around 10% to reflect the issuance in bonus shares amidst no change in its market capitalisation. 

Theroretically, there is no big difference if we buy DBS shares now or after XD day. Of course, if we buy before 22 Apr, we will be entitled to "free" bonus shares which are actually "losses" incurred from the fall in DBS share price on or after XD day.

DBS is the world's best bank and currently yields more than 6.5% despite at more than 50% above book value of $23.

Ideally I would like to get DBS at below $30 per share closer to its book value. However my fingers are itchy and getting impatient, coupled with the difficulty in timing the market, and the strong temptation in qualifying for "free" bonus shares spurred me to pull the trigger.

In addition, assuming DBS is able to maintain at least $2.16 annual dividend for the infinite future, it will take less than 18 years to recover back the invested capital and break even.

I believe DBS is the most enticing candidate to compete with all the top quality Reits in SGX and will be a great addition to our income portfolios for the long-term by providing consistent and stable passive income.

DBS has a great track record of rewarding shareholders consistently and steadily with growing dividends and capital gains over the past decades. It shall continue to thrive regardless of different financial environments clouded by noises and uncertainties. Even if interest rates fall, DBS will be boosted by higher volume of cheap monies lending by institutions and retail customers.

Should the share price of DBS plummet below $31 in the future, I shall add more shares to increase investment in this world's best bank.

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

With love and peace, 

Saturday, April 13, 2024

Net Worth Apr 2024 | Hitting S$1.6m


My net worth rises 2.3% to S$1.625m after collection of bonuses, salary and the recovery of some Reits in my investment portfolio.

My CPF surpasses $600k milestone and constitutes the bulk 37% of my net worth. Full retirement sum (FRS) is achieved in 2022.

Cash and war chest form 17% of my wealth. My cash is locked up in bank fixed deposits yielding more than 3% p.a., and stashed away in Fullerton cash funds under custody of Moomoo and Tiger Broker yielding more than 3.5% p.a. with interest paid daily.

My bonds consist of Singapore Savings Bonds ($140k) and Astrea 7A PE bond ($9k) which are low-risk bonds contributing to 9% of my wealth. I plan to subscribe the May 24 tranche of SSB with average yield of 3.06% using war chest funds.

CPF, cash and war chest, and bonds amount to 63% of my net worth as relatively safe assets. 

SRS account accounts for just 8% of my wealth. I have already completed the $15.3k contribution limit for 2024. 

Currently, 23% of my net worth is in stocks and Reits. This, combined with the local holdings in SRS, brings my exposure to riskier assets up to 31%.

Tracking net worth is not about the numbers. It is about seeing where our past financial decisions lead us to. This update is a reminder that progress on this financial journey, however big or small, is worth celebrating. It fuels the fire and motivation to keep grinding towards the financial freedom goal. The journey continues and I am excited to see what the future holds. Stay tuned!

Thank you for reading.

With love & peace,

Saturday, April 06, 2024

My CPF Milestone: Surpassing $600k!


I am glad to share a financial achievement - my CPF savings recently surpassed the $600,000 mark! This is a significant milestone as it highlights years of grinding, toil and saving, leveraging the CPF system and prioritising retirement planning.

Today, I want to share my personal journey to this milestone, offering insights and tips that might help you on your own path to CPF success.

Planting the Seeds of Saving Early

Financial literacy was not a prominent theme in my childhood. However, my parents instilled in me the value of hard work and responsible spending. This naturally translated into a cautious approach towards money when I started working odd jobs in my teenage years and earned CPF contributions. While my peers might have prioritized the latest gadgets or trendy clothes, I opted to channel a significant portion of my salary into my CPF account. Looking back, this initial focus on saving was the foundation upon which my CPF balance grew.

Understanding the Power of CPF:

Singapore's Central Provident Fund (CPF) system is often misunderstood. It is not just a mandatory deduction from your salary; it is a powerful tool designed to secure your financial well-being in retirement. Early on, I familiarised myself with the different CPF accounts (Ordinary Account, Special Account, MediSave Account) and how they functioned. This knowledge empowered me to make informed decisions about my contributions and withdrawals.

Optimizing Contributions:

Beyond the mandatory contributions, I explored ways to maximize my CPF savings. Here are some strategies that proved beneficial:

  • OA to SA Transfer: I emptied all my OA funds into my SA account for at least the first few years I started working. This is to reap the additional 1.5% interest from SA.
  • Voluntary contributions: Once my basic expenses were covered, I started making voluntary contributions to my SA under Retirement Sum Top-Up scheme for tax reliefs.
  • Voluntary Housing Refund: Even after using the OA funds to make a $20k downpayment for a HDB BTO flat in 2021, I voluntarily refunded the amount back to my OA.
  • Grind, slave and work: Having no entrepreneurial spirit, I am fortunate to be able to grind, slave and work in an IT job which allows me to hit $6k monthly salary within 6 years of working, to max out both employer and employee contributions.

Living Within Your Means:

Building a substantial CPF balance isn't just about maximizing contributions; it's also about living within your means. I tracked my expenses diligently, creating a budget that allowed me to save comfortably while still enjoying life's experiences. Avoiding unnecessary debt and impulse purchases played a crucial role in freeing up funds for CPF contributions.

The Role of Time and Compounding:

Remember, the magic of CPF lies in the power of compounding interest. Starting early and making consistent contributions allows your savings to grow exponentially over time. Even small contributions made regularly can accumulate into a significant sum over decades.

Beyond the Numbers: A Balanced Approach

While reaching a $600,000 CPF balance is a source of pride, it's important to remember that retirement planning goes beyond just numbers. Here are some additional factors to consider:

  • Healthcare planning: Healthcare costs can be a significant expense in retirement. Having a supplementary MediSave account balance or a separate healthcare plan is crucial.
  • Inflation: Inflation erodes the purchasing power of your savings over time. Consider ways to hedge against inflation, like investing in instruments that offer inflation-adjusted returns.
  • Lifestyle goals: Define your desired retirement lifestyle. Do you plan to travel extensively? Downsize your living arrangements? Having a clear vision will help you determine how much you need to save.

Sharing the Knowledge:

Reaching a $600,000 CPF balance isn't a solo achievement. I've benefited from guidance from financial advisors, online resources from the CPF Board, and conversations with friends and family. If you're looking to embark on your own CPF saving journey, here are some resources to get you started:

  • CPF Board website: The CPF Board website offers a wealth of information on CPF schemes, contribution guidelines, and retirement planning tools
  • Financial institutions: Many banks and financial institutions offer personalized retirement planning advice. Consider consulting a professional for tailored guidance.
  • Online resources: Numerous informative websites and blogs discuss CPF saving strategies and retirement planning tips.

The Journey Continues

Reaching $600,000 is a significant milestone, but it is not the finish line. I plan to continue contributing to my CPF account and explore further ways to optimize my retirement savings. Remember, CPF planning is a lifelong process. By constantly reviewing your goals, adapting your strategies, and leveraging the available resources, you too can secure a comfortable and financially secure retirement.

Let us not forget, the road to CPF success is paved with individual circumstances and priorities.

Thank you for reading.

With love & peace,

Saturday, March 30, 2024

Portfolio Update Mar 2024

Time flies. The first quarter of 2024 has come to an end for me to update my investment portfolios.

My SGX Income Portfolio value rises to $347k from $340k. 

My US/HK Growth Portfolio value inches up to US$17.7k.

My SRS Ultra Long-Term Portfolio value increases to $159k from $147k mainly due to my contributions and capital appreciation of OCBC.

The US stock markets have attained fresh record highs amidst uncertainties over interest rates, ongoing wars and diminishing fears of global recession. US 10-year and 30-year government yields have rebounded slightly and the Federal Reserve is expected to hold interest rates high for the short-term before cutting up to 3 times this year.

Despite being clouded by uncertainties, immense noises and fears, it is crucial that long-term investors like us always remain calm, unwavered and focused on our investment objectives. Stick to our own plan and continue deploying our financial resources into high quality income-producing instruments such as government-backed risk-free bonds, property assets, or strong growth businesses tactfully according to our own risk appetite. 

This is a month when I am reaping fruits of my investment labour of planting and sowing seeds in the past as many Reits paid off their dividends.

Portfolio Actions


Portfolio Dividends

1. Received $138 of dividends from Savings Bonds on 1 Mar in SRS.

2. Received $429.55 of dividends from Savings Bonds on 1 Mar.

3. Received $744.10 of dividends from Capitaland Ascendas Reit on 6 Mar.

4. Received $504.84 of dividends from Mapletree Industrial Trust on 7 Mar.

5. Received $149.60 of dividends from Parkway Life Reit on 7 Mar in SRS.

6. Received $346.56 of dividends from Keppel DC Reit on 11 Mar in SRS.

7. Received $330 of dividends from MPACT on 14 Mar in SRS.

8. Received $300.17 of dividends from Keppel Reit on 15 Mar in SRS.

9. Received $463.26 of dividends as 303 shares from Mapletree Log Trust on 20 Mar.

10. Received $299.10 of dividends from IREIT on 21 Mar.

11 Received $819 of dividends from Aims Apac Reit on 22 Mar.

12. Received $164.52 of dividends from Capitaland China Trust as 203 shares on 28 Mar.

13. Received $981 of dividends from CICT as 506 shares on 28 Mar.

SGX Income Portfolio

Portfolio Value = $340k

US/HK Growth Portfolio



Tiger Broker


Syfe Trade


Portfolio Value = US$17k

SRS Ultra Long-Term Portfolio

Portfolio Value = S$159k

Thanks for reading.

With love and peace, 

Monday, March 25, 2024

Applied for Singapore Savings Bonds (SBAPR24 GX24040Z)


The Apr 2024 tranche of Singapore Savings Bonds (SSB) has an average yield of 3.04% over 10 years.

The first 6 years yield a flat 2.95% per annum; 7th year yields 3.04% p.a, 8th year yields 3.19% p.a. and 9th, 10th years yield 3.28% p.a.

Even though such yield is lower than other low to risk-free alternatives such as T Bills, money market funds and bank fixed deposits which easily yield more than 3% currently, it is higher than CPF OA rate of 2.5% p.a.

If we also consider the great flexibility, liquidity of SSB for redemption and long-term lock down at above 3% p.a for the next decade, then this tranche of SSB is fairly enticing for us to park our spare cash at zero risk, capital guaranteed for the mid to long-term. 

We could redeem SSB anytime, earning interest at 2.95% 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. Do note that the redemption process of SSB can be up to 1 month of lead time.

I decided to apply for $10k of this Apr 2024 tranche using my idle funds in SRS.

There it goes.

S$900m is up for grabs.

The first payment will be on 1 Oct 2024 and this bond will mature on 1 Apr 2034.

I will still be 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 soon.

If you are interested in this tranche of SSB, do note that the application dateline is on today, 25 Mar 2024, 9pm for online applications.

Thank you for reading.

With love & peace,

Saturday, March 23, 2024

Passive Income in 1Q 2024 exceeds S$6k


The first quarter of 2024 is on the brink of ending.

While I am grateful to be a wage slave having collected 3 months of salary from work, I am actually not happy because active income is derived from trading time for money, seeing bosses' faces, dealing with crappy work portfolios and worse of all, taking a toil on my mind, soul and body and being taxable.

Real joy emanates from passive income streaming into our bank accounts automatically from doing nothing, other than owning a tiny piece of income-producing cake such as properties, businesses, REITs or stocks.

For Q1 2024. my passive income from Singapore Savings Bonds, stocks and Reits in my investments are as follows:

$123.20 Savings Bond (2 Jan)
$147.50 Savings Bond SRS (2 Jan)
$128.70 Savings Bond (1 Feb)
$93.30 Suntec Reit (28 Feb)
$309.50 Ascott Trust (29 Feb)
$138.00 Savings Bond SRS (1 Mar)
$429.55 Savings Bonds (1 Mar)
$744.10 Ascendas Reit (6 Mar)
$504.84 Mapletree Ind Trust (7 Mar)
$149.60 Parkway Life Reit (7 Mar) SRS
$346.56 Keppel DC Reit (11 Mar) SRS
$330.00 MPACT (14 Mar)
$300.17 Keppel Reit (15 Mar) SRS
$463.26 Mapletree Log Trust (20 Mar) DRP 303 shares
$299.10 IREIT (21 Mar)
$819.00 Aims Apac Reit (22 Mar)
$164.52 Capitaland China Trust (28 Mar) DRP 203 shares
$981.00 CICT (28 Mar) DRP 506 shares

Altogether they amount to $6,471.90.

This is a 21% Year-on-Year increase from my passive income in Q1 2022 of $5,335.98.

Free cashflow is indeed awesome and enjoyable!

I value passive income highly because they do not require much effort nor labour to earn. Furthermore, dividend income is not taxable in Singapore.

I strive to continue living frugally, save up, invest in any bear or bull market conditions, slowly and steadily build up my investments, staying on track towards achieving financial freedom.

My ultimate finacial freedom goal is to own an investment portfolio valued at one million dollars yielding at least $50k of passive income annually, or $12.5k of passive income quarterly. I am barely halfway there.

Nonetheless, I look forward to earning more passive income for the rest of 2024.

Thanks for reading.

With love & peace,

Tuesday, March 19, 2024

5 Lessons Learnt from a Broken Phone


For the past 2 weeks, I have been battling with my mobile phone by twisting the USB-C cable and tilting phone position in order for it to be properly charged.

Since yesterday, I have sent the phone for diagnosis at Xiaomi service centre and 2 reputable mobile phone repair specialists. They all concluded that the issue lies with the motherboard, not charging port nor battery. It is not cost effective to replace the motherboard with a low chance of recovering back the data.

This budget Xiaomi Pocophone M4 Pro finally died today as it could not properly channel electric charges anymore. I have only used it for 13 months and was unlucky to have missed the warranty by just 1 month.

Nonetheless, I have given up hope of using this phone. As an interim solution, I migrated the commonly-used banking and authenticator apps back to my old Huawei phone which has been a trusted and reliable powerhorse even after 6 years. I have also ordered a new Oppo budget phone - A78 4G for under $280 by applying discount vouchers at Shopee today.

This is not the first time I experienced an unexpected death of a mobile phone. Many years ago, my Asus Zenphone could not boot up due to firmware issue. Before the pandemic, my iPhone 7 crashed from selfie stick onto ground while taking selfie in Taiwan.

A broken spoilt phone can be a real pain, but it can also be a surprisingly enlightening experience. Here are 5 lessons I learned from my time with this broken phone:

1. Importance of Backups

The only regret from this incident was not to backup the photos, videos and data in my phone regularly. This resulted in me losing a large part of the photos and videos taken during vacations last year. I have accepted the loss, being part and parcel of life, which itself culminates in death. This experience served as wake-up call to regularly synchronise data into cloud or backup photos and videos to computer or hard disk drive. Backup is a great form of data insurance and security.

2. We Can Live Without Constant Connectivity

In this digital era, being without a phone can feel like being cut off from the world. I experienced this disconnected feeling from the long number of hours being without a working mobile phone. This disconnected experience allowed me to appreciate the beauty of the real world and survive interrupted focus.

3. There is More to Life Than a Phone Screen

I realised that I spent too much time fiddling with phone everyday. I believe it is the same for most digital warriors out there. A broken phone forces us to live and rediscover the real world around us. I found myself simply living in the moment and having no distraction. I used the PC more for work and updating personal spreadsheets properly. I was also able to greatly reduce Youtube and Tiktok video watching time on phone. 

4. The Value of Minimalist Digital Life

A temporary switch to a legacy slower phone made me realise how many unnecessary apps I have installed and hoarded. I have also stored too many years of data, photos and videos in my phone. This experience prompted me to declutter my digital life and prioritise apps which add value. It also gives me an opportunity to start off from a clean slate in accumulating new life experiences in the form of new photos and videos.

5. It is just a Phone

A phone is very important in our lives but actually it is a lifeless object which can be easily replaced. What has sentimental values are the stored photos which collect memories of our past life experiences. This realisation enlightened me to detach from material possessions and focus on what truly matters in life.

I hope all of you take care of your phones well and not end up in a situation like mine. 

Thanks for reading. 

Update: I sent my phone for motherboard repair at CitriMobile at 101 Upper Cross Street, #01-47, People's Park Centre, 058357 and managed to restore it back intact for me to recover my photos and data.

With love and peace, 

Saturday, March 16, 2024

Net Worth Update Mar 2024



My net worth stagnates at S$1.587m as my Reits-heavy investment portfolios took a beating due to market expectation of prolonged high interest rate environment.

CPF still forms the bulk 37% of my net worth. I have already achieved full retirement sum (FRS) in CPF SA.

Cash and war chest constitute 16% of my wealth. 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 more than 3.5% p.a. with interest paid daily.

My bonds consist of Singapore Savings Bonds ($140k) and Astrea 7A PE bond ($9k) which are low-risk bonds contributing to 10% of my wealth. 

CPF, cash and war chest, and bonds amount to 63% of my net worth as relatively safe assets. 

In recent weeks, I have completed the $15.3k annual contribution limit to my SRS account which forms 8% of my wealth. I plan to subscribe to the coming Apr 24 tranche of SSB with average yield of 3.04% using my SRS idle funds. 

Currently, 23% of my net worth is in stocks and Reits. This, combined with the local holdings in SRS, brings my exposure to riskier assets up to 31%. For the sake of diversification and reducing portfolio risk, I am happy to increase exposure to risk-free SSB in my SRS portfolio.

I resolve to remain steadfast on the track towards financial freedom, remaining disciplined and focused. I will not let the noises and distractions influence my decisions. As Warren Buffett said, 'Be fearful when others are greedy, and be greedy when others are fearful.' By staying content with my long-term plan, I won't be swayed by emotional decisions.

Thank you for reading.

With love & peace,

Monday, March 11, 2024

Completed $15.3k SRS Contribution Cap for 2024

I have completed the annual contribution of $15,300 to my Supplementary Retirement Scheme (SRS) account today.

This feat is achieved before end of 1Q 2024 and now I can focus on building up war chest and long-term investment for the rest of the year.

The main benefit of SRS is to save taxes aka cash outlay to the taxman next year.

Another benefit is to build up a cannot-touch ultra-long term portfolio using SRS funds.

There are also other options of endowment or insurance plans, annuity plans, bonds, funds or robo-advisor investment portfolios that we could invest with SRS funds.

However, SRS savings may not be for everyone because of the long lock-down period. We can only withdraw up to $40k from SRS tax-free for 10 years from the first penalty-free withdrawal, upon reaching the statutory retirement age (63 w.e.f 1 Jul 2022). There is a penalty incurred for withdrawing funds from SRS prior to retirement age, on top of being slapped with tax on the withdrawn amount.

I believe SRS will be beneficial for people who are earning income qualifying at least in the 7% tax bracket.

I have already contributed $8.4k to SRS earlier.

There it goes. $6.8k to complete the quota for 2024!

Thank you for reading.

With love & peace, 

Thursday, February 29, 2024

Portfolio Update Feb 2024 | Shopping spree

This is a quick update of my investment portfolios for this short month of February.

My SGX Income Portfolio value rises to $340k from $328k mainly due to capital injection for scooping up MPACT, CLCT and nibbling of DBS.

My US/HK Growth Portfolio value stagnates at US$17k.

My SRS Ultra Long-Term Portfolio value increases to $147k from $139k mainly due to my contribution of around $7.5k to SRS.

The US stock markets have attained fresh record highs before recent retracement, amidst uncertainties over interest rates, ongoing wars and diminishing fears of global recession. US 10-year and 30-year government yields have rebounded slightly and the Federal Reserve is expected to hold interest rates high for the short-term before cutting up to 6 times this year.

Despite being clouded by uncertainties, immense noises and fears, it is crucial that long-term investors like us always remain calm, unwavered and focused on our investment objectives. Stick to our own plan and continue deploying our financial resources into high quality income-producing instruments such as government-backed risk-free bonds, property assets, or strong growth businesses tactfully according to our own risk appetite. 

I have gone on a shopping spree as I strongly believe in taking strides towards financial freedom by building up my passive income streams.

I have started contributing to my SRS account and has added more OCBC to my SRS portfolio. I have no plan to add US/HK stocks.

Portfolio Actions

1. Bought 200 shares of DBS at $32.38 on 9 Feb.

2. Bought 383 shares of UOB at $28.68 on 22 Feb.

3. Bought 5,000 shares of Capitaland China Trust at $0.75 on 28 Feb.

4. Bought 500 shares of OCBC at $13.02 using SRS on 28 Feb.

5. Bought 5,000 shares of MPACT at $1.35 on 28 Feb.

Portfolio Dividends

1. Received $128.70 of dividends from Savings Bonds on 1 Feb.

2. Received $93.30 of dividends from Suntec Reit on 28 Feb.

3. Received $309.50 of dividends from Capitaland Ascott Trust on 29 Feb.

SGX Income Portfolio

Portfolio Value = $340k

US/HK Growth Portfolio



Tiger Broker


Syfe Trade


Portfolio Value = US$17k

SRS Ultra Long-Term Portfolio

Portfolio Value = S$147k

Thanks for reading.

With love and peace, 

Wednesday, February 28, 2024



My order for 5,000 shares of Mapletree Pan Asia Commercial Trust (SGX:N2IU) is filled today.

This will bring my existing holdings of MPACT to 20,000 shares.

The share price of MPACT has weakened severely ever since its merger with Mapletree North Asia Commercial Trust to lose its status as a pure Singapore Greater Southern Waterfront commercial property asset play.

The last time I increased my investment in MPACT was in July 2022 during its preferential offering at $2.0039 to raise funds for the merger with MNACT. I bought from open market 4,000 shares at $1.78 instead of subscribing to the preferential offer.

I have long been wanting to increase my investments in MPACT especially after every visit to the ever crowded Vivo City. However, I have not visited its other APAC assets such as Festival Walk in Hong Kong, Gateway Plaza in China and commercial properties in Japan which will require much more time to recover from tourism, retail and office space demand. 

I sensed opportunity this time because my investment is driven by passive income for the long-term horizon and attracted by great value of paying below the NAV of around $1.76. Its share price has rebounded from the lows of $1.27 in Oct 2023 on the back of potential interest rate cuts in the short future. Generally, at $1.30s, MPACT is below its fair value and historical valuation.

I believe MPACT is still a high quality income producing Reit which is able to pay dividend consistently above 6% for the next few years or even decade.

Today's high interest rate environment will not last forever. The FED will most likely start to reduce interest rates later this year to avoid any onset of economic recession and interest rates will taper to around 2% next year. Lower interest rates will certainly benefit Reits such as MPACT by reducing financial costs and improving net property income for more distributions as dividends to investors like us.

Even though MPACT will continue to suffer in terms of price weakness and volatility in the short-term, I am optimistic that in the long run, its share price will recover above $1.60 and slowly climb towards its NAV of $1.80.

Thanks for reading. Stay safe and remain strong always!

With love & peace,

Doubled Up on Capitaland China Trust

CapitaMall Xuefu, Harbin, China

My order for Capitaland China Trust (CLCT) shares is filled today.

This effectively doubled up my small initial position in CLCT to 10,000 shares.

The share price of CLCT has tanked in recent weeks and has been on a poor bear run by diving more than half from the high of $1.65 before the onset of pandemic in 2020 to hit a 52-week low of $0.74 today.

As the largest China-focused REIT in Singapore, CLCT is facing strong headwinds in China's economy, including slowing growth and lingering impacts of its previous zero-COVID policies. High debt levels among many Chinese property developers have fueled anxieties about the sector's stability, spilling over into the REIT market as institutional investors worry about the health of properties that CLCT hold. Prolonged high interest rates and depreciating RMB versus SGD dollar only serve to exacerbate the fears of investors in CLCT.

Even though CLCT seems like junk now, it is crucial to remember that REITs like CLCT can offer immense long-term potential as its fundamentals never change. CLCT reported higher revenue and net property income in the latest financial results and is able to deliver 3 cents of dividends on enlarged unit base, higher expenses and unfavourable forex rates.

At a share price of $0.75, assuming a dividend of $0.06 for 2024, it yields around 8%. With a book value of $1.21, it is trading at 38% discount. A crisis breeds opportunity. CLCT has become too attractive and undervalued for me to ignore as I smell a great opportunity for me to lower my investment cost and rideout for a possible turnaround in its fortune and fate.

This will be a long-term value, recovery investment play for me. CLCT is not just a major retail player in China but has added business parks containing industrial properties, logistics warehouses and data centers to its portfolio in 2020. Investing in CLCT is one way to ride on the turnaround of China's economic environment as its government has introduced stimulus measures to stabilise the property market recently. Besides, the retail malls owned by CLCT have recovered from increase in tenant sales and shopper traffic to pre-pandemic levels 

I am not too concerned about the volatility of its share price in the short term. I am happy and patient to wait out at 8% yield and sitting on a diversified, heavily discounted portfolio of China's retail, industrial and logistics property assets.

Thanks for reading.

With Love & Peace,

Added more OCBC to SRS Portfolio


The share price of OCBC (SGX: O39) has corrected from the recent peak of $13.45 to $12.90 today, after announcing its 2023 full year results.

OCBC has attained 12% increase in Q4 profit to $1.62 billion and 27% increase in 2023 profit to $7.02 billion. A slightly higher dividend of $0.42, compared to interim dividend of $0.40, is announced and payable on 21 May, maintaining a dividend payout ratio of 50%. However, the results have fallen short of expectations, disappointing the market.

This near 5% correction is enough to trigger my temptation to accumulate shares.

The book value of OCBC is around $11.77 and ideally I would prefer to pay lesser than the book value.

However, I added 500 shares to my ultra long-term SRS portfolio when my order got filled at $13.02 this morning.

As OCBC is currently on cum dividend of $0.42, net cost less dividend is $12.60 which is just 7% above book value, at a fairly attractive dividend yield of more than 6%, assuming OCBC maintains an annual dividend of at least $0.84 for the next few years. The next dividend in Aug 24 of at least $0.42 should drive down my net cost to closer to book value.

I last added OCBC share last year at $11.93added OCBC shares in 2022 at $11.56 and also added OCBC shares in 2020 at $7.87 during the market shake-up from onset of the pandemic.

With this addition, I will own 5,000 shares of OCBC at an average net cost of $9.17 only, positioned to collect at least $4.2k of dividends this year and for many years or decades to come optimistically.

My long-term plan for SRS remains the same - to slowly and steadily accumulate OCBC shares via dollar cost averaging every year, because my SRS account is owned by OCBC and I intend to own the bank which owns my retirement funds.

Be greedy when others are fearful!

Thanks for reading.

With Love & Peace,

Monday, February 26, 2024

The Trifecta of Life: Navigating Time, Money and Energy


Living the Balance: Time, Money and Energy

Life is a precious journey woven from three intertwined threads: time, money, and energy. While we often chase these resources independently, true fulfillment lies in striking a harmonious balance between them.

As time relentlessly marches forward, our vitality naturally declines like a battery nearing its end. While we can recharge through rest and sleep, our capacity for boundless energy diminishes with age. Money, however, offers a different perspective. Through dedication and hard work, we can accumulate financial resources by exchanging time for financial gain.

However, the question remains: is reaching retirement synonymous with enjoying our "golden years" filled with leisure, financial security, and good health? The reality, unfortunately, is not so straightforward. As we age, our bodies naturally face limitations, including a decreased appetite and reduced energy levels.

This is where the concept of financial freedom, achieved at a younger age than the traditional retirement path, becomes intriguing. Imagine having the freedom to choose how you spend your time, whether pursuing passions, traveling the world, or simply relaxing, without being solely driven by the need to earn a living. It presents the unique opportunity to experience all three precious resources simultaneously while still young and vibrant.

While achieving financial freedom, especially in metropolitan cities like Singapore, may seem like a steep ascent, it's not an impossible climb. Through dedication, discipline, and a sound financial plan, we can strive for it. Even if full financial freedom eludes us, aiming for financial stability fosters a sense of security and empowers us to make choices without being solely dependent on income.

The ever-evolving job landscape further underscores the importance of diversifying income streams and securing passive income sources. This could involve exploring investments, building an online business, or acquiring new skills relevant to the changing job market. It's crucial to remember, though, that while enjoying life is essential, a mindset solely focused on spending everything earned (YOLO - You Only Live Once) can leave us vulnerable in unforeseen circumstances.

Ultimately, the key is to be mindful of the passage of time. While we can accumulate more money as we age, accepting and planning for the natural decline in energy levels is paramount. By striking a balance between time, money, and energy throughout our lives, we can navigate a fulfilling and enriching journey that transcends the limitations of traditional retirement.

Call to Action: Take the first step towards achieving balance. Explore resources and create a plan that prioritizes your needs and aspirations in each of these three aspects. Remember, true fulfillment lies not in maximizing each resource in isolation, but in orchestrating them to create a beautiful and harmonious symphony of life.

Remember the shortness of life. Precious yet fragile. Be content with what we have. Be fearless and ungreedy. Learn to let go and be free in our minds.

Thanks for reading. 

With love & peace,

Saturday, February 24, 2024

Unveiling and Analysing my $150k SRS Portfolio


I realised that my SRS porfolio has surpassed S$150k today!

This is upon tallying the cash balance and the market values of the stocks in my SRS as I have started contributing funds to my SRS in the past weeks.

I opened my SRS account with OCBC in Dec 2016 after more than 5 years of working.

My SRS portfolio has grown slowly and steadily from $0 over the past 7 years to $150,608.69 now.

I decided to analyse my SRS portfolio which was neglected largely as I believe this is a vault which can only be activated after 62 years old or upon retirement.

In my net worth tracking, I conservatively account my SRS component as cumulative amount of funds contributed over the past. This amounts to $124,664.43 now.

Hence, my gains are almost $26k or 20% over 7 years from capital gains and dividends collected. This translate into a modest 2.7% annualised rate of return.

With the benefit of hindsight, I believe that I could have done better for my SRS. However, as a novice investor managing my own idle funds, I am contented to be able to generate decent returns with minimal effort instead of incurring losses.

From the pie chart, the bulk of my SRS is invested into OCBC and this investment turns out to be the best performer as my average cost is less than $10 and its market share price is above $13 now. I have reaped around $7k of dividends from it too.

My second best performer is ST Engineering as I bought it at $3.22 in 2017 and has collected more than $4k of dividends over the years while enjoying capital gains.

My third best performer is Keppel Reit even though its share price now at $0.885 is lower than my buy price of $1.03 in 2016. I have collected close to $4k of dividends hence it is still a winner overall.

My poorest performers are actually ComfortDelgro, Keppel DC Reit and Wilmar as I bought them at high prices at $2.09, $2,88 and $4.33 respectively and they are still in the red after a few years of investment and dividends collected. Fortunately, they only constitute 17% of the portfolio collectively. Since they are still able to pay my dividends consistently and their fundamentals did not deteriorate much, I will not consider cutting losses on them.

Moving forward, I plan to increase my OCBC ratio to 50% and hope that I could get rid of the losers to recycle into other local bank stock such as DBS or UOB. I may also consider getting T-Bills or SSBs before interest rates start to fall.

Thanks for reading. Happy Full Moon on 15th day of CNY!

With love & peace,