HDB Landlords Facing Yield Traps | SGX Daily Pulse 17 Apr 2026 | 🦖EP1552

The Investing Iguana

HDB Landlords Facing Yield Traps | SGX Daily Pulse 17 Apr 2026 | 🦖EP1552

KORE's 13.6% NPI jump is the kind of headline that gets forwarded in WhatsApp groups — the forensic reality is a 44.1% gearing and an ICR of 2.5x sitting well inside a structural danger zone. When distributable income only rose 4.3% on the back of that "recovery," and the resumed DPU annualises to a sub-3% yield, the math isn't a growth story — it's a hostage situation tied to the next US valuation cycle.

If you are holding US office exposure in a SRS or CPF-IS account and accepting under 3% in yield, you are taking equity-class risk for returns that fall 170 basis points below the 4.7% Iggy hurdle and barely clear the 3.2% Forensic Floor. In a 2026 environment where capital conservation is the only credible hedge, the spread between what KORE pays and what a risk-free T-Bill offers is simply not a trade worth making.

📺 YouTube: https://youtu.be/91wvDvU5yms

📩 Substack: https://investingiguana.com/p/hdb-landlords-facing-yield-traps

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In a 2026 environment where capital conservation is the only credible hedge, the spread between what KORE pays and what a risk-free T-Bill offers is simply not a trade worth making.</p>\n<p>📺 YouTube: https://youtu.be/91wvDvU5yms</p>\n<p>📩 Substack: https://investingiguana.com/p/hdb-landlords-facing-yield-traps</p></body></html>","htmlText":"<html><head></head><body><p></p>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d813c20c3996f7df56f0f77a0a285206\" tg-width=\"995\" tg-height=\"556\"></p>\n<p><strong>HDB Landlords Facing Yield Traps | SGX Daily Pulse 17 Apr 2026 | 🦖EP1552</strong></p>\n<p>KORE's 13.6% NPI jump is the kind of headline that gets forwarded in WhatsApp groups — the forensic reality is a 44.1% gearing and an ICR of 2.5x sitting well inside a structural danger zone. When distributable income only rose 4.3% on the back of that \"recovery,\" and the resumed DPU annualises to a sub-3% yield, the math isn't a growth story — it's a hostage situation tied to the next US valuation cycle.</p>\n<p>If you are holding US office exposure in a SRS or CPF-IS account and accepting under 3% in yield, you are taking equity-class risk for returns that fall 170 basis points below the 4.7% Iggy hurdle and barely clear the 3.2% Forensic Floor. In a 2026 environment where capital conservation is the only credible hedge, the spread between what KORE pays and what a risk-free T-Bill offers is simply not a trade worth making.</p>\n<p>📺 YouTube: https://youtu.be/91wvDvU5yms</p>\n<p>📩 Substack: https://investingiguana.com/p/hdb-landlords-facing-yield-traps</p></body></html>","text":"HDB Landlords Facing Yield Traps | SGX Daily Pulse 17 Apr 2026 | 🦖EP1552 KORE's 13.6% NPI jump is the kind of headline that gets forwarded in WhatsApp groups — the forensic reality is a 44.1% gearing and an ICR of 2.5x sitting well inside a structural danger zone. When distributable income only rose 4.3% on the back of that \"recovery,\" and the resumed DPU annualises to a sub-3% yield, the math isn't a growth story — it's a hostage situation tied to the next US valuation cycle. 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