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