Lion-Phillip S-REIT ETF (SGX: CLR) 2026 Review: ~6% Yield, Holdings & How to Buy

SGX: CLR  |  S-REIT ETF  |  Updated May 2026

The Lion-Phillip S-REIT ETF (SGX: CLR) is Singapore’s first locally-listed ETF that tracks the iEdge S-REIT Leaders Index, giving investors single-trade exposure to Singapore’s largest and most liquid REITs. As at May 2026, CLR offers a trailing distribution yield of approximately 5.8–6.2%, a total expense ratio (TER) of 0.60% per annum, and a portfolio of 30 top S-REITs including CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust, and Keppel DC REIT. For Singapore investors who want diversified S-REIT income without picking individual REITs, CLR is the most direct and cost-effective vehicle available on the SGX.

Not financial advice. All figures are for educational reference only. Data as at May 2026 unless noted.

Table of Contents

Lion-Phillip S-REIT ETF at a Glance: Key Facts & Stats (2026)

The Lion-Phillip S-REIT ETF was launched in October 2017, making it one of Singapore’s longest-running REIT ETFs. It is jointly managed by Lion Global Investors (a subsidiary of Oversea-Chinese Banking Corporation) and Phillip Capital Management, and is listed on the SGX Mainboard under the ticker CLR. The ETF physically replicates the iEdge S-REIT Leaders Index — meaning it actually holds the underlying REIT units rather than using synthetic derivatives, which reduces counterparty risk.

For Singapore retail investors, CLR solves a real portfolio construction problem: buying 10–15 individual S-REITs requires substantial capital (each in board lots of 100–1,000 units), multiple brokerage transactions, and ongoing monitoring of each REIT’s quarterly results. CLR packages this into a single SGX-listed unit that can be bought for approximately S$1.00 or less (as at May 2026), with dividends distributed semi-annually.

Source: Lion Global Investors CLR fund factsheet, SGX, May 2026

What Is the iEdge S-REIT Leaders Index?

The iEdge S-REIT Leaders Index is a rules-based index maintained by SGX Index Edge that tracks the performance of the largest and most liquid S-REITs listed on the Singapore Exchange. It was designed to provide a benchmark for the Singapore REIT market, with constituents selected based on free-float market capitalisation and liquidity criteria.

The index is reviewed semi-annually (in March and September) to add new constituents, remove underperformers, and rebalance existing weightings. Key index rules include a single-stock cap of 10% to prevent any one REIT from dominating the index, and a minimum free-float market capitalisation requirement that filters out smaller, illiquid REITs. This rules-based construction means CLR’s portfolio automatically rotates into growing REITs and trims exposure to underperforming ones — a built-in disciplined rebalancing that individual investors would need to replicate manually.

As at May 2026, the index contains approximately 30 constituents spanning all major S-REIT sub-sectors: retail, industrial, office, logistics, healthcare, hospitality, and data centres. This cross-sector diversification is one of CLR’s key advantages over single-sector peers. Compare this to the Singapore REIT ETF guide for a full comparison of all S-REIT ETFs currently listed in Singapore.

Top 10 Holdings & Portfolio Breakdown

CLR’s portfolio is dominated by Singapore’s blue-chip REITs. The top 10 holdings account for approximately 65–70% of the fund’s NAV, reflecting the market-cap-weighted nature of the iEdge S-REIT Leaders Index. Data centre and industrial REITs — which have shown the strongest DPU resilience in recent years — make up the largest combined sub-sector weighting at approximately 35% of the portfolio.

Source: Lion Global Investors CLR factsheet, May 2026. Weights are approximate and change with index rebalancing.

One notable feature of the iEdge S-REIT Leaders Index is its 10% single-stock cap. Even though CICT is Singapore’s largest REIT by market cap, it cannot exceed 10% of the index — preventing concentration risk. This cap also means CLR provides meaningful exposure to mid-cap S-REITs like ParkwayLife REIT and CapitaLand Ascott Trust, which many investors would overlook when building a manual REIT portfolio. For deep-dives on individual holdings, see our guide to the best S-REITs in Singapore 2026.

Distribution Yield & Payout History

CLR distributes income to unitholders semi-annually, typically in March and September each year. The fund passes through the dividend income it receives from its underlying S-REIT holdings, net of the 0.60% TER. This means CLR’s yield will always be slightly lower than the weighted average yield of its constituent REITs — the “yield drag” from the management fee. At a TER of 0.60%, this drag is modest and well within the range of what Singapore investors pay for active REIT management.

Source: Lion Global Investors CLR distribution announcements, SGX. Figures are approximate rounded values for illustrative purposes.

At a unit price of approximately S$0.87–0.92 (as at May 2026) and trailing distributions of approximately 5.20 cents, CLR’s trailing yield is approximately 5.8–6.2% — competitive with many individual S-REITs and significantly above Singapore T-bills (currently ~3.3%) and SSBs (~2.8%). A Singapore investor putting S$10,000 into CLR at S$0.90 per unit (approximately 11,111 units) would expect to receive approximately S$578–620 per year in distributions, paid in two semi-annual tranches. Use our Dividend Portfolio Yield Calculator to model different CLR position sizes and yields.

The yield recovery in 2025 reflects two tailwinds: (1) the Fed rate-cutting cycle improving REIT valuations and reducing borrowing cost pressures across the portfolio, and (2) strong outperformance from data centre holdings (Keppel DC REIT, MIT’s data centre segment) which offset continued China headwinds in the logistics segment. For investors seeking to understand these macro drivers in more detail, see our S-REIT outlook 2026 analysis.

CLR vs Buying Individual S-REITs: Which Is Better?

This is the central question for any Singapore investor considering CLR. The honest answer depends on your portfolio size, time available for research, and income objectives. Here is a side-by-side comparison:

Source: The Kopi Notes analysis, May 2026. TER from Lion Global Investors factsheet.

The 0.60% TER is the most meaningful trade-off. On a S$50,000 CLR position, this costs S$300 per year in management fees — roughly equivalent to one quarterly distribution from a single mid-cap REIT. For investors with less than S$30,000 to deploy into S-REITs, CLR’s diversification benefit far outweighs this fee drag. For investors with S$100,000+ and the willingness to research individual REITs, building a direct portfolio of 8–12 S-REITs may generate a higher net yield by avoiding the TER and capturing the spread between blue-chip and mid-cap REITs.

One consideration often overlooked: CLR pays distributions semi-annually, while most individual S-REITs pay quarterly. If quarterly income is important to your cash flow planning — for example, to meet monthly expenses in retirement — a combination of CLR and 2–3 high-yield individual REITs may provide both diversification and income frequency. Our Singapore retirement calculator can help you model how different distribution schedules affect your retirement cash flow.

For investors using CPF-OA or SRS funds, CLR is particularly useful: it allows CPF or SRS money to be diversified across 30 REITs in a single trade, rather than concentrating CPF into one or two individual REITs. See our CPF investment strategy guide for more on CPF-OA investing in S-REITs.

How to Buy Lion-Phillip S-REIT ETF (CLR) in Singapore

CLR is listed on the SGX and can be purchased through any SGX-connected brokerage or robo-advisor that supports ETF investing.

Via Regular Brokerage: CLR trades in board lots of 100 units on the SGX. At ~S$0.90 per unit, a single board lot costs approximately S$90 — one of the lowest-cost entry points for S-REIT exposure in Singapore. Brokerages like IBKR, Moomoo, Saxo, and FSMOne all support CLR trading. Check our Brokerage Fee Calculator to compare commission costs, particularly for small lot sizes where the percentage impact of brokerage fees is higher.

Via FSMOne Regular Savings Plan: FSMOne allows investors to DCA into CLR monthly via its Regular Savings Plan from S$50 per month. This is an ideal approach for investors building a position over time. Use our FSMOne referral code for any available sign-up bonus.

Via Syfe REIT+: Syfe’s REIT+ portfolio holds CLR as a core position alongside direct S-REIT holdings, giving investors a professionally managed blended approach. This is suitable for investors who want a fully hands-off experience. Use our Syfe referral code for the current sign-up promotion.

Via CPF or SRS: CLR is eligible for both CPF-OA investment under CPFIS and SRS investment. For CPF investing, note that a minimum CPF-OA balance of S$20,000 must be maintained before the excess can be invested. For SRS, all contributions above the annual cap can be deployed into CLR without restriction. The SRS Tax Savings Calculator shows how much tax you save by maximising SRS contributions before investing them into CLR or other S-REITs.

For investors comparing CLR to other passive income options in 2026 — including SSBs, T-bills, and fixed deposits — our passive income Singapore 2026 guide provides a full yield comparison across asset classes.

Frequently Asked Questions: Lion-Phillip S-REIT ETF

Disclaimer: This article is for educational and informational purposes only and does not constitute financial advice. The Kopi Notes may earn referral fees from platforms linked in this article. All data is sourced from publicly available SGX announcements, Lion Global Investors fund factsheets, and SGX Index Edge as at May 2026. Past distributions are not a guarantee of future performance. Always conduct your own due diligence or consult a licensed financial adviser before making investment decisions.