Lion-Phillip S-REIT ETF (CLR): Singapore Investor’s Complete Guide 2026

22 S-REITs, one ETF — dividend yield, holdings, fees and how to buy CLR on SGX.

The Lion-Phillip S-REIT ETF (SGX: CLR) is Singapore’s first and only locally focused S-REIT ETF, jointly managed by Lion Global Investors and Phillip Capital Management. It tracks the Morningstar® Singapore REIT Yield Focus Index, holds 22 high-quality S-REITs, and pays semi-annual distributions — with a trailing dividend yield of approximately 5.5% as at May 2026. It trades on the Singapore Exchange (SGX) at around SGD 0.81 per unit.

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

Table of Contents

What Is the Lion-Phillip S-REIT ETF (CLR)?

The Lion-Phillip S-REIT ETF (SGX ticker: CLR) is an exchange-traded fund co-managed by Lion Global Investors and Phillip Capital Management. Launched in October 2017, it was the first ETF on the Singapore Exchange (SGX) to focus exclusively on Singapore Real Estate Investment Trusts (S-REITs).

Unlike global REIT ETFs that spread exposure across the US, Europe, and Asia, CLR invests solely in S-REITs listed on SGX — making it a pure-play instrument for Singapore investors who want diversified real estate income without picking individual REITs. The fund is structured as a distributing ETF, meaning it pays out dividend income to unitholders semi-annually rather than reinvesting it automatically.

The ETF is domiciled in Singapore and does not carry the US estate tax or withholding tax complications that affect Ireland-domiciled ETFs tracking US equities. For Singapore investors focused on local real estate income, CLR offers an administratively simple way to own a basket of 22 carefully screened S-REITs through a single SGX trade.

Key Facts at a Glance

Source: Lion Global Investors / FSMOne factsheet, May 2026

The Morningstar® Singapore REIT Yield Focus Index

CLR tracks the Morningstar® Singapore REIT Yield Focus Index — a proprietary index that does not simply hold all S-REITs by market capitalisation. Instead, it uses a three-factor screening methodology to select high-yielding REITs with superior financial quality:

• Yield factor: Screens for REITs with above-average distribution yields relative to the S-REIT universe.
• Quality factor: Assesses balance sheet strength, gearing ratios, and debt maturity profiles. Highly leveraged REITs with weak financials are excluded.
• Momentum factor: Considers recent price performance to avoid value traps — REITs that appear cheap on yield but are in fundamental distress.

The index is rebalanced semi-annually (June and December), and each constituent’s weight is capped at 10% at the time of rebalancing. This cap prevents any single REIT from dominating the portfolio, providing meaningful diversification across Singapore’s commercial, industrial, logistics, and retail real estate sectors.

This quality screen is the key differentiator between CLR and a simple market-cap-weighted S-REIT ETF. By filtering for financial health alongside yield, the index aims to avoid dividend yield traps — REITs that appear to offer high yields precisely because their unit price has fallen due to deteriorating fundamentals.

Top Holdings and Sector Breakdown

As at May 2026, the Lion-Phillip S-REIT ETF holds 22 S-REITs across Singapore’s major real estate sub-sectors. The top 10 holdings by portfolio weight are shown below:

Source: Morningstar / Lion Global Investors, May 2026. Top 10 shown; fund holds 22 S-REITs total.

The portfolio is heavily tilted toward Singapore’s three largest REIT families: CapitaLand, Mapletree, and Keppel — reflecting the dominance of these sponsors in the local REIT market. Sector diversification is meaningful: industrial and logistics (Ascendas, Mapletree Logistics, Frasers L&C) sit alongside retail (CICT, Frasers Centrepoint), office (Keppel REIT, Suntec), and data centres (Keppel DC REIT), giving investors broad exposure to Singapore’s real estate economy in a single trade.

For investors who want to explore individual S-REIT picks alongside this ETF, our guide to the best S-REITs in Singapore 2026 covers the top individual picks in detail.

Dividend History and Distribution Yield

CLR pays distributions twice a year — historically in late January/February and late July/August. The ETF does not retain income; it passes through the net distributions it receives from its 22 underlying S-REITs after deducting the fund’s expenses.

Recent dividend data (SGD per unit):

Source: stockanalysis.com, stockevents.app, May 2026. Future distributions not guaranteed.

On a trailing 12-month basis, CLR’s dividend yield is approximately 5.5% at a unit price of SGD 0.81. To put this in SGD terms: a Singapore investor holding SGD 50,000 in CLR would receive approximately SGD 2,750 in annual distributions before any personal tax considerations — though Singapore currently imposes no dividend tax on individuals. The S-REITs in the portfolio do, however, already pay corporate tax at the REIT level on their non-qualifying income, which slightly reduces gross distributions.

CLR’s yield is meaningfully higher than most global equity ETFs because S-REITs are legally required to distribute at least 90% of their taxable income to maintain their tax-exempt status — making the income stream more predictable than from standard equities. Our broader guide to passive income in Singapore explores how S-REITs and ETFs fit into a retirement income strategy.

Expense Ratio and Total Costs

CLR carries a total expense ratio (TER) of approximately 0.60% per annum. This fee covers fund management, administration, custody, and index licensing costs. It is charged at the fund level — meaning it is reflected in the ETF’s NAV and not billed separately to the investor.

For a Singapore investor with SGD 50,000 in CLR, the annual cost drag from the TER is approximately SGD 300 per year. This is higher than broad global ETFs like VWRA (0.22% TER) or CSPX (0.07% TER), but those funds do not focus on high-yield S-REIT income — the comparison is not like-for-like.

In addition to the TER, investors pay brokerage commissions when buying or selling CLR on the SGX. Typical costs are:

• IBKR (Interactive Brokers): SGD commission of 0.08% of trade value, minimum SGD 2.50 per trade
• Syfe Brokerage: 0.04%–0.06% of trade value, minimum SGD 1.98 per trade
• moomoo Singapore: competitive tiered pricing from 0.03% per trade
• FSMOne: SGD 10 flat fee per SGX trade (for orders above SGD 1,000)

Unlike Ireland-domiciled ETFs listed on the London Stock Exchange (such as CSPX or VWRA), CLR is SGD-denominated and listed on SGX — so there is no foreign exchange conversion cost. Singapore investors buy and hold CLR entirely in SGD, which simplifies both the purchase process and the tax record-keeping. You can explore the FSMOne referral code for a sign-up bonus when opening an account to buy CLR or other SGX-listed instruments.

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

CLR trades on the Singapore Exchange (SGX) in the same way as any SGX-listed stock or REIT. Here is a step-by-step guide for each major broker platform:

Option 1: Interactive Brokers (IBKR)

1. Open and fund an IBKR Singapore account (minimum deposit: none, but SGD cash needed to trade).
2. In the TWS or mobile app, search for CLR and select the SGX listing.
3. Choose order type (Limit recommended to control execution price) and enter quantity.
4. Orders execute in board lots of 100 units (approximately SGD 81 per lot at current prices).
5. Commission: 0.08% of trade value, minimum SGD 2.50.

Option 2: Syfe Brokerage

1. Open a Syfe Brokerage account using the Syfe referral code for a sign-up bonus.
2. Search for CLR in the SGX section.
3. Syfe supports fractional / odd-lot trading, so you are not restricted to 100-unit board lots.
4. Commission: 0.04%–0.06% per trade, minimum SGD 1.98.

Option 3: moomoo Singapore

1. Open a moomoo Singapore account (see our moomoo Singapore review for current promotions).
2. Search for CLR under SGX stocks/ETFs.
3. Place a limit order for the desired number of units.
4. Commission rates are competitive, especially for active traders.

Option 4: FSMOne

1. Open an FSMOne account (use our FSMOne referral code for fee waivers on qualifying trades).
2. Navigate to ETF Screener → search CLR.
3. FSMOne charges a flat SGD 10 fee per SGX trade for orders above SGD 1,000, making it cost-effective for lump-sum purchases.

CPF & SRS note: CLR is listed on SGX and is classified as a Excluded Investment Product (EIP). It is not eligible for CPF Ordinary Account (OA) investment under the CPF Investment Scheme (CPFIS). However, eligible investors may be able to use SRS (Supplementary Retirement Scheme) funds to buy CLR through a broker that supports SRS account trading — check with your chosen broker before transacting. For a full guide on maximising your retirement savings, see our Singapore retirement calculator and CPF investment strategy Singapore guide.

CLR vs Alternative S-REIT ETFs and Funds

CLR is not the only way to gain S-REIT ETF exposure in Singapore. Here is how it compares against its closest alternatives as at May 2026:

Source: SGX, fund factsheets, stockanalysis.com, May 2026. TER and yield figures are approximate.

If you want dedicated coverage of individual S-REITs alongside an ETF allocation, our Singapore REIT ETF guide provides a comprehensive overview of the full landscape.

Who Should Buy the Lion-Phillip S-REIT ETF?

CLR is well-suited for investors who:

• Want regular semi-annual income from Singapore’s REIT sector without selecting individual REITs.
• Are comfortable with concentration risk — CLR is 100% Singapore real estate, which means a local property market downturn affects the entire portfolio.
• Prefer SGD-denominated investments with no currency conversion costs.
• Are building a passive income portfolio in Singapore and want a one-stop S-REIT building block.
• Value the Morningstar quality screen, which filters out weaker REITs that might otherwise drag on portfolio returns.

Consider alternatives if you:

• Need CPF OA compatibility — CLR is not CPFIS-approved. Check our CPF investment strategy guide for CPF-eligible options.
• Want global real estate diversification — CLR’s 100% Singapore focus means no exposure to US, European, or other Asian REITs.
• Prefer accumulating ETFs that reinvest income automatically — CLR distributes income, which requires active reinvestment to maintain compounding.
• Are seeking growth over income — S-REITs historically deliver steady income with moderate capital appreciation; they are not high-growth instruments.

For retirement-focused investors, running the numbers through our Singapore retirement calculator can help you estimate how much a CLR allocation contributes to your income target at retirement.

Frequently Asked Questions

Ready to Start Investing in S-REITs?

Open a brokerage account and buy your first S-REIT ETF or individual REIT today. Use our referral links for exclusive sign-up bonuses.