S-REIT ETF Dividend Yield Comparison 2026: Lion-Phillip vs Nikko AM vs Phillip

Compare the three main S-REIT ETFs in Singapore — yields, costs, and which suits your portfolio.

Singapore’s three listed S-REIT ETFs — Lion-Phillip S-REIT ETF (CLR), Nikko AM Straits Trading APAC ex Japan REIT ETF (CFA), and Phillip SGX APAC Dividend Leaders REIT ETF (BYI) — all offer dividend yields between 6–7% p.a. as at April 2026. For Singapore investors, the best choice depends on whether you prioritise pure S-REIT exposure, broader Asia-Pacific reach, or the highest headline yield. All three are SGX-listed, CPF-OA investable (subject to limits), and have TERs of 0.55–0.60% p.a.

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

Table of Contents

S-REIT ETF Overview: What Are They?

A Singapore REIT ETF is an exchange-traded fund that holds a basket of Real Estate Investment Trusts (REITs) listed on the SGX or across the Asia-Pacific region. Instead of buying individual REITs like CapitaLand Integrated Commercial Trust or Mapletree Pan Asia Commercial Trust, a REIT ETF gives you instant diversification across multiple property sub-sectors — retail, industrial, office, hospitality, data centres, and healthcare — through a single SGX-listed security.

For Singapore retail investors, S-REIT ETFs have three key advantages over buying individual REITs:

• Diversification: One unit of CLR, for example, gives exposure to over 30 S-REITs simultaneously, reducing single-REIT concentration risk.
• Simplicity: No need to research individual REIT balance sheets, gearing ratios, or DPU trends — the fund manager handles rebalancing.
• CPF/SRS eligibility: All three S-REIT ETFs below are eligible for CPF-OA investments under the CPF Investment Scheme (CPFIS), making them accessible to most Singapore investors.

As at April 2026, there are three main S-REIT ETFs listed on SGX. This guide compares them head-to-head on dividend yield, expense ratio, holdings, AUM, and overall suitability for different investor profiles.

Quick Comparison at a Glance

Source: Lion Global Investors, Nikko AM, Phillip Capital fund fact sheets and SGX data, April 2026. Yields are trailing 12-month distribution yields and are not guaranteed.

S-REIT ETF Dividend Yield Comparison 2026

Dividend yield is typically the primary metric Singapore investors look at when comparing S-REIT ETFs. However, headline yield alone can be misleading — you need to understand what drives each fund’s yield and whether that yield is sustainable.

As at April 2026, the trailing 12-month distribution yields for the three ETFs are approximately:

• CLR (Lion-Phillip): ~6.2% p.a. — focuses purely on S-REITs, yield reflects Singapore commercial and industrial property distribution trends
• CFA (Nikko AM): ~6.8% p.a. — broader Asia-Pacific exposure with meaningful weight in Hong Kong and Australian REITs, which are currently distributing at higher rates
• BYI (Phillip): ~7.1% p.a. — the highest headline yield among the three, driven by its dividend-leader selection methodology that specifically screens for high-distribution REITs

For a Singapore investor holding SGD 100,000 across these ETFs, the annual distribution income difference is meaningful: CLR would generate approximately SGD 6,200, CFA approximately SGD 6,800, and BYI approximately SGD 7,100 — a difference of up to SGD 900 per year between the lowest and highest yielder. Over a 10-year horizon, that cumulative gap (before reinvestment) is nearly SGD 9,000.

However, yield should not be evaluated in isolation. BYI’s higher yield comes with lower AUM (SGD ~95 million vs SGD 410–420 million for CLR and CFA), which means wider bid-ask spreads on SGX and slightly less trading liquidity. For investors making large lump-sum purchases of SGD 50,000 or more, CLR and CFA may execute at better prices during normal trading hours.

Lion-Phillip S-REIT ETF (CLR) — Review

The Lion-Phillip S-REIT ETF (SGX: CLR) is managed by Lion Global Investors and launched in 2017 as Singapore’s first S-REIT ETF. It tracks the Morningstar Singapore REIT Yield Focus Index, which selects and weights S-REITs based on their dividend yield profile, with a bias towards higher-yielding names while maintaining diversification across sub-sectors.

With an AUM of approximately SGD 410 million as at April 2026 and over 30 holdings, CLR is the most established of the three S-REIT ETFs. Its pure Singapore focus means the portfolio moves closely in line with the S-REIT market — when Singapore property sentiment improves, CLR benefits; when interest rates rise and REITs sell off, CLR falls accordingly.

Key strengths of CLR: longest track record, largest and most liquid of the pure S-REIT funds, semi-annual distributions, available for CPF-OA investment up to 35% of investible savings, and well-suited for investors who want pure Singapore commercial real estate exposure without any Australia, Hong Kong, or other APAC market noise.

Key weaknesses: Concentrated in Singapore only — no geographic diversification. As Singapore’s commercial property cycle matures, this single-country focus may be a disadvantage compared to APAC-wide funds. The yield of ~6.2% is the lowest of the three, though this partly reflects the fund’s more conservative S-REIT selection methodology.

For a passive income Singapore investor using the Singapore retirement calculator to plan cash flows, CLR’s semi-annual distributions (typically in June and December) map well to annual expenses planning.

Nikko AM Straits Trading APAC ex Japan REIT ETF (CFA) — Review

The Nikko AM-Straits Trading APAC ex Japan REIT ETF (SGX: CFA) is managed by Nikko Asset Management in partnership with Straits Trading. It tracks the FTSE EPRA Nareit Asia ex Japan REITs 10% Capped Index, giving Singapore investors exposure to REITs across Singapore, Hong Kong, Australia, and other Asia-Pacific markets (excluding Japan).

CFA is currently the largest S-REIT ETF by AUM at approximately SGD 420 million, and offers quarterly distributions — the most frequent distribution schedule among the three. The broader APAC mandate means CFA holds names like Link REIT (Hong Kong), Dexus (Australia), and Cromwell Property Group alongside Singapore names like Keppel DC REIT and Frasers Centrepoint Trust.

Key strengths of CFA: Highest AUM and best liquidity, quarterly income payments, broadest diversification across APAC property markets, lowest TER at 0.55% p.a., and strong brand backing from both Nikko AM and Straits Trading. The ~6.8% trailing yield sits between CLR and BYI, representing a balanced risk-return profile. Investors following the best S-REITs in Singapore 2026 guide will find familiar names in CFA’s top holdings.

Key weaknesses: Non-Singapore REITs in the portfolio introduce currency exposure (HKD, AUD) and different regulatory environments. Hong Kong REITs have faced pressure from property market headwinds, which has weighed on CFA’s total return over the past 2–3 years even as its distribution yield remained attractive.

Phillip SGX APAC Dividend Leaders REIT ETF (BYI) — Review

The Phillip SGX APAC Dividend Leaders REIT ETF (SGX: BYI) is managed by Phillip Capital Management and is the youngest and smallest of the three ETFs. It tracks the SGX APAC Ex-Japan Dividend Leaders REIT Index, which uses a yield-screening methodology — specifically selecting REITs with the highest historical distribution yields — making it the most yield-focused of the three.

With an AUM of approximately SGD 95 million as at April 2026, BYI is significantly smaller than CLR and CFA. This translates to slightly wider bid-ask spreads on SGX (typically 0.5–1.0 SGD cents per unit vs narrower spreads for CLR/CFA), which matters for investors making frequent trades or large single purchases. Passive buy-and-hold investors are less affected by spread costs.

Key strengths of BYI: Highest headline distribution yield at ~7.1% p.a., explicit dividend-leader methodology that aligns well with income-focused investors, and APAC diversification similar to CFA. For investors using the Syfe referral code to access Syfe’s brokerage platform, BYI trades efficiently through most SGX-connected brokers.

Key weaknesses: Smallest AUM and lowest liquidity of the three, shortest track record (launched 2019 vs 2017 for CLR), and the high-yield focus means the portfolio skews toward REITs that may be distributing more than their earnings can sustain long-term (i.e., some “yield traps”).

Expense Ratios and Total Cost of Ownership

All three S-REIT ETFs have competitive expense ratios, but there are meaningful differences when you factor in transaction costs and the real cost to a Singapore investor:

Source: Lion Global, Nikko AM, Phillip Capital fund fact sheets, April 2026. Annual costs based on TER applied to invested amount. Brokerage costs vary by platform.

The CFA expense ratio advantage (0.55% vs 0.60%) saves a Singapore investor approximately SGD 25 per year for every SGD 50,000 invested — modest, but it compounds meaningfully over a 20–30 year retirement horizon. Investors exploring cost-efficient brokers can refer to the FSMOne referral code for FSMOne’s regular savings plan option, which allows monthly ETF purchases with lower per-unit transaction costs.

CPF and SRS Eligibility

One of the most important considerations for Singapore investors is whether an S-REIT ETF can be purchased with CPF-OA savings or Supplementary Retirement Scheme (SRS) funds. All three S-REIT ETFs pass this test:

• CPF-OA (CPFIS-OA): CLR, CFA, and BYI are all approved for investment under the CPF Investment Scheme (Ordinary Account). You may invest up to 35% of your investible CPF-OA savings in equities and ETFs, which includes these three funds. This makes S-REIT ETFs a powerful tool for CPF investment strategy — using CPF savings that would otherwise earn 2.5% p.a. to access 6–7% distribution yields from property assets.
• SRS: All three ETFs are SRS-eligible when purchased through participating SRS operators (DBS, OCBC, UOB) via their brokerage arms. SRS contributions reduce taxable income, making SRS + S-REIT ETF a tax-efficient passive income strategy for higher-income earners.

Note: When buying with CPF-OA, you purchase at the prevailing SGX market price and distributions are paid back into your CPF-OA account (not as cash). This is still an effective way to grow CPF savings above the 2.5% base rate, but you will not receive cash distributions directly.

For investors managing CPF alongside broader passive income goals, the passive income Singapore 2026 guide provides a framework for combining CPF-OA ETFs, cash dividends from individual REITs, and T-bills into a balanced income portfolio.

Which S-REIT ETF Should You Pick?

There is no single “best” S-REIT ETF — the right choice depends on your investment objectives, income requirements, and portfolio size. Here is a practical framework:

Choose CLR (Lion-Phillip) if:

• You want pure Singapore REIT exposure with no foreign currency risk
• You are investing via CPF-OA and prefer the most established, liquid SGX REIT ETF
• Your primary goal is tracking the Singapore commercial and industrial property market
• You have a longer investment horizon and prefer a fund with a longer track record (since 2017)

Choose CFA (Nikko AM) if:

• You want the broadest Asia-Pacific REIT diversification with the lowest TER (0.55%)
• You prefer quarterly income distributions rather than semi-annual
• You are comfortable with some HKD and AUD exposure in exchange for higher geographic diversification
• You value maximum liquidity — CFA has the highest AUM and tightest spreads

Choose BYI (Phillip) if:

• Maximising current distribution yield (7.1%) is your primary goal, and you understand the yield-trap risk
• You are making smaller regular purchases (below SGD 10,000) where the liquidity difference vs CLR/CFA is less significant
• You want a dividend-screened methodology rather than a market-cap weighted index

Many Singapore investors hold a combination — for example, CLR via CPF-OA for the Singapore-only mandate, and CFA or BYI via cash brokerage for broader exposure and income. This approach, combined with individual REIT picks from the best S-REITs in Singapore 2026 guide, creates a robust dividend income portfolio. The Singapore retirement calculator can help model how different yield assumptions affect your retirement income target.

Disclaimer: All data is for educational purposes only and does not constitute financial advice. Past distribution yields are not a guarantee of future payouts. S-REIT ETF unit prices and yields fluctuate. You should consult a licensed financial adviser before making investment decisions.

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