Singapore’s Central Provident Fund (CPF) system is a great way to accumulate more savings for your retirement.
However, the CPF Ordinary Account (OA) pays an interest rate of just 2.5% on your balances there.
While this interest is near risk-free, it is barely sufficient when compared with the long-term inflation rate of 2% to 3%.
The good news is that you can invest part of your CPF OA by opening a CPF Investment Scheme (CPFIS) account.
Here are three Singapore stocks that pay dividend yields of 5% or higher that can help you to more than double your CPF OA monies.
Boustead Singapore (SGX: F9D)
Boustead Singapore is a conglomerate with four distinct divisions – energy engineering, real estate, geospatial, and healthcare.
The group posted an admirable set of earnings for its fiscal 2025 (FY2025) ending 31 March 2025.
Revenue fell by 31% year on year to S$527.1 million because of a lower order book brought over from the end of FY2024.
However, effective cost management led to an increase in the group’s gross profit margin from 30% to 44%.
As a result, gross profit inched up 3% year on year to S$233.3 million for FY2025.
Net profit surged 48% year on year to S$95 million, aided by a one-off S$29 million gain on the transfer of Boustead Projects’ fund management business to UIB.
Excluding exceptional items, Boustead’s net profit would have grown by 8% year on year to S$68.6 million.
The conglomerate proposed a final dividend of S$0.04 and a special dividend of S$0.02, taking the total dividend for FY2025 to S$0.075.
Shares of the group provide a trailing dividend yield of 6.6%.
Boustead Singapore’s engineering order backlog stands at around S$349 million as of FY2025, higher than the S$247 million reported a year ago.
Just last week, Boustead’s real estate division snagged a tender acceptance letter from JTC Corporation for a land parcel known as Tukang Innovation Drive Plot A.
This piece of land will be developed into a multi-user industrial facility with heavy vehicle parking.
CapitaLand Ascendas REIT (SGX: A17U)
CapitaLand Ascendas REIT, or CLAR, is Singapore’s oldest and largest industrial REIT.
CLAR’s portfolio consists of 229 properties in Singapore, Australia, the US, the UK, and Europe, with assets under management of S$16.8 billion as of 31 December 2024.
The industrial REIT posted a commendable financial result for 2024.
Gross revenue rose 2.9% year on year to S$1.5 billion while net property income (NPI) increased by 2.6% year on year to S$1.05 billion.
Distribution per unit inched up 0.3% year on year to S$0.15205, giving CLAR’s units a trailing distribution yield of 5.8%.
The industrial REIT recently released its business update for the first quarter of 2025 (1Q 2025).
Portfolio occupancy stayed high at 91.5%, though it dipped lower than the 92.8% recorded at the end of last year.
CLAR’s portfolio also enjoyed a positive rental reversion of 11%.
There were six ongoing asset enhancement initiatives worth nearly S$500 million that the REIT is undertaking to improve the returns on its portfolio.
Late last month, CLAR announced the acquisition of two fully occupied industrial properties in Singapore for around S$700.2 million.
This purchase will enhance the quality of the REIT’s portfolio and solidify its foothold in Singapore.
The two properties will also help to lift the REIT’s distribution per unit by 1.36%.
DBS Group (SGX: D05)
DBS Group is Singapore’s largest bank by market capitalisation.
The lender provides a comprehensive range of banking, insurance, and investment services to both individuals and corporations.
The bank reported a mixed set of earnings for 1Q 2025.
Total income rose 6% year on year to S$5.9 billion on the back of a 2% year-on-year increase in commercial book net interest income to S$3.7 billion.
DBS also saw its fee and commission income climb 22% year on year to S$1.28 billion, led by increases in wealth management fees and card spending.
Net profit, however, dipped by 2% year on year to S$2.9 billion because of the imposition of a 15% global minimum tax rate.
The bank declared and paid a total dividend of S$0.75 for 1Q 2025, comprising an interim ordinary dividend of S$0.60 and a capital return dividend of S$0.15 to manage its excess capital.
DBS’s trailing 12-month dividend stood at S$2.43, giving its shares a trailing dividend yield of 5.4%.
CEO Tan Su Shan warned of trade disruptions and a potential global growth slowdown arising from the implementation of Trump’s raft of tariffs.
However, she sees opportunities for DBS.
Trade shifts will result in alternative payment flows that the bank can capitalise on.
The bank also sees new growth corridors and sectors and is confident of continued wealth inflows that will sustain its fee income.
Its current account savings account (CASA) balance should also see growth should interest rates fall.
We’ve found 5 SGX-listed dividend stocks with strong track records in turbulent markets. If you want consistency in an uncertain world, start here.
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Disclosure: Royston Yang owns shares of DBS Group and Boustead Singapore.
