5 Singapore blue chip stocks with dividend yields of above 5%
Stocks
By Gerald Wong, CFA • 22 Jun 2025
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Here’s 5 stocks listed in Singapore with a high level of dividends to help boost your passive income during these uncertain volatile times.
What happened?
Many investors have been hunting for yield recently.
With fixed deposit rates in Singapore and T-bill yields falling, some have started looking at Singapore blue chip stocks as a way to earn a higher potential yield.
After all, the Singapore stock market has been known to house many blue chip names which offer a good dividend yield.
Earlier, we compared the dividend yields offered by DBS, UOB and OCBC, and shared more about what is driving Singtel’s underlying profit and dividends in FY25.
In this article, we will look at five Singapore blue chip names offering a dividend yield of above 5%, and find out if they are worth adding to our income portfolios.
5 Singapore blue chip stocks with a dividend yield of above 5%
DBS Group Holdings
DBS is the largest bank in Southeast Asia by market capitalisation, with a strong presence across the region including key markets like India and China.
It has consistently been ranked as Asia’s safest bank by Global Finance, cementing its position as a leader in the region.
In the first quarter of 2025, DBS reported a resilient set of earnings. Revenue rose 6% year-on-year to S$5.9 billion, while profit before allowances also increased 6% to S$3.7 billion.
However, net income dipped 2% year-on-year to S$2.9 billion, as the bank made higher loan provisions in light of a more uncertain macroeconomic and geopolitical environment.
Despite this, asset quality remained stable, with non-performing loans steady at 1.1% of total loans.
DBS’s share price has been relatively flat year-to-date as of 20 June 2025, following a strong 46% gain in 2024.
The bank continues to reward shareholders with consistent and growing dividends.
Annual dividends have increased from S$1.36 per share in 2022 to S$2.22 per share in 2024.
Since the fourth quarter of 2024, DBS has raised its quarterly dividend to S$0.60 per share.
For 1Q25, the bank maintained this payout and also declared a special capital return of S$0.15 per share, bringing the total dividend for the quarter to S$0.75 per share.
Annualising the first quarter dividend payout of S$0.75 per share would translate to a dividend yield of 6.8%, based on its current share price of S$43.88.
This is above DBS’ historical average dividend yield of 5.0%.
Find out how much dividends you would have received as a shareholder of DBS Group Holdings Ltd in the past 12 months with the calculator below.
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Singapore Airlines (SIA)
Singapore Airlines (SIA), Singapore’s national carrier and the largest airline in Southeast Asia by market capitalisation, continues to be a standout in the aviation industry. Ranked second in Skytrax’s World’s Best Airlines list, SIA consistently maintains its reputation among the top global airlines.
SIA’s share price has gained 5.3% year-to-date as of 20 June 2025, outperforming the Straits Times Index, which has declined by 0.3% over the same period.
Having bounced back strongly from the COVID-19 pandemic, SIA reported record revenue of S$19.6 billion for FY2025 — a 2.8% year-on-year increase. However, rising fuel and operating costs caused operating income to fall by 37.3% to S$1.7 billion.
Despite this, net profit rose 3.9% to S$2.8 billion, helped by a one-off gain from the merger between Air India and Vistara.
The aviation sector remains volatile, but SIA has continued to reward shareholders with consistent dividend payouts.
For FY2025, it declared a dividend of S$0.40 per share, down slightly from S$0.48 in FY2024.
This moderation comes as SIA prioritises long-term capital needs, maintaining a robust cash balance of S$8.3 billion as of March 2025 to support future investments and fleet expansion.
Based on its current share price of S$6.79, SIA offers a historical dividend yield of 5.9%. This is above its historical average dividend yield of 4.8%.
Find out how much dividends you would have received as a shareholder of Singapore Airlines Limited in the past 12 months with the calculator below.
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Capitaland Integrated Commercial Trust (CICT)
CapitaLand Integrated Commercial Trust (CICT) remains Singapore’s largest listed REIT, with a market capitalisation of S$15.9 billion.
Formed through the 2020 merger of CapitaMall Trust and CapitaLand Commercial Trust, CICT now manages a diversified portfolio of 21 properties in Singapore, along with 5 overseas assets spread across Germany and Australia.
CICT’s combination of portfolio resilience and yield stability has not gone unnoticed. Its share price has gained 11.3% year-to-date, closing at S$2.17 as of 20 June 2025.
In its 1Q 2025 business update, CICT reported a resilient set of results.
Net property income (NPI) dipped slightly by 0.8% year-on-year to S$291.5 million, as growth from its retail assets was offset by softer performance in the office segment.
On a like-for-like basis excluding contribution from joint ventures, CapitaSpring and ION Orchard., CICT’s net property income was up by 1.4% YoY.
Portfolio occupancy remained healthy at 96.4% as of March 2025, holding steady from 96.7% in December 2024.
CICT has also started to benefit from a more favourable interest rate environment, with its average cost of debt easing to 3.4% in March 2025, down from 3.6% at the end of 2024.
Despite macro headwinds in recent years, CICT has been a reliable dividend payer, growing its annual distribution from 8.69 cents in 2020 to 10.75 cents in 2023.
In 2024, it increased its distribution again to 10.88 cents, up 1.8% year-on-year, a notable achievement given the higher interest rate environment during that period.
Based on its current share price of S$2.17, this translates to a dividend yield of 5.0%, which is closer to CICT’s historical average dividend yield of 5.1%.
Find out how much dividends you would have received as a shareholder of CapitaLand Integrated Commercial Trust in the past 12 months with the calculator below.
Related links:
- CapitaLand Integrated Commercial Trust share price and analysis
- CapitaLand Integrated Commercial Trust dividend history
Mapletree Industrial Trust (MINT)
Mapletree Industrial Trust (MINT), backed by Mapletree Investments, continues to offer investors exposure to income-generating industrial assets in Singapore and data centres across North America and Japan.
As of May 2025, MINT owns 83 properties in Singapore, 56 data centres in North America, and 2 data centres in Japan.
Despite its steady financial performance, MINT’s share price has declined 12.5% year-to-date, amid investor concerns about its exposure to the cyclical industrial sector and North American markets, especially in light of escalating US tariffs.
In its latest FY2024/25 results, MINT reported a 2.0% year-on-year increase in net property income (NPI) to S$531.5 million, with distributable income also rising 2.0% to S$386 million.
Growth was driven by higher contributions from its Japanese data centres and stronger rental income from Singapore assets.
While portfolio occupancy dipped slightly to 91.6% in March 2025 (from 92.1% in the previous quarter), Singapore assets saw robust rental reversion of 8.1%, underscoring local leasing strength.
Borrowing costs also edged down, with the average interest rate falling to 3.0% in the fourth quarter, from 3.1% previously.
MINT has long been seen as a dependable dividend payer, delivering annual dividends between 13.43 to 13.80 cents per unit since FY2021.
While the net property income has been resilient, its distributions have been impacted by higher borrowing costs.
In FY2025, MINT announced a distribution per unit (DPU) of 13.57 cents, a 1.0% year-on-year increase compared to FY2024.
Based on its current share price of S$1.96, this would represent a historical dividend yield of 6.9%. This is above MINT’s historical average dividend yield of 5.8%.
Find out how much dividends you would have received as a shareholder of Mapletree Industrial Trust in the past 12 months with the calculator below.
Related links:
Capitaland Ascendas REIT (CLAR)
CapitaLand Ascendas REIT (CLAR), one of Singapore’s largest listed REITs, continues to offer investors exposure to modern business parks, logistics hubs, and high-tech industrial properties across developed markets.
As of March 2025, CLAR owns 229 properties across three key sectors: business space and life sciences, logistics, and industrial and data centres.
While CLAR’s share price has been flat year-to-date as of 20 June 2025, its stable operations, proactive asset management, and reliable dividend payouts continue to make it a popular option for income-seeking investors.
In its first-quarter business update, CLAR reported a slight decline in portfolio occupancy to 91.5%, down from 92.8% in December 2024. The weaker occupancy was attributed to softer demand across some of its key markets, including Singapore, the United States, and Australia.
Despite this, rental performance remained healthy. CLAR achieved an 11% positive rental reversion across its portfolio and expects to see a mid-single-digit rental reversion for the full year, which should help offset the impact of the lower occupancy.
CLAR has also been actively rejuvenating its portfolio. During the quarter, it began redevelopment work on assets at 1, 1A, and 1B Science Park Drive. It also completed asset enhancement initiatives on two other properties and finalised a sale-and-leaseback transaction for an asset in the United States.
More recently, CLAR announced the acquisition of two assets in Singapore and further increasing its exposure to the data centre market.
Over the years, CLAR has built a strong track record of delivering steady distributions to unitholders.
Since 2021, its annual distribution has ranged between 14.688 and 15.798 cents per unit.
For FY2024, it declared an annual dividend of 15.205 cents per unit, slightly higher than the 15.160 cents paid in FY2023.
Based on its current share price of S$2.60, this translates to a dividend yield of 5.8%. This is inline with CLAR’s historical dividend yield.
Find out how much dividends you would have received as a shareholder of CapitaLand Ascendas REIT in the past 12 months with the calculator below.
Related links:
What would Beansprout do?
With falling interest rates, it’s worthwhile looking for Singapore blue chip stocks for higher dividend income compared to T-bills.
From the few examples above, it is not difficult to find Singapore blue chip stocks which offer a dividend yield of 5.0% and above.
However, while T-bills are seen as relatively safe investors backed by the Singapore government with low risk of capital loss when held to maturity, investing in Singapore blue chip stocks would entail a higher level of risk.
For example, both DBS and SIA are exposed to the strength of the economy, and may see a decline a profit if there is a sharp economic downturn.
At the same time, Singapore REITs may be impacted by weaker rental income if prolonged trade tensions lead to a slowdown in the economy.
This is where understanding the fundamentals and the risk-reward of investing in each company becomes important.
Across the five blue chip stocks mentioned, DBS and Mapletree Industrial Trust have the highest dividend yields of 6.8% and 6.9% respectively.
However, CapitaLand Integrated Commercial Trust (CICT) and CapitaLand Ascendas REIT have demonstrated the ability to deliver relatively stable distributions, despite REIT sector headwinds.
If you are keen to find out the prospects of these Singapore blue chip stocks and learn how to build a dividend portfolio for your passive income, join us for an an exclusive seminar where we will share our thoughts on the market in the second half of 2025. During the session, we'll be discussing what to look out for in the months ahead, and the prospects for Singapore banks, REITs, and the broader market. Register for free here.
Join the Beansprout Telegram group to get the latest updates on Singapore REITs, stocks, bonds and ETFs.
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Comments
1 comments
- The Dividend Uncle • 28 Jun 2025 01:40 PM