December 2025 Portfolio Update: S$59k Deployed, New Healthcare REIT, and a Stronger Bridge

Note: Dividend tap refers to the portfolio average monthly dividend which is estimated from Snowball Analytics.

Welcome to my December 2025 Portfolio Update. The "boring" machine is working: S$44k into markets, S$15k into safety, and zero drama. In this December 2025 Portfolio Update, I break down exactly where S$59k of capital went—building the bridge and feeding the dividend tap.

• C2PU REIT (Country Tilts): 4,600 shares, approx S$18,515

• IWDA (Core): 100 shares, approx S$16,626

• EXCS (EM ex China): 500 shares, approx S$4,280

• AAA (AUD FX): 78 shares, approx S$3,374

• BTC (Alternatives): 0.0136 BTC, approx S$1,499

Total deployed: approx S$44,289.8

Note: I also added S$15,000 to the Bridge Cash Bucket (BCB). This is a safety allocation, separate from the market deployments above.

December is when markets slow down, people speed up, and everyone suddenly becomes a macro expert over kopi.

Atrahasis did not join the shouting. Since inception on 1 Oct 2025, the job has been simple: build a portfolio that can fund early retirement without requiring perfect timing or perfect emotions.

So this year-end update is less “look at the return” and more “is the machine getting sturdier”. In December, it did.

December’s backdrop, in Singapore terms

When people say “rates matter”, it sounds like finance jargon. It is actually everyday life.

Interest rates are essentially the price of money. When that rate moves, three things happen:

1. Your safe options pay more or less. Think T-bills, SSBs, fixed deposits, and high-yield savings accounts.
2. Borrowing costs change. Mortgages feel it, and REITs feel it too because they use debt to own property.
3. Income assets get repriced. REIT yields are compared against safer yields, so REIT prices can swing even when nothing changes in the buildings.

I do not try to predict the next rate move. I just build the portfolio so it can live through whatever the weather decides to do.

The BCB is retirement insurance, not idle cash

The Bridge Cash Bucket exists for one job: reduce sequence of returns risk when I retire.

The dangerous scenario is not “markets drop”. The dangerous scenario is “markets drop early in retirement”, right when withdrawals begin. A funded cash bridge lets me spend from safer assets for a few years, instead of selling equities after a drawdown.

Also, this bucket is not sitting idle. It is intentionally spread across:

• • High-yield savings (for me, DBS Multiplier is currently yielding 4.1% due to me still drawing an income).
  • Liquid cash deposits.
  • SSBs (Singapore Savings Bonds).
  • T-bills.

Why I started a new position in Parkway Life Real Estate Investment Trust (C2PU)

C2PU is a healthcare REIT, and this was a new position for Atrahasis.

I am building the income sleeve with one clear goal: grow a reliable “dividend tap” with a long-term target of S$5,000 per month. Healthcare assets tend to be less economically sensitive than retail or office space, which is exactly what I want behind an income stream.

What I like about C2PU’s characteristics as an income holding:

• • Defensive demand. Hospitals and care facilities do not depend on consumer mood in the same way malls do.

  • Long lease structures. I want cashflows designed to be predictable, not constantly renegotiated.

  • Rent escalation. Built-in step-ups and inflation-linked mechanisms help the income stream keep up with rising costs.

  • Cost structure that behaves. Many healthcare leases push more property-level costs to the tenant, which helps protect distributions from cost inflation.

I built the position in three tranches simply to stay consistent without needing a perfect entry price.

IWDA stays boring, because boring compounds

IWDA remains the main growth engine. I keep buying it because it is broad, diversified, and does not require me to guess which region wins next quarter.

AAA, EXCS, and Bitcoin stay in their lanes

AAA: The main win is behaviour. Let distributions build up, then reinvest in batches. December was exactly that.

EXCS: A diversification tilt, sized as a supporting actor.

Bitcoin: A tiny satellite. One small buy, then back to real life.

Key takeaways

BCB top-ups are high certainty progress. They reduce sequence risk without needing a market call.

BCB cash is working cash. HYSA, deposits, SSBs, and T-bills keep it liquid while still earning something.

C2PU was a deliberate new income position. Defensive demand plus rent escalators fit the dividend tap build-out.

The core stayed the core. IWDA keeps getting fed on schedule.

Reinvesting distributions is part of the strategy. The AAA buy was compounding by design.

Looking ahead to January 2026

I am watching a few things, not to predict markets, but to decide where the next dollars should go.

• Dividend tap progress toward S$5,000 per month

  • Why: Reliable income reduces pressure on drawdown decisions later and makes the portfolio feel more self-sustaining.

  • What I might do: Keep adding to quality income holdings when yield and fundamentals make sense. This could include more C2PU or other quality REITS.

  • What would change my mind: If chasing yield means taking fragile cashflows or excessive leverage risk, I will slow down.

• Rates and cash yields

  • Why: They shape the opportunity cost between cash and income assets, and they influence funding costs for REITs.

  • What I might do: Keep building the bridge steadily. If cash yields fall meaningfully, I may lean more into durable income and core equity flows, still within rules.

• Simple rebalancing signals

  • Why: I do not want any sleeve to become a runaway train.

  • What I might do: Pause buys in anything that becomes clearly oversized and redirect new cash to the lagging sleeve.

Same process, new month. Boring is still beautiful.