One of the larger investments in my non-REIT investment portfolio is in SPH. Actually, SPH is also one of my oldest investments for income. Most of my investment in SPH is priced between $2.86 to $3.55 a share with a more recent tranche at $4.20 a share purchased in 2013 when SPH REIT was created. Wah! $4.20 a share? Then, lost money already lah. Well, some might look at it that way. For me, as an investor for income, assuming a DPS of 21c at the time, I was looking at a 5% dividend yield. With a much stronger balance sheet than SPH REIT, SPH made more sense to me as an investment for only a slightly lower dividend yield. When SPH REIT was created, SPH declared a special dividend of 18c a share while retaining a major ownership of both Paragon and Clementi Mall. In fact, when ......