Long story short of what has happened on 28th Dec 2020, refer Journey to Retirement (CPFIS) Part 2.1 -- First REIT.   Divested all of the holding at S$0.39/unit after holding since 2007, 13-years period, a year short of SingTel duration of 14 years. SingTel was my first stock in stock market and was a Day 1 investor.  For those who have yet to born or still not in stock market then, IPO at that time apart from the normal application, you can in addition bid for it.  The final bidding price if on high demand will be higher than the IPO price for sure.  I managed to get the bidding part and on top of the normal application. Selling off at S$0.39 and with a holding price of S$0.5973, that resulted in a capital loss of -34.91% on top of a dividend return of +138.36%.  Net of, the investment return a +103.45% and that translates to an annualized return of +5.62%...