How would you allocate portfolio of 20m? Would you use private banking / go with advisor / or DIY considering the fees?

I would not use any private banker or advisor. Private banking is essentially banking, but fancier. You get access to more kinds of products for accredited investors (anyone with more than S$2m), which includes Vanguard Admiral Funds. You also get invited to exclusive parties and stuff, I guess. And have a nice card if you want to sign up for it and pay a big annual fee that is non-negotiable.

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Also, if you're a regular banking customer, no bank is going to reject you at the priority line if there isn't a queue. So where's the practical benefit? Coffee and a snack in the black and white marbled-lounge, I suppose?

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Personally, I fail to see any benefit from private banking.

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I would DIY because I am comfortable with using trading apps and can keep a cool mind when trading.

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REIT - good if you want to have income. But there are now many ETFs focused on real estate. There are even ETFs that are income funds which could be a good alternative.

ETF - cheap bundles of many assets, great for DIY investors. Also very liquid for trading if you're into that kind of thing. Personally, I just buy world index ETF, a China-focused ETF (as of now, with the big beatdown in prices due to tightening regulation), and an income ETF.

Bonds - terrible now with the low yields. Might as well buy an income ETF because the assymetry between bonds and equities has largely disappeared because the conditions that shielded bond from equity factors have become less distinct. YouTube Bridgewater's discussion about this.

Other - if you're into art, I suppose you can buy some pieces with time and artistic value to decorate your home. Get them at a good price and hold 20+ years. Crypto is getting exciting as an alternative currency though I'm not personally vested.

Property for staying - 2m

Gift to Parents - 1m

Cash at hands - 2m

Private Banking -15m, just live of dividends and YOLO