Semi-retirement with SGD500k savings and an investment plan - Too good to be true?

If I have 500k in savings, would it possible to lever up x2 and invest S$1m in some relatively safer REITs earning 4-5% a year in dividends and semi-retire? that's about $4k in income a month plus I could work some other jobs and make another $3k a month. Seem too good to be true?

Has anyone tried or is doing this? for simplification, have assumed no cost on leverage and taxes on dividend income earned

if cost on leverage is not negligible, then maybe a more aggressive investment plan which averages out to 7-8% return a year