Should we consider CPF SA as a bond component?

You cannot rebalance it, so it's really annoying. Purely from a portfolio rebalancing angle it has to be taken aside.

But we should take it as part of portfolio, else we may have too many bond like holdings. I am holding 65-35 including cpf SA and MA, with whatever I can invest in OA invested.

Thanks for all the responses received so far! I think whether to regards SA as a bond component have too many consideration with the main fact highlighted by Hariz, we cannot rebalance SA.

The whole idea of rebalancing for me is when market is down, increase Bond %, when market is back, get back to Equity.

I will need to think deeper if I should start exposing to Bonds....