Why do people buy ABF Singapore Bond Index (A35.SI)?

I'm not sure about others, but personally for me, I see the ABF Singapore Bond Index ETF I have as a cash position meant to be a hedge against volatilty, except with slightly better yields and liquidity than a fixed deposit.

In times of turbulence like now, I can easily liquidate that position to reinvest in undervalued stocks.

It is a part of the portfolio to protect against huge fluctuations in price while maintaining gradual appreciation. It helps in providing assurance that some of the investment will remain relatively safe.