Soilbuild planning REIT IPO?

By Nikki De Guzman: Singapore developer Soilbuild Group could be planning to undertake an IPO of its industrial properties, reported Bloomberg.

Sources said the company may list the properties as a real estate investment trust (REIT) in Singapore later in the year and could potentially raise S$500 million.

Soilbuild, which started as a residential developer in 1976 expanded into commercial properties in 2005 and reportedly has about 6.3 million sq ft of industrial space.

Meanwhile, data compiled by Bloomberg shows that S$10.27 billion worth of REIT share sales in Singapore have been raised in the last three years.

After the introduction of cooling measures in January where up to 15 percent in stamp duties was imposed on sellers of industrial properties, the REIT index grew by 2.5 percent.

Back in 2005, Soilbuild raised S$13.2 million in an IPO, selling shares at 31 Singapore cents apiece and was taken private at 80 Singapore cents a share in 2010.

According to reports, Soilbuild declined to comment on the potential REIT IPO. Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg Related Stories: Asia Pacific gets most extensive property index

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