Singapore Stocks Prices
Singapore Stocks Prices
Singapore Firm Launches India-focussed Real Estate Ipo
Singapore-based Ascendus India Trust has scored a major first by launching the first ever initial public offering (IPO) which raised funds on the Singapore Stock Exchange with the aim of owning real estate in India.
The IPO size was 500 million Singapore dollars while the offer price was 1.18 Singapore dollar, officials of JPMorgan, the sole financial advisor and joint bookrunner for the mega issue, said today.
In a presentation made to the media, Kaustubh Kulkarni, Executive Director, Real Estate, JPMorgan said Ascendus India Trust (AIT) was set up in Singapore “with the objective of owning income-producing real estate used primarily as business space in India”.
AIT’s initial portfolio comprises four world class business parks in three IT centres in India. It plans to grow organically and also through acquisitions.
The investors were indicated that they could expect an yield of 4.75 per cent in FY08 and 5.81 per cent in FY09 on their investment in AIT shares. Incidentally, the regulations there allow a company to indicate possible returns on investment.
Meanwhile, in a research study on real estate scenario in India, JPMorgan has said the industry is in the foothills of a sustained growth period. It expects the industry to grow from $50 billion in FY07 to $90 billion by FY11.
Referring to rising property prices, it said the prices seem to be at risk given concerns about rate hikes and potential oversupply. The study said the correction in certain micro markets cannot be ruled out but “we are still not in a bubble zone and that a bust is unlikely.
For more information on Real Estate Agents, MLS visit Propertiesmls.com
Source: IndiaRealEstateblog
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