Suntec REIT IPO Launch

Suntec City Development Ltd. raise S$722 million (US$436 million) in Singapore through an initial public offering of its real estate investment trust sometime in November 2004. While the Suntec REIT offer will be the biggest IPO in Singapore this year, overshadowing the S$458 million raised by local telecommmunications operator StarHub Ltd on October 2004. At present, 2 million people visit Suntec City Mall every month, and about 15,000 people work at the Suntec office towers.  Suntec has also managed to get UBS Investment Bank, one of its biggest office tenants, to renew its lease while Oracle has leased a floor space from about 30,000 square feet to 80,000 square feet.  A planned new subway line is being built in the vicinity for completion in 2008, which would give people greater access to Suntec. 

Updated On: 15.02.10