(CORRECTION: Corrected name of SoilBuild Group Holding Ltd.)

Soilbuild Group Holdings Ltd said that they are set to raise SGD642.8 million or US$507 million through an initial public offering of the company's industrial properties. Soilbuild Business Space REIT will offer 586.5 million worth of units priced at 77 Singapore cents to 80 Singapore cents each. Soilbuild co-founder, Lim Chap Huat offered to purchase an additional 216.9 million units from the initial public offering.

Soilbuild Group Holdings Ltd's REIT initial portfolio comprises of seven properties which includes five industrial properties and two business park developments. The total net leasable area for the properties was tagged at 3 million square feet. The Soilbuild Space REIT is expected to offer a dividend yield of 7.8% based on the projections for the 2014 fiscal year.

Oversea-Chinese Banking Corp, Citigroup Inc. and DBS Group Holdings Ltd. were hired to manage the Soilbuild Group public offering.

SoilBuild Group Ltd is a leading integrated property group with headquarters in Singapore. The company holds a successful record of developing, managing and constructing award winning business and residential space properties.