Boustead Projects rises to 99.5 Singapore cents in SGX debut

REAL estate firm Boustead Projects, which started trading on the Singapore Exchange (SGX) mainboard on Thursday, climbed to a high of 99.5 Singapore cents in early morning trading.

The stock opened at 88 Singapore cents. By 9.56am, about 266,500 shares had changed hands.

Boustead Projects is the real estate business arm of mainboard-listed, engineering services group Boustead Singapore.

The firm designs, builds and develops customised industrial and commercial properties. Boustead Projects has constructed and developed over 80 projects in Singapore, Malaysia, Vietnam and China.

The listing of Boustead Projects follows the distribution of 49 per cent of Boustead Projects' shares to shareholders of Boustead Singapore on the basis of three Boustead Projects shares for every 10 Boustead Singapore shares held.

Lawrence Wong, head of listings at SGX, said: "Its portfolio of properties and projects in Singapore and China will provide an interesting mix of investment focus for our investors. We look forward to seeing more real estate companies tapping Asia's growing wealth through a listing on SGX."

The listing of Boustead Projects brings the total number of SGX-listed property companies and real estate investment trusts to 80 with a total market capitalisation of more than S$180 billion.