Industrial property developer Soon Hock Enterprise has launched its initial public offering (IPO) ahead of a planned mainboard listing on the Singapore Exchange (SGX), raising about S$48.1 million in total. The company filed its prospectus on Wednesday, offering 21.6 million shares at S$0.58 each. Of this, 2.8 million shares are available for public subscription in Singapore, while 18.8 million shares are set aside for placement to investors abroad.
Founder and executive chairman Tan Yeow Khoon, who previously led logistics group Cogent Holdings, is selling 16.6 million shares as part of the IPO.
In addition, cornerstone investors including Amova Asset Management Asia, ICHAM Master Fund VCC, Maybank Securities, and UOB Kay Hian have subscribed to 61.4 million new shares worth about S$35.6 million through separate agreements.
Once listed, Soon Hock will have 310.6 million shares in issue, translating to an estimated market capitalization of S$180.1 million. The firm expects to raise about S$34.6 million in net proceeds to fund its ongoing development projects and acquire new sites for future industrial and commercial developments.
Building Singapore’s Industrial Landscape
Over the years, Soon Hock and its affiliates have developed more than 1,200 strata-titled industrial units, selling around 900 across Singapore’s commercial and industrial areas.
Its projects — including Bartley Biz Centre, Platinum@Pioneer, and Polaris@Woodlands — collectively have a gross development value (GDV) of over S$1 billion.
Beyond development, the group generates stable recurring income from its investment properties in Kaki Bukit and Jalan Papan. The Jalan Papan property includes a workers’ dormitory and manufacturing facility, with the latter receiving its temporary occupation permit (TOP) in January 2025 and reaching a 37% occupancy rate.
Soon Hock reported S$7.9 million in revenue and S$3.3 million in net profit for FY2024, and has pledged to pay out at least 25% of its net profit for FY2026 and the period up to December 2025 as dividends following the listing.
Market Outlook
Chief executive Tan Min Loon said the IPO marks an important step for the company as it looks to scale up amid steady demand for industrial spaces.
“We’re seeing more interest from regional exporters looking to establish a presence in Singapore, especially with recent shifts in global trade and new US tariffs,” he said.
He added that major infrastructure projects like the Tuas Mega Port and Singapore’s position as a regional logistics hub are expected to sustain demand for factories, warehouses, and worker dormitories.
Pipeline and Future Plans
Soon Hock’s upcoming developments include Stellar@Tampines and Skye@Tuas, both expected to support its growth in the coming years.
Stellar@Tampines is slated for partial TOP in Q4 2025 and full TOP in Q1 2026. As of mid-September, 168 of its 311 units have been sold, with options granted for another 43 units.
Meanwhile, Skye@Tuas, expected to launch in 2026 and achieve TOP in early 2027, has already drawn expressions of interest for a full floor.
The developer also owns freehold industrial sites at 20 Shaw Road and 56–62 Senang Crescent, both in the early stages of planning. Soon Hock aims to redevelop the Shaw Road site by 2028, with a projected gross floor area of 12,759 sq m and an estimated GDV of S$235.4 million.
The company is also seeking approval to convert part of the Shaw Road facility into a workers’ dormitory, a move Tan described as a “natural and organic diversification.”
The IPO closes at noon on October 14, with trading expected to begin on October 16. Soon Hock believes its SGX debut will help it strengthen its capital base and position itself for the next phase of industrial development in Singapore.
