Property management company Ascendas is this week to announce the pricing for the first listing in Singapore of a fund investing in Indian property. Financial Times

The share offering in the property investment trust is expected to raise $550m and has been many times oversubscribed.

The Indian construction boom is driving real estate companies to raise more capital at a time of heightened competition between financial centres including Singapore, Hong Kong and Tokyo, and a flow of Indian REIT listings could give Singapore the edge.

Bankers also highlight the favourable legislative framework governing Singapore’s five-year-old REIT market, which is expected to be raise almost S$6bn (US$3.96bn) this year, from S$4.4bn in 2006.