TEE Land joins SGX Mainboard

It has a market cap of S$241m.

In a release, Singapore Exchange (SGX) announced the listing of TEE Land Limited on Mainboard under the stock code “S9B”.

TEE Land is a Singapore-based property developer which has developed mostly residential properties in Singapore and a number of other projects in the region. The company is keen to expand into commercial and industrial property development and wants to strengthen its position in Malaysia, Thailand and Vietnam. It also wants to expand to new markets including Myanmar, Sri Lanka and New Zealand.

"Today's IPO marks a new platform for TEE Land to take our real estate development business to a higher level. This IPO was made possible with the invaluable guidance of the Board, our parent company TEE International Limited and our IPO professionals and advisors.

I would also like to welcome our new shareholders and thank them for their confidence. We will continue to charge ahead with our existing projects while expanding into new projects and new markets,” said Jonathan Phua, Executive Director and CEO of TEE Land.

Lawrence Wong, Head of Listings at SGX, said: “We welcome TEE Land to our Mainboard, and are pleased to have enabled the capital raising to support its growth plans. Its listing also widens the range of choices for investors interested in our well-recognised property development sector.”

With a market capitalisation of about S$241 million, TEE Land brings the total number of real estate companies listed on SGX to 71 with a combined market capitalisation of S$168 billion (US$133 billion).