Ascendas, the property management company, will this week announce the pricing for the first listing in Singapore of a fund investing in Indian property, underlining Singapore’s growing clout as a centre for Asian real estate financing.

Bankers indicated that shares in the property investment trust, which is expected to raise S$550m from investors, has been many times subscribed. A successful launch is seen as significant because booming construction activity in India and elsewhere in Asia is driving real estate companies to raise more capital at a time of heightened competition between financial centres including Singapore, Hong Kong and Tokyo.