September 2025 is a landmark month for Singapore’s stock market. Two very different listings hit the Singapore Exchange (SGX): Centurion Accommodation REIT’s initial public offering (IPO) and AvePoint’s dual listing. One offers income from property-backed assets, while the other opens a gateway to US-based SaaS growth.
For retail investors, these deals highlight SGX’s growing diversity — and force a big question: are you chasing steady yield or growth upside?
Centurion Accommodation REIT IPO — Yield Play with Real Assets
IPO size and offer details
- Target raise: S$771.1 million
- Offer price: S$0.88 per unit
- Public allocation: a smaller portion reserved for retail, with most going to institutions and cornerstone investors
Portfolio composition: worker & student accommodation
Centurion’s REIT portfolio includes 14 assets valued at about S$1.8 billion, spread across Singapore, Malaysia, and China. These consist of purpose-built worker accommodation and student housing — both niche but high-demand property segments.
Projected distribution yield
Based on IPO materials, Centurion projects a distribution yield of ~7.5% in 2026 and over 8% in 2027. This makes it attractive for yield-hungry investors seeking alternatives to bank deposits.
Cornerstone investors and valuation
The IPO secured S$540 million from cornerstone investors. Post-IPO, the REIT targets a valuation of up to S$1.51 billion. Institutional interest lends credibility, though retail allocations are limited.
Risks to consider
- Concentration risk: heavy exposure to worker and student housing sectors
- Sponsor/management fees: could impact distributable income
- Interest rate sensitivity: rising rates increase financing costs and pressure REIT valuations
AvePoint Dual Listing on SGX — Growth Tech Meets Local Liquidity
Public offering of existing shares, no new capital
AvePoint (Nasdaq: AVPT) completed a public offering of 13.3 million shares at S$19.50 each, plus an over-allotment option. Proceeds went to selling shareholders, not the company.
Listing symbol “AVP” on SGX from Sept 2025
Shares began trading on 19 September 2025 under ticker AVP on SGX, alongside its Nasdaq listing.
Purpose of the dual listing
AvePoint’s goal: expand its footprint in Asia-Pacific, attract regional investors, and create a liquid SGD-denominated market for its shares. This reduces friction for local investors who otherwise must buy US-listed stock in USD.
Opportunities for growth investors
AvePoint is a B2B SaaS leader in cloud governance, data protection, and compliance. With enterprises migrating to the cloud, long-term growth prospects remain strong. The SGX listing brings this Nasdaq tech story closer to Singapore portfolios.
Risks to consider
- Price divergence: SGX and Nasdaq share prices may differ due to liquidity gaps
- No balance sheet benefit: since AvePoint doesn’t receive IPO proceeds, its financial flexibility remains unchanged
- Tech sector volatility: SaaS valuations can swing sharply with earnings surprises and macro tech sentiment
Centurion vs AvePoint — A Side-by-Side Comparison for Retail Investors
| Factor | Centurion Accommodation REIT | AvePoint Dual Listing |
|---|---|---|
| Nature | Real Estate Investment Trust | SaaS technology company |
| Investor Objective | Income / yield | Growth / capital gains |
| Cash Flow Driver | Rental income from accommodation assets | Subscription revenue from enterprise SaaS |
| Projected Return | ~7–8% annual yield | Depends on revenue growth & market multiples |
| Liquidity | Heavily institutional, smaller retail float | Dependent on SGX adoption vs Nasdaq |
| Risks | Occupancy, sponsor fees, interest rates | Price divergence, tech competition, volatility |
What These Listings Mean for Singapore Retail Investors
- More choice: Investors can now access both a yield-oriented REIT and a growth-oriented US tech stock on the same exchange.
- Local convenience: AvePoint in SGD reduces forex complexity, while Centurion is structured for income-seeking Singaporeans.
- Broader SGX appeal: Such listings diversify SGX’s profile beyond traditional REITs and banks.
- Do your homework: Always read the prospectus (Centurion) and SEC filings (AvePoint) before committing.
FAQs on Centurion REIT and AvePoint SGX Listing
Q1: Is Centurion REIT IPO good for income investors?
Yes, it targets yields of 7–8%, but investors must consider property concentration and leverage risks.
Q2: Does AvePoint benefit financially from its SGX dual listing?
No. Proceeds go to selling shareholders. The benefit is mainly market access and liquidity.
Q3: Can AvePoint’s price differ between Nasdaq and SGX?
Yes. Regulatory filings note possible divergence due to liquidity and trading conditions.
Q4: Which is safer for retail investors — Centurion or AvePoint?
Centurion is generally steadier but still interest-rate sensitive. AvePoint offers growth upside with higher volatility.
Q5: How can Singapore investors participate?
Centurion required IPO subscription through brokers. AvePoint can now be traded directly on SGX under “AVP.”
Conclusion: Different Paths, Same Goal — Strengthening SGX for Retail Investors
The Centurion REIT IPO and AvePoint SGX dual listing represent two very different investment stories — one an income-oriented property play, the other a growth-driven tech stock.
For income seekers, Centurion offers a chance at steady distributions backed by real assets. For growth chasers, AvePoint provides access to a Nasdaq SaaS name without USD hurdles.
Both listings enhance SGX’s attractiveness and deepen options for Singapore retail investors. The key is aligning your investment decision with your risk profile, time horizon, and portfolio strategy.