SINGAPORE (BLOOMBERG) - Frasers Logistics & Industrial Trust is seeking as much as about S$900 million for its Singapore initial public offering, according to people with knowledge of the matter, which would make it the biggest such share sale here since 2013.

The trust, backed by 51 Australian properties, plans to offer units at 85 to 89 Singapore cents each, the people said, asking not to be named as the information isn't public yet. It is likely to offer a dividend yield of as much as 7 per cent for fiscal 2016, and 7.5 per cent for fiscal 2017, they said.

The share sales this year could give a boost to the Singapore bourse, which saw listings fall to US$366 million in 2015, a fraction of the US$2.6 billion priced the year before, according to Bloomberg-compiled data. At about S$900 million, the Frasers IPO would be the biggest first-time share sale in Singapore since Asian Pay Television Trust raised about US$1.4 billion in 2013, the data show.

An external spokeswoman for the trust declined to comment.

About 15 cornerstone investors, including Morgan Stanley Investment Management, Lion Global Investors and JF Asset Management, have agreed to subscribe to about 50 per cent of the offer, one of the people said.

The properties in the trust consist of assets acquired when Frasers Centrepoint Ltd, controlled by Thai billionaire Charoen Sirivadhanabhakdi, bought Australand Property Group in 2014. The company's Australian operations were its biggest revenue contributor in the year through September 2015, accounting for 44 per cent of sales, data compiled by Bloomberg show.

Frasers Centrepoint, which had S$23.1 billion of total assets last year, develops and invests in property in Singapore, Australia and China, according to its website. It has already formed REITs in the hospitality, commercial and retail sectors.