SINGAPORE Press Holdings (SPH) is exploring the establishment of a real estate investment trust (Reit), to be listed on the Singapore Exchange (SGX) mainboard.

The firm said in a statement on the SGX website on Sunday evening that the properties forming the portfolio of the Reit and the terms at which the properties will be injected into the Reit are still under review.

"The establishment of the Reit and the listing of the Reit on the SGX-ST will be subject to, among other things, market conditions, the relevant regulatory and other approvals being obtained, and the execution of definitive agreements by the relevant parties," the firm added.

An announcement will be issued if there is any material development, SPH said.

SPH chairman Lee Boon Yang had said at the media group's annual general meeting on Nov 30 that the company was studying the possibility of hiving off its retail properties into a Reit.

Responding to a question from a shareholder on whether SPH would form a Reit, Dr Lee had said: "We've not taken any steps in this direction as yet, as currently, we've a portfolio of only two retail properties... The question we need to ask ourselves is, with three malls in operation, do we have the critical mass to provide an attractive retail Reit to investors?"

SPH has two operational malls - Paragon and The Clementi Mall.

It also owns The Seletar Mall, which is slated for completion by the end of next year.