Aug. 6 (Bloomberg) -- Soilbuild Business Space REIT, part owned by Soilbuild Group Holdings Ltd., plans to raise S$626.7 million ($494 million) in Singapore’s biggest initial public offering since May, said two people with knowledge of the matter.

Soilbuild Business Space REIT is poised to price units at 78 Singapore cents each, the people said, asking not to be identified as the information is private. The company had offered 586.5 million units at 77 Singapore cents to 80 Singapore cents each, and Soilbuild Group co-founder Lim Chap Huat pledged to buy an additional 216.9 million units, according to a preliminary prospectus filed last month with the central bank.

The REIT’s initial portfolio holds seven properties, including two business park developments and five industrial projects, with a net leaseable area of about 3 million square feet. At 78 Singapore cents, Soilbuild Business Space REIT offers a dividend yield of 7.7 percent based on projections for fiscal 2014, the people said.

Citigroup Inc., DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp. are managing the offering.

--Editors: Philip Lagerkranser, Mohammed Hadi

To contact the reporter on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net