SINGAPORE (Sept 28): Real-estate broker APAC Realty is up as much as 11.4% on its debut on SGX on Thursday morning with 21.5 million shares changing hands.

This is another sign of investor confidence about a steady recovery in the city-state’s property market.

The company, which operates under the ERA brand, plans to give dividends of at least 50% of net profit through 2018, SGX says in a report that welcomes new IPOs.

Singapore's primary residential market transaction volume is forecast to grow at a compound annual growth rate of 5.6% in 2017-2021, the report adds.

Government policies, steady population income growth and limited supply of residential units are some potential drivers for the industry which would bode well for the broker.

The stock is currently 10.6% higher from the offer price of 66 cents.

This story, written by PC Lee, first appeared on The Edge Singapore.