Singapore hospitality trust fund Far East Real Estate Investment Trust is preparing what will be Singapore’s largest initial public offering thus far in 2012.

Far East REIT, owned by Singapore’s biggest privately-owned property developer Far East Organization, is looking to raise $560 million via its offering. The trust owns seven hotels and four serviced apartments in Singapore.

A spokesperson for Singapore’s Allen & Gledhill confirmed that the law firm is advising the issuer on its listing but declined to comment further. According to a Thomson Reuters report, orders for the offering will be taken on August 6, the pricing is slated for August 15, and the fund is set to be listed on August 27.

DBS Group, Goldman Sachs & Co., Inc., and the Hongkong and Shanghai Banking Corp. Ltd. are underwriting the deal.

Allen & Gledhill is also advising on another major IPO in Singapore, the listing of a separate trust fund–Ascendas Hospitality Trust–that is owned by local property developer Ascendas Pte. Ltd.

A prospectus filed with the Singapore Exchange on July 9 stated that the company would spin off its 11 hotels in Australia, China, Japan and South Korea via the listing of its trust, raising $350 million. But in an updated prospectus this week, the size of the offering was cut by about 13 percent after the company was forced by creditors to drop its South Korean hotel from the portfolio.

Ascendas, owned by JTC Corp., a Singapore government infrastructure planning agency, plans to launch the trust’s IPO by the end of July.