One is UOA Development Bhd, which is expected to be listed in June, with a potential market capitalisation of RM3bil.

The other is Axis Global Islamic Real Estate Investment Trust (REIT), a unit of Axis REIT Management Sdn Bhd. It is set to be the world's largest Islamic REIT, also valued at some RM3bil once it is listed.

In the case of UOA, it is looking to raise RM1.2bil from its IPO, and reports have indicated that it will be offering 407million shares at RM3 each.

UOA is a unit of Sydney- and Singapore-listed United Overseas Australia Ltd.

A source said UOA was looking to be listed at a price that would translate into a historical price earnings (PE) ratio of 10 times to 11 times.

He added that UOA was now doing its pre-marketing roadshow locally. Once its prospectus is launched, UOA will embark on its international roadshow, possibly in Hong Kong, Singapore and Europe.

While it has yet to identify places, he said Pembangunan Nasional Bhd would likely come in as an investor.

As at Dec 31, 2010, the company had a total saleable and lettable area of more than 300,000 sq m of properties under development with an estimated gross development value (GDV) of RM2bil to be completed over the next three years.

The company has a further total potential saleable and lettable area of more than 1.2 million sq m being held for future development projects with an estimated GDV in excess of RM8bil.

UOA's flagship development project is in Bangsar South. Bangsar South City is one of nine designated centres around the Kuala Lumpur and Selangor region to be an MSC-status centre.

Meanwhile, sources said Axis REIT was in talks with potential cornerstone investors, including the Employees Provident Fund and the Retirement Fund Inc (KWAP).

The Axis REIT will comprise industrial assets from Asia. CIMB and Standard Chartered are joint global co-ordinators.