Board Lot (SGX) Singapore
Why SGX trades in lots of 100 shares, and what ‘odd lots’ mean for small investors
A board lot is the standard minimum trading unit on the Singapore Exchange (SGX), currently 100 shares for most securities, meaning investors buying or selling in the regular market must trade in multiples of 100 shares. Quantities smaller than one board lot are called “odd lots” and trade on a separate, less liquid market.
Not financial advice. All figures for educational reference only. Data as at October 2026.
- SGX’s standard board lot size is 100 shares for the vast majority of listed securities, reduced from 1,000 shares in a 2015 reform to make investing more accessible.
- Buying or selling fewer than 100 shares, an “odd lot,” must go through SGX’s separate Unit Share Market, which is typically less liquid and can have wider bid-ask spreads.
- Board lot size affects the minimum capital needed to buy a stock — a S$30 share needs at least S$3,000 to buy one board lot.
- SGX has periodically studied further reducing board lot sizes to improve retail accessibility, particularly for higher-priced blue chips.
- Corporate actions like stock splits are sometimes used by companies specifically to bring their board lot cost down and improve trading accessibility.
Table of Contents
What Is Board Lot (SGX)?
SGX cut its standard board lot size from 1,000 shares to 100 shares in 2015, specifically to lower the capital barrier to retail investing. The reform applies uniformly across most counters — stocks, REITs, and ETFs — and remains the basic unit on which SGX’s central limit order book matches buy and sell orders.
Before the 2015 cut, a S$2 stock required S$2,000 just to buy a single lot; after it, the same stock needs only S$200, a meaningful difference for investors with limited starting capital.
Board lot size is also a quiet factor behind some corporate actions dividend investors encounter — a company whose share price has climbed to S$30 or more may announce a stock split specifically to bring the per-lot cost back down to a more retail-friendly level, since a high per-lot price can reduce trading liquidity by pricing out smaller investors. This is distinct from, but sometimes confused with, a bonus issue, which increases share count without a formal price-adjusting split mechanism.
How It Works in Singapore
Brokerage platforms default to board lot quantities when placing orders. Placing an order for, say, 250 shares of a S$2 stock effectively buys 2 board lots, 200 shares, plus a 50-share odd lot, unless the platform or broker handles the odd lot differently. The odd lot portion trades on SGX’s Unit Share Market, which generally has fewer active participants, so execution and pricing there can be less favourable than on the main board lot market. Odd lots commonly arise from corporate actions such as bonus issues, scrip dividends, or inherited shareholdings, not just from deliberate small purchases.
Worked Example
An investor wants exposure to a REIT trading at S$1.20. One board lot costs S$120 (100 x S$1.20), a low entry barrier typical of the post-2015 regime. Before the 2015 reform, the same REIT would have required a 1,000-share board lot costing S$1,200 just for a single purchase — illustrating how much the lot-size cut lowered the entry threshold for retail investors.
Worked Example
Advantages
- Smaller board lots, 100 shares instead of the old 1,000, dramatically lowered the minimum capital needed to invest in SGX-listed securities.
- Standardised lot sizes make quoting, matching, and clearing more efficient and uniform across the exchange.
- The Unit Share Market still allows odd-lot trading for investors who end up with non-round-lot holdings, for example via a dividend reinvestment plan, bonus issue, or inheritance.
- Lower lot sizes support more granular dollar-cost averaging strategies for retail investors.
Risks and Limitations
- Odd lots trade in a thinner market, often with wider spreads and less favourable pricing than the main board lot market.
- Higher-priced blue chips can still require a meaningful lump sum even at 100 shares, for example a S$35 stock needs S$3,500 for one lot.
- Investors unfamiliar with the odd lot distinction may be surprised when a partial fill or corporate action leaves them with hard-to-sell odd-lot shares.
- Some brokers charge proportionally higher fees for small odd-lot trades, eating into returns.
Board Lot vs Odd Lot Trading
| Feature | Board Lot | Odd Lot Trading |
|---|---|---|
| Standard unit | 100 shares | Any quantity below 100 shares |
| Market | Main SGX order book | SGX Unit Share Market |
| Liquidity | Generally higher | Generally lower |
| Typical spread | Tighter | Wider |
| Common cause | Normal buy/sell orders | Corporate actions, DRIP, rounding, inheritance |
The Bottom Line
SGX’s 100-share board lot made retail investing meaningfully more accessible after the 2015 reform, but it’s still worth checking a stock’s price before buying, and understanding that any oddly-sized leftover holding will trade in a thinner, separate market if you ever need to offload it.
Related Terms:
Frequently Asked Questions
What is the standard board lot size on SGX?
100 shares for the vast majority of listed securities, reduced from 1,000 shares in a 2015 reform.
What is an odd lot?
Any quantity of shares smaller than one full board lot, generally fewer than 100 shares for most counters, which trades on SGX’s separate Unit Share Market.
Why did SGX reduce the board lot size?
To lower the minimum capital needed to invest in SGX-listed securities, making the market more accessible to retail investors.
Can I buy odd lots on SGX?
Yes, through the Unit Share Market, though liquidity and pricing there are typically less favourable than the main board lot market.
How do I calculate the minimum cost to buy a stock on SGX?
Multiply the share price by 100, the standard board lot size, to get the minimum capital needed for one board lot, before accounting for brokerage fees.
Disclaimer: This glossary entry is for educational purposes only and does not constitute financial advice. Data sourced from official regulator and industry websites as at October 2026.