Japan's Accordia Golf is seeking to enter the Singapore Exchange to help reduce its debt.

Accordia Golf, the Japanese golf course developer, has applied for approval to set up a S$800 million to S$1 billion ($637 million to $800 million) business trust IPO of its golf assets on the Singapore Exchange, according to media reports.

The news came out shortly after the firm announced plans to let go of 90 of its 133 Japan-based golf courses to a Singaporean investment fund -- a matter to be proposed and discussed at the company's regular shareholders' meeting in June. Should the latest move to enter Singapore succeed, it could be the first business trust in Asia to involve golf courses. 

Accordia Golf was not immediately available to comment on the matter, but reports reveal that the Japanese company intends to own a minimum of 25 per cent of the trust, while the cash flow from operations will be distributed to its shareholders. Banks handling the IPO are Daiwa and Citigroup. Proceeds from the listing will be used to reduce the firm's debt.

Accordia Golf was created by Goldman Sachs in 2003 to manage the low-performing courses it acquired after the country's last economic boom in the 1990s. In 2011, the US bank sold its 44.73 per cent stake.