If you have ever looked at a blue-chip share price on the Singapore Exchange (SGX) and worked out the cost of a standard lot, you may have decided it was out of reach for now. That is where SGX odd lot trading comes in. By buying fewer shares than the standard board lot, young investors and anyone on a tight budget can own a slice of well-known companies without committing thousands of dollars at once.
This guide explains what odd lots are, how the Unit Share Market works, the costs to watch and when buying odd lots makes sense. It is general information, not financial advice. Brokerage fees and platform features change, so check the details with your broker and SGX before you trade.
Board Lots Versus Odd Lots
Shares on SGX are normally traded in board lots. The standard board lot size for most stocks is 100 shares. So if a share is priced at $30, one board lot costs $3,000 before fees.
An odd lot is any quantity smaller than a board lot, or the leftover shares beyond full board lots. If you own 135 shares, you hold one board lot of 100 and an odd lot of 35.
Odd lots arise in several ways:
- Deliberate small purchases, such as buying 10 shares of a bank stock.
- Scrip dividends, where a company pays dividends in shares rather than cash.
- Rights issues and bonus issues, which can leave you with uneven numbers.
- Corporate actions such as share consolidations or splits.
How the Unit Share Market Works
SGX runs a Unit Share Market that lets investors trade in quantities as small as one share. Each stock has a separate unit share counter alongside its normal board lot counter.
Key features to know:
- You can buy or sell from one share upwards. This makes it possible to invest a small fixed sum, such as $100 or $200, in a company you like.
- Prices are similar but not identical. The unit share counter has its own order book, so prices can differ slightly from the main counter, especially in less popular stocks.
- Liquidity is thinner. There are fewer buyers and sellers at any moment, so it may take longer to fill your order, and the gap between buying and selling prices (the spread) can be wider.
- You still own real shares. Shares bought through the unit share market carry the same rights as board lot shares, including dividends and voting, held in your Central Depository (CDP) account or your broker’s custodian account depending on how you trade.
Not every broker supports unit share trading through every platform, so check whether your broker’s app or website lets you choose the unit share counter.
Odd Lots Versus Other Small Budget Options
Odd lots are one of several ways to invest small amounts. Compare them before you decide.
| Option | How it works | Main advantage | Main drawback |
|---|---|---|---|
| Odd lots on the Unit Share Market | Buy any number of shares from one upwards | Full control over which stocks you own | Minimum brokerage fees can eat into small trades |
| Regular shares savings plans | Invest a fixed monthly sum in selected stocks or ETFs | Low monthly amounts and automatic investing | Limited choice of counters and fixed dates |
| Exchange-traded funds (ETFs) | Buy a fund that tracks an index | Instant diversification across many companies | Board lot cost still applies on the main counter |
| Saving up for a full board lot | Wait until you can afford 100 shares | Better liquidity, often lower relative fees | Money sits idle while you save |
If you are new to funds, our guide to ETFs explained for Singapore investors covers how they work.
The Real Cost of Small Trades
The biggest trap in odd lot investing is fees. Most brokers charge either a percentage of the trade value or a minimum fee, whichever is higher. On top of brokerage, there are SGX clearing and trading fees and GST on fees.
Here is why it matters: if your broker has a minimum fee and you buy only $100 worth of shares, that fee could represent a large percentage of your investment. You would need the share price to rise noticeably just to break even, and you pay fees again when you sell.
To keep costs reasonable:
- Compare brokers carefully. Some brokers have lower minimum fees or none at all for certain account types. Check the current fee schedule on each broker’s website.
- Invest in larger chunks less often. Buying $500 once is usually cheaper in fees than buying $100 five times.
- Think long term. Odd lots suit a buy and hold approach, not frequent trading.
- Factor in selling costs. Plan for the fees when you eventually sell, and remember that thin liquidity can make quick exits harder.
How to Buy Odd Lots Step by Step
- Open a CDP account and a brokerage account, or a custodian account with a broker that supports SGX trading. Our guide to investing in SGX stocks walks through opening accounts.
- Check that your broker supports unit share trading and find how to select the unit share counter on its platform.
- Research the company. Read its annual report, dividend history and recent announcements on SGXNet. A small purchase still deserves proper research.
- Place a limit order. Because liquidity is thinner, a limit order lets you set the maximum price you are willing to pay, rather than accepting whatever the market offers.
- Monitor your order. It may not fill immediately. Adjust or cancel if the price moves away.
- Track your holdings. Odd lots from different purchases can add up over time, and you can combine them toward full board lots.
When Odd Lots Make Sense, and When They Do Not
Odd lots work well if you:
- Are just starting out and want to learn by owning a few real shares.
- Want exposure to a high-priced stock without committing a full board lot.
- Need to tidy up leftover shares from scrip dividends or rights issues.
- Plan to hold for years and add gradually.
They make less sense if you:
- Want to trade frequently, as fees and spreads add up quickly.
- Are investing very small amounts where minimum fees take a large bite.
- Need to sell quickly, since odd lot liquidity is lower.
Building a Portfolio One Lot at a Time
SGX odd lot trading lowers the barrier to owning Singapore companies, but it is a tool, not a shortcut. Pair it with a sensible budget, an emergency fund and a long-term plan. Over time, small and regular purchases can grow into a meaningful portfolio, and the lessons you learn with modest sums are good preparation for larger decisions later. When you are ready to look beyond the basics, our guide to IPO investing on the SGX explains another way investors get into new counters.
Further reading: Penny Stocks on SGX: Why They Are Riskier Than They Look · Fractional Shares in Singapore: How They Work and Which Brokers Offer Them · CFD Trading in Singapore: How Leverage Can Hurt You