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BOC Aviation, the aircraft leasing arm of Bank of China, said on Friday that it has ordered five Airbus A330-200F cargo aircraft worth a total of $875 million at list prices.

The order, for delivery between 2012 and 2013, is the first deal announced by Airbus at the week-long Singapore Airshow, after rival Boeing on Tuesday unveiled over $6 billion in orders from Garuda Indonesia and Indonesian budget carrier Lion Air.

Airbus, owned by European aerospace group EADS, and Boeing are competing for a slice of the fast-growing Asian aviation market, set to be the world's largest in 20 years, as plane orders in 2008 are forecast to come off last year's record highs.

Robert Martin, BOC Aviation Chief Executive Officer, said in a statement that the contract marked the first time the firm has ordered cargo aircraft directly from a manufacturer.

Singapore-based BOC Aviation, which the Bank of China acquired from its shareholders including Singapore Airlines in 2006, said it now has 70 planes leased to airlines worldwide.

It has another 65 aircraft on order for delivery through to 2013, of which 20 are single aisle A320s ordered from Airbus, the company said.