KUALA LUMPUR (Sept 29): Johor-based property developer Faire Bhd is seeking to list on the ACE Market of Bursa Malaysia in order to raise funds for its expansion into industrial properties.
According to its draft prospectus published on Tuesday, Faire said it intends to strengthen its presence in Johor by expanding its project portfolio and broadening into industrial properties. Its existing portfolio comprises terrace, cluster, semi-detached and detached houses, as well as shop units and shop houses. It also develops affordable housing units as part of its residential developments.
The group was founded in 1973 under Sin Soon Lee Realty Co (M) Sdn Bhd (SSL) in Batu Pahat by Datuk Lim Kim Chong — the late father of Faire managing director Lim Tiong Heng — and the late Lim Sing @ Lim Boon Hong, who is unrelated to the family. It has specialised in the development of landed residential and commercial properties in Batu Pahat and Johor Bahru ever since.
It currently has one ongoing project, a residential development development with a gross development value of RM595.45 million known as bée phases 1 and 2, to be completed by June 2028.
It also has total landbanks of about 67.72 acres, or nine parcels of land. It has also started development planning and project planning for the development of a high-rise mixed development on its land located in Mukim Tebrau, which will be undertaken in two phases. The first phase will kick off in the second half of 2027, while the second phase will start in the second half of 2029.
Under its initial public offering (IPO), Faire plans to issue 190 million new shares, equivalent to 27.43%, and an offer for sale of 11 million existing shares, which will accrue entirely to Tiong Heng.
Tiong Heng’s 50.85% stake is expected to be diluted to 35.52% following the proposed listing.
Proceeds from the IPO will be used to fund future property developments, including its first industrial property project, while another portion will be allocated for working capital and listing expenses.
Faire said it has identified two future developments for funding, which are the bée (Phase 4) project in Johor Bahru and the Subang project in Selangor. Both are expected to commence in December 2026.
The bée (Phase 4) project is a freehold commercial development on 3.42 acres in Mukim Pulai, Johor Bahru, comprising 16 units of three-storey shop offices and four units of four-storey shop offices. Meanwhile, the Subang project is a leasehold industrial development on 4.38 acres, comprising 10 units of three-storey semi-detached factories.
The group said proceeds allocated to the two developments would be used for development expenditure such as payments to main contractors, professional fees and other project-related costs. Any development cost not covered by the proceeds will be funded through a combination of bank borrowings and internally generated funds.
“As part of our group’s future plans and business strategies, our group intends to further strengthen our market presence as an established property developer by increasing our group’s project portfolio in Johor as well as expanding our project portfolio to include among others, industrial property,” said Faire in its draft prospectus.
For the financial year ended Dec 31, 2025 (FY2025), Faire posted a net profit of RM12.23 million on revenue of RM140.56 million, with a gross profit margin of 27.1%.
The group's other key management includes executive director and chief executive officer Woon Wu Chiat, executive director and chief financial officer Jonathan Ross, and executive director and chief strategy officer Tee Ee Kang. Dr Tang Lai Huat is the non-executive chairman.
The IPO price and implied market capitalisation have yet to be finalised.
TA Securities Holdings Bhd has been appointed as the principal adviser, sponsor, underwriter and placement agent for the IPO.