Faire eyes ACE listing to build 10 factories in Subang

Faire Bhd, a Johor property developer whose roots go back to 1973 in Batu Pahat, has filed a draft prospectus for a listing on Bursa Malaysia's ACE Market to fund a move into industrial property. Its first industrial project is in Kampung Baru Subang, Petaling district, Selangor: 10 three-storey semi-detached factories on 4.38 acres of leasehold land, with a gross development value (GDV) of RM76 million, due to start in December 2026.

The Subang factories

• Land: two leasehold lots, Pajakan Mukim 5169 Lot 72456 and Pajakan Mukim 5184 Lot 72457, at Kampung Baru Subang, Pekan Subang, totalling 4.38 acres (about 190,800 sq ft)
• Product: 10 three-storey semi-detached factories, about RM7.6 million each on average by GDV
• Numbers: GDV RM76 million against an estimated development cost of RM52.56 million, a gross margin of about 30.8%
• Timing: construction from December 2026, completion by December 2028. Planning permission has been submitted to the Shah Alam City Council (MBSA), which has already approved preliminary demolition works on the site
• The landowner: Onsan Holdings Sdn Bhd, a related party owned by Tan Ah Kee (57.9%), managing director Lim Tiong Heng (21.05%) and Lim Poh Eng (21.05%). Under a joint venture signed on 30 April 2026, Onsan contributes the land and Faire builds at its own cost and pays Onsan 15% of the project's GDV, about RM11.4 million, or roughly RM60 per sq ft of land

The other projects

• bée (Phase 4), Mukim Pulai, Johor Bahru: 16 three-storey and four four-storey shop offices on 3.42 freehold acres, GDV RM75.01 million against a cost of RM47.49 million, also from December 2026 to December 2028
• bée (Phases 1 and 2): its ongoing residential project, with a GDV of RM595.45 million, due for completion by June 2028
• Land bank: 67.72 acres in nine freehold parcels in Johor, valued at RM91.11 million. The largest is 25.49 acres in Mukim Rimba Terjun, Pontian, and a 19.64-acre lot in Mukim Tebrau is planned for a two-phase high-rise mixed development from the second half of 2027

The listing

• Shares: 190 million new shares, plus 11 million existing shares sold by Lim Tiong Heng, whose stake falls from 50.85% to 35.52%
• Use of the money: funding the Subang and bée (Phase 4) projects, working capital and listing costs. The price and amounts are not yet set
• Sponsor: TA Securities Holdings
• Results: a net profit of RM12.23 million on revenue of RM140.56 million in the year to December 2025
• History: founded in 1973 as Sin Soon Lee Realty Co (M) Sdn Bhd by the late Datuk Lim Kim Chong, Lim Tiong Heng's father, and the late Lim Sing; it has built mainly landed homes and shops in Batu Pahat and Johor Bahru