LBS dates back to 1960s when Dato’ Seri Lim Bock Seng - a young and aggressive man with vision - founded the original construction business in Petaling Jaya.
After a decade of rapid growth, LBS set its sights higher and ventured into the property development sector in 1992 where it started its first project, the Jelapang Maju Light Industrial Park in Ipoh, Perak. After taking over the baton from his father, Tan Sri Lim Hock San has grown and developed LBS into one of the major players in property development in Malaysia.
LBS thrived and was listed on the Main Board of Bursa Malaysia Securities Berhad in 2002 with business expanded to Zhuhai, the People’s Republic of China. In our vision to house the nation, we maintain our strategy of building affordable housing that caters to market demand, based on the three core pillars of Affordability, Connectivity and Community. This enables LBS to establish strong presence and continues to grow in the mass market segment, but we required additional financing to complete the projects. This is where we looked into the emerging Sukuk market.
We partnered with Danajamin to access funding and support our projects.
As the guarantee scheme was still new in the market then, we collaborated with Danajamin that was established in 2009 to tap into the capital market to support our projects. With access to large liquidity pool of the Malaysian Islamic capital market, we could diversify our source of funding, which lowered the cost of financing as compared to conventional financing programmes.
We were fortunate to have Danajamin team’s guidance until the first successful issuance of Danajamin Guaranteed Sukuk in July 2010. As a result, LBS managed to boost its growth capacity with the issuance of RM135 million Islamic Commercial Papers/Islamic Medium-term Notes Programme (“Sukuk Programme”) in 2019 and subsequently, we achieved record high sales of RM1.63 billion.
The successful fund-raising exercise greatly bolstered LBS’ ability to complete our projects in an efficient and timely manner, which in turn benefitted many buyers as they were able to get vacant possession of their homes promptly. This is in line with our commitment to enhance community living by building and inspiring delightful spaces.