Lum Chang Creations Catalist listing to raise S$12.3m

SINGAPORE: Property restoration specialist Lum Chang Creations is preparing to launch its initial public offering (IPO) on Singapore’s Catalist board. The company aims to raise S$12.3 million to support its expansion across Southeast Asia.

It will offer 49 million shares at 25 cents each. One million shares will be available to public investors in Singapore, and 48 million will be offered through private placement. After the IPO, the company’s market value will reach S$78.75 million.

Chief executive Lim Thiam Hooi plans to expand the company’s footprint in Malaysia and Indonesia. He highlighted the company’s goal of finding merger and acquisition opportunities.

In a public statement, he explained, “This IPO is just the first step,” Lim noted. He also plans to explore future financing possibilities via placements, as well as a mainboard listing. Lum Chang Creations is a spin-off from Lum Chang Holdings. Also known as a spin-out, it is a corporate action when a company splits off a section as a second business.

Lum Chang Creations focuses on the conservation and restoration of interior spaces and has built its reputation through notable restoration projects, such as work at St James Power Station, the Red Cross House, and the National Museum building.

Lum Chang Creation’s main market for urban revitalisation, interior fit-out works, and addition and alteration (A&A) works in Singapore and Southeast Asia is poised for significant growth. This is due to rapid urbanisation and sustainable development, according to industry estimates.

In Singapore, the combined market for these sectors is projected to reach S$11.7 billion to S$18.4 billion in 2025. Urban revitalisation, fueled by projects like the Greater Southern Waterfront and Marina Bay Sands’ expansion, accounts for S$5 billion to S$10 billion.

The interior fit-out market, driven by demand for luxury offices and retail spaces, is estimated at S$4.7 billion to S$5.4 billion, while A&A works, including HDB flat upgrades and commercial retrofits, contribute S$2 billion to S$3 billion.

Singapore’s Urban Redevelopment Authority (URA) and sustainable design trends underpin this growth, with construction demand expected to hit S$47 billion to S$53 billion, per the Building and Construction Authority (BCA).

Company financial records show strong growth. In 1H 2025, earnings increased by 61.6% to S$5.3 million. Revenue also went up by 16% to S$40.8 million. Market researcher Converging Knowledge estimates the company has between 14.4% and 17% market share in property revitalisation.

As of May 31, Lum Chang Creations has an order backlog of S$122.8 million, positioning itself well in a strong market. The urban revitalisation and construction sector in Southeast Asia is projected to reach as much as S$395 billion, fuelled by fast urbanisation and sustainable development efforts.

Post-IPO ownership will break down as follows:

• Lum Chang Holdings: 71.1%
• CEO Lim Thiam Hooi: 13.3%
• Public investors: 15.6%

The company plans to distribute 30% of its profits as dividends for the 2025 and 2026 financial years. Lim expects 2026 to be particularly strong as ongoing projects are completed and new orders come in. The company currently accounts for only 50% of a project’s value until it is finished, allowing for better financial flexibility.

With a pricing strategy at the lower end of its expected range, the IPO offers an appealing entry for investors interested in Singapore’s urban restoration and development sector. The company’s strategy targets both public and private sector projects and focuses on opportunities in emerging markets.

“If we succeed, our capital base will grow. This will allow us to expand further,” Lim said.