Lagenda Secures RM475 mil Inaugural Sukuk to Fund Affordable Township Expansion

JOHOR, 6 AUGUST 2026 —

PETALING JAYA (July 29): In a significant milestone, Lagenda Properties Bhd has secured RM475 million through the inaugural issuance under its RM1.5 billion sukuk wakalah programme, marking the affordable township developer's first entry into Malaysia's Islamic debt capital market. The maiden issuance was subscribed by AmBank Group, which committed RM400 million, and Alliance Islamic Bank Bhd, which subscribed the remaining RM75 million, said the developer in a press statement on Tuesday (July 28).

The issuance of the sukuk wakalah programme is a strategic decision by Lagenda to diversify its funding sources and reduce its reliance on traditional banking channels. By tapping into the Islamic capital market, the company aims to support its long-term growth plans while maintaining disciplined capital management. The proceeds raised under the programme will be used for Shariah-compliant purposes, including financing and refinancing investments, land acquisitions, capital expenditure, affordable housing development, working capital requirements, general corporate purposes and the refinancing of existing borrowings. This will enable Lagenda to continue delivering on its mission to provide affordable housing to the B40 and M40 income segments.

Lagenda's managing director, Datuk Jimmy Doh, described the issuance as a significant milestone in the group's growth journey. "It enhances our financial flexibility by broadening our access to Malaysia's Islamic capital market, enabling us to support our long-term growth through a more diversified and efficient funding platform while maintaining disciplined capital management,” he said. Founded as an affordable township developer in 2018, the group has since expanded beyond its original Perak base into Selangor, Johor, Kedah and Pahang. It now has a 3,988-acre landbank across six states, with developments centred on affordable homes and community-based townships.

The company's commitment to environmental, social and governance (ESG) practices has also been recognized, with a four-star ESG rating under the FTSE4Good Bursa Malaysia Index. This reflects Lagenda's efforts to strengthen its ESG practices and demonstrate its dedication to responsible and sustainable business practices. As the company continues to grow and expand its operations, it is expected to maintain its focus on ESG considerations and ensure that its business activities are aligned with the principles of sustainability and social responsibility.

Following the inaugural RM475 million issuance, Lagenda retains capacity of approximately RM1.025 billion under the programme for future issuances as funding requirements arise across its affordable township development pipeline. This provides the company with a flexible funding platform to support its growth plans and respond to changing market conditions. With its strong landbank and diversified funding sources, Lagenda is well-positioned to continue delivering on its mission to provide affordable housing to the Malaysian market.

The Malaysian property market is expected to continue growing, driven by government initiatives to increase access to affordable housing. The government's efforts to promote affordable housing, such as the introduction of the National Housing Policy, are expected to drive demand for affordable homes. As a leading affordable township developer, Lagenda is well-positioned to benefit from this trend and continue to grow its business. With its strong track record and commitment to ESG practices, the company is expected to remain a key player in the Malaysian property market.

In the coming years, Lagenda is expected to continue to expand its operations and deliver on its growth plans. With its diversified funding sources and strong landbank, the company is well-positioned to respond to changing market conditions and capitalize on new opportunities. As the Malaysian property market continues to evolve, Lagenda is expected to remain a key player, driven by its commitment to providing affordable housing and its focus on ESG practices. With its strong foundation and growth plans in place, the company is expected to continue to deliver value to its stakeholders and contribute to the development of the Malaysian property market. Details not yet available on the company's specific plans for the remaining RM1.025 billion under the programme, but it is expected that the company will provide further updates in the coming months.

Related: AmBank · Bursa Malaysia · Johor