Lagenda Unit Lodges RM1.5 Billion Sukuk Wakalah for Affordable Housing

Lagenda Properties Bhd’s wholly owned subsidiary, Lagenda Capital Bhd, has lodged a Sukuk Wakalah programme worth up to RM1.5 billion with the Securities Commission Malaysia, The Star reported on July 24, 2026. The financing will fund affordable housing developments and other Shariah-compliant corporate purposes for the Malaysian homebuilder.

The programme is structured under Wakalah Bi Al-Istithmar, an agency-for-investment arrangement, and carries a perpetual tenure that lets the developer raise money through periodic note issuances rather than a single sale, The Star reported.

How the Sukuk Wakalah Programme Works

The programme gives Lagenda Capital flexibility to issue Islamic medium-term notes periodically rather than as a single tranche, The Star reported. The facility carries a perpetual tenure, meaning it has no fixed end date, but each individual issuance under it must carry a minimum maturity of one year. Profit rates on the notes can be fixed or floating, and issuances may be secured or unsecured, giving the company room to match financing terms to specific projects as they arise.

Proceeds are earmarked for financing affordable housing projects, acquisitions, capital expenditure, and working capital, The Star reported. The company can also use the funds to refinance existing borrowings and to redeem outstanding sukuk, giving it a mechanism to manage its balance sheet alongside new development spending.

Banks Behind the Deal

Alliance Islamic Bank Bhd and AmInvestment Bank Bhd are acting as joint arrangers and managers for the programme, according to The Star. AmInvestment Bank Bhd also serves as facility agent, while Alliance Islamic Bank and AmBank Islamic Bhd are the Shariah advisers overseeing compliance with the Wakalah Bi Al-Istithmar structure. KLSE Screener and The Edge Malaysia both corroborated the same lodgement details on July 24, 2026, describing the same RM1.5 billion ceiling and structure.

Malaysia’s Sukuk Market Momentum

The lodgement lands in a market where Malaysia has continued to drive global sukuk issuance growth even as GCC issuance slows, according to earlier reporting by The Halal Times. Lagenda’s programme puts the ringgit sukuk market to work funding housing construction rather than government or infrastructure spending. It also reflects the kind of Islamic finance structures built specifically for real estate developers that The Halal Times has covered.

Lagenda’s Affordable-Housing Business

Lagenda Properties builds landed homes in townships aimed at Malaysia’s B40 and M40 income groups, The Edge Malaysia has reported in earlier profile coverage not tied to the July 2026 sukuk lodgement. The company transitioned out of the poultry business in 2020 and has since focused on affordable housing, operating townships in Perak, including Bandar Baru Setia Awan Perdana in Sitiawan, Lagenda Teluk Intan, and Lagenda Tapah, with planned expansion into Sungai Petani, Kedah. At Lagenda Tapah, The Edge Malaysia has reported price points of RM140,000 for terraced houses, RM170,000 for semi-detached units, and RM190,000 for bungalows.

The Edge Malaysia has also reported gross development value estimates of RM1.9 billion for Bandar Baru Setia Awan Perdana and RM1.5 billion for Lagenda Tapah. Lagenda’s Managing Director is Datuk Jimmy Doh, and the company has aimed to launch roughly one new township a year, per The Edge Malaysia’s reporting.

What Comes Next

The SC lodgement is a regulatory step that precedes actual issuance, not a completed fundraising. Lagenda Capital hasn’t disclosed a timetable for pricing or the size of an initial tranche, and the RM1.5 billion figure reported by The Star represents the ceiling of the shelf programme rather than a confirmed amount to be drawn down. The next milestones to watch are the first note issuance under the programme and the pricing terms Alliance Islamic Bank and AmInvestment Bank set once that tranche comes to market.

Frequently Asked Questions

What is Lagenda Capital Bhd’s Sukuk Wakalah programme?
It is a shelf facility that lets Lagenda Capital Bhd, the financing subsidiary of developer Lagenda Properties Bhd, issue Islamic medium-term notes over time rather than in one lump sum, lodged with the Securities Commission Malaysia on July 24, 2026, per The Star.

How much money can Lagenda raise through the sukuk programme?
Up to RM1.5 billion, according to The Star’s July 24, 2026 report on the Securities Commission Malaysia lodgement; the figure is a programme ceiling, not a confirmed drawdown amount.

What Shariah structure underpins Lagenda’s sukuk?
The notes are structured under Wakalah Bi Al-Istithmar, an agency-for-investment arrangement, as described in The Star’s coverage of the SC filing.

Which banks are arranging Lagenda’s sukuk programme?
Alliance Islamic Bank Bhd and AmInvestment Bank Bhd are joint arrangers and managers, with AmInvestment Bank Bhd also serving as facility agent and Alliance Islamic Bank and AmBank Islamic Bhd acting as Shariah advisers, per The Star.

What will Lagenda use the sukuk proceeds for?
Financing affordable housing projects, acquisitions, capital expenditure, working capital, refinancing of borrowings, and redemption of existing sukuk, according to The Star’s report on the SC lodgement.