When Lim Thiam Hooi, managing director of Lum Chang Creations (LCC), talks about old buildings, he doesn’t focus on square footage or redevelopment potential. Instead, he highlights the intricate details carved into facades and interiors, often concealed beneath layers of flaking paint on century-old walls.
He also describes flowers that have lost their veins after decades of overpainting, and how skilled artisans painstakingly restore them using scalpels.
For Lim, buildings tell stories and restoration is cultural stewardship: “You look at an old building, and after our work, it’s transformed — we’ve breathed new life into it.”
This ethos underpins LCC’s proposition as a newly listed firm on the Singapore Exchange’s Catalist board. Spun off from Lum Chang Holdings, LCC has carved out its own identity as a specialist in urban revitalisation, a niche encompassing conservation, restoration and the adaptive reuse of heritage and ageing buildings.
A new chapter
Lim says the timing of the spin-off aligned with several factors: a stable market environment, rising investor interest in service-led construction and increasing government support for conservation and adaptive reuse. Internally, LCC had reached what he describes as ‘operational maturity’.
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With a track record of repeated project success, a diversified client base and growing investor interest, Lim adds that it made strategic sense for LCC to establish its own brand identity.
From a day-to-day decision-making standpoint, not much has changed. But the listing has brought new visibility, capital and optionality, with LCC now exploring overseas expansion (Malaysia is a natural next step), high-end residential projects like Good Class Bungalows (GCBs) and even mergers and acquisitions within adjacent sectors.
The challenge ahead is one of balance. As LCC scales, Lim stresses the importance of holding on to the principles that differentiate it, with a deep respect for heritage and the craft of conservation.
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“Our work goes beyond business. It’s a legacy for the next generation,” he says. Guided by this passion, they pursue projects that honour and revitalise existing structures, ensuring that what is worth keeping is thoughtfully preserved for years to come.
Riding the conservation tailwind
Some might argue that Singapore’s real estate market has historically prized efficiency over sentiment. But as land scarcity deepens and public appreciation for heritage grows, government bodies like the Urban Redevelopment Authority (URA) and the National Heritage Board (NHB) have leaned into conservation.
According to URA, over 7,200 buildings are currently gazetted for conservation, and this number is expected to rise as Singapore balances development with historical identity.
“The old National Library was a turning point,” says Lim. “Once it was torn down, people realised what was lost. Now, there is more demand to preserve what remains.”
LCC is riding this policy tailwind. Lim says that LCC boasts a healthy forward order book, with $122 million in contracts locked in as of May 31. Because these projects are relatively short (12 to 24 months), he adds that it limits LCC’s exposure to cost fluctuations and supply chain shocks.
Crucially, LCC is also asset-light. By relying on in-house labour rather than heavy machinery, LCC maintains a degree of cost control that sets it apart from pure-play construction firms.
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“Restoration requires artisan skills,” he says. “We have workers who spend hours carefully removing paint to reveal a single motif. That’s not something you outsource to general labour.”
This craftsmanship underpins many of Singapore’s most iconic restorations: the National Museum of Singapore, Singapore Red Cross House at Penang Lane, Clarke Quay Block B and St James Power Station at Sentosa Gateway.
In each case, LCC handled not just the aesthetic revival, but also structural, interior, and A&A (addition and alteration) work. LCC’s ability to deliver end-to-end solutions gives the company a compelling edge in a space that is frequently fragmented.
Niche player
Lim has positioned LCC as a rare proposition in the city-state’s construction sector: specialised expertise, a niche player with defensible capabilities, government policy support and a built-in moat of skilled labour.
In the first half of FY2025, LCC reported a net profit margin of around 13% on revenue of $40.8 million. This led to a 61.6% y-o-y increase in net profit compared to the first half of FY2024.
Singapore’s broader policy emphasis on sustainability and cultural preservation has also created a more supportive environment for firms involved in heritage-related work.
The URA Master Plan 2019 and the forthcoming 2025 vision highlight priorities such as “liveable heritage” and place-based identity, areas that align with LCC’s existing capabilities and service offerings.
Against this backdrop, LCC has committed to a minimum 30% dividend payout for FY2025 and FY2026, making it attractive to income-focused investors. Beyond that, LCC retains the flexibility to reinvest as needed, particularly if growth opportunities in Malaysia or GCB development materialise.
Lim also cites the URA Architectural Heritage Award alongside several accolades from the Building and Construction Authority (BCA) as further validation of LCC’s track record.
Beyond this, Lim takes pride in LCC’s unusually low staff turnover rate in an industry known for high churn. He cultivates what he calls a family culture through regular bonding sessions, overseas trips, open dialogue and a strong commitment to upskilling.
It is also a pragmatic strategy. Artisan work takes time, can be costly and often depends on specialised skills. Losing a trained worker means losing years of accumulated knowledge. In response, LCC operates what Lim calls a ‘pyramid training system’ to develop artisan talent in-house, with skills passed down from one layer to the next. It can take years to train a fully fledged artisan.
Now that LCC is public, Lim wants to extend his ethos to shareholders. “We walk together,” he says. “IPO is just the first step. As we grow, our investors grow with us.”
About Lum Chang Creations
Lum Chang Creations is a leading urban revitalisation specialist, offering comprehensive expertise in niche conservation and restoration works. Its services are complemented by interior fit-out and addition and alteration (A&A) capabilities
About kopi-C: The Company Brew
kopi-C is a regular column by SGX Research in collaboration with Beansprout (https://growbeansprout.com), a MAS-licensed investment advisory platform, that features C-level executives of leading companies listed on the Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations
