KUALA LUMPUR: Kuala Lumpur-centric property developer and Main Market debutant Radium Development Bhd will be sustained by RM3.4 billion gross development value (GDV) projects over the next five years, even prior to future landbanking exercises within the capital city.
The RM3.4 billion undertakings consist of RM1.5 billion in 2023’s new launches and ongoing projects; as well as RM1.9 billion pipeline projects in Mukim Batu and Mukim Petaling which will be unveiled in 2024.
Radium launched two projects in 2023: the RM474.4 million GDV R Suites Chancery Residences in Jalan Ampang and RM1.0 billion GDV Residensi Desa Timur in Salak South. The Group had received encouraging bookings of close to 32% for the ‘Residensi Wilayah’ affordable home component of Residensi Desa Timur within a month of its launch in May 2023. The Residensi Wilayah portion features 1,218 units with GDV of RM365.4 million.
Speaking at the group’s listing ceremony on the Main Market of Bursa Malaysia Securities yesterday, group managing director Datuk Gary Gan reiterated that the proposed utilisation of RM171 million in proceeds for acquisition of landbank and/or development expenditure will mark the next chapter for Radium.
He added, “Our IPO on the Main Market of Bursa Malaysia Securities today is a new beginning for Radium. We look forward to continuing our journey of building good for all stakeholders, including homebuyers and shareholders.”
