Developer Radium Development Berhad has received approval from the Securities Commission to undertake an Initial Public Offering (IPO) to list on the Main Market of Bursa Malaysia Securities Berhad.
Since 2013, Radium has successfully delivered high-rise residential projects worth RM1.49 billion Gross Development Value (GDV), all of which are strategically located within Kuala Lumpur city. As at 31 August 2022, these completed projects of Vista Wirajaya, Vista Semarak, Platinum OUG Residence and Vista OUG were fully sold, while Platinum Splendor Residensi Semarak was 99.93% taken up.
Continuing its growth trajectory, the Group is currently developing projects with a cumulative GDV of RM1.45 billion.
These Kuala Lumpur city projects, namely PV9 @ Taman Melati, Vista Wirajaya 2, Vista Sentul Residences, and R Suite Chancery Residences, are scheduled for completion by the financial year ending 31 December 2025.
Gary Gan Kah Siong Group Managing Director commenting on the approval said “Radium has deliberately focused on enabling home ownership within Kuala Lumpur in line with the rapid urbanisation of the city, especially in the affordable homes category. This strategy has paid off handsomely in building our track record, as homebuyers enjoy the urban lifestyle within well-developed infrastructure and amenities such as public transportation, educational institutions, healthcare facilities, shopping malls, and recreational parks.
Barring unforeseen circumstances, Radium aims to be listed in the second quarter of 2023.
Malacca Securities Sdn Bhd is the Principal Adviser, Underwriter and Placement Agent for Radium’s IPO exercise.