Property developer Radium Development Bhd recorded a strong PBT of RM15.77 million for the quarter on the back of revenue dip to RM28.3 million for the fourth quarter ended 31 December 2023 (Q4 FYE2023).
“The dip in revenue was due to ongoing projects such as R Suites Chancery Residences, Vista Adesa @ Desa Timur, and Radium Adesa @ Desa East Residences.
“Additionally, the group maintained an impressive gross gearing ratio of 0.05 times, reflecting its financial stability and strategic management amidst project dynamics,” it said in a statement today (Feb 22).
The group said furthermore, Radium Global Sdn Bhd, a subsidiary of the Group, recently acquired land at Old Klang Road in June 2023, signalling the group’s commitment to growth and enhancing shareholder value.
The launch of the project is expected in the first half of 2024.
Radium group managing director Datuk Gary Gan Kah Sio expressed confidence in the group’s sustained growth trajectory, with a focus on launching and selling two new projects in 2023.
The projects, he said, are R Suites Chancery Residences in Ampang, with an estimated gross development value (GDV) of RM500 million, and Vista Adesa @ Desa Timur and Radium Adesa @ Desa East Residences in Sungai Besi, with an estimated GDV of RM1 billion.
“Moreover, RM109.3 million from the IPO proceeds has been allocated for the development of a 145-room boutique hotel seamlessly integrated into a mixed-development project in Ampang, Kuala Lumpur.
“This strategic move aims to tap into a rejuvenated revenue stream from Kuala Lumpur’s tourism sector, complementing the our existing property development portfolio,” he added.
Vista Adesa, launched in May 2023, had a take-up rate of nearly 60%, equivalent to a GDV of approximately RM219 million while Radium Adesa, launched in June 2023, has garnered a take-up rate of 78%, representing a GDV of RM447 million.
The Vista Adesa encompasses the provision of economical residential units valued at up to RM300,000, comprehensively financed through the Housing Credit Guarantee Corporation (HCGS) loan programme.
Besides that, Gan said the group has formalised a strategic partnership agreement with MyCharge EV Sdn Bhd on Nov 28 last year to integrate electric vehicle (EV) chargers across current and future developments.
“We plan to install EV Chargers at Vista Sentul Residences in March 2024. Aligning with the evolving landscape of environmentally conscious businesses, our partnership with MyCharge EV represents a significant step.
“Additionally, the group is actively exploring new avenues to diversify our revenue streams,” Gad added.
