KUALA LUMPUR: Property developer Radium Development Bhd (RDB) has received approval from the Securities Commission Malaysia to undertake an initial public offering (IPO) to list on the Main Market of Bursa Malaysia.
Group managing director Gary Gan Kah Siong said Radium has focused on enabling home ownership within Kuala Lumpur in line with the city's rapid urbanisation, especially in the affordable homes category.
He said 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.
"We are excited to start this new chapter in our journey, drawing from years of experience to strengthen our position in the urban property development space.
"We are committed to providing quality standards in our current and upcoming projects, keeping with our goal of building suitable for the community.
"Furthermore, our upcoming IPO on the Main Market would benefit even more stakeholders and the nation in supporting the affordable housing agenda," he said in a statement today.
Since 2013, Radium has completed high-rise residential projects worth RM1.49 billion in gross development value (GDV) strategically located within Kuala Lumpur.
As of 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 stands at a 99.93 per cent take-up rate.
Continuing its growth trajectory, the company is currently developing projects with a cumulative GDV of RM1.45 billion GDV.
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.
Radium has received several industry accolades for completed and ongoing projects.
Malacca Securities Sdn Bhd is the principal adviser, underwriter and placement agent for Radium's IPO exercise.