KUALA LUMPUR: Radium Development Bhd, via its indirect wholly owned subsidiary Mayang Sepakat Sdn Bhd, has acquired a 1.03-hectare leasehold plot in Ampang.
The company plans to develop the land into a mixed-use project, which will include about 1,128 residential units (340 of which are affordable Service Apartment Mampu Milik (SAMM) units), and commercial spaces.
The project is expected to have a gross development value (GDV) of RM470 million.
"The newly acquired site, located near Kuala Lumpur city centre and directly accessible by major highways and the Cempaka LRT Station, represents a transit-orientated development (TOD) opportunity for Radium, with direct appeal to urban residents and businesses seeking accessibility," it said.
Radium said this marks its first project outside of Kuala Lumpur, aligning with its expansion plan and strengthening its foothold in key Klang Valley locations, reinforcing its commitment to creating well-connected, high-value properties.
"Radium will fund the RM45 million acquisition through a prudent mix of internal funds and bank financing.
"This balance underscores Radium's financial strength and ensures continuity in its growth-driven strategy for sustainable, high-value developments," the company said.
Radium group managing director Datuk Gary Gan Kah Siong said the acquisition represents a cornerstone in its growth strategy.
"This project is ideally positioned to meet increasing demand for high-quality, accessible urban spaces in Klang Valley and signals our commitment to creating sustainable, long-term value for our shareholders," he said.