Property developer Radium secures SC approval for Main Market IPO

KUALA LUMPUR: Emerging property developer Radium Development Bhd is one step closer to a listing on the Main Market of Bursa Malaysia after getting the nod from the Securities Commission to undertake an initial public offering (IPO).

"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, in keeping with our goal of building good 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," said group managing director Gary Gan Kah Siong in a statement.

According to the company, it has successfully delivered high-rise residential projects worth RM1.49bil gross development value (GDV), all of which are strategically located within Kuala Lumpur city.

As at Aug 31, 2022, these completed projects - Vista Wirajaya, Vista Semarak, Platinum OUG Residence and Vista OUG - were fully sold, while Platinum Splendor Residensi Semarak had a take up rate of 99.93%.

It said it is currently developing projects with a cumulative GDV of RM1.45bil, scheduled for completion by the financial year ending Dec 31, 2025.

“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," said Gan.

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.