KUALA LUMPUR: Radium Development Bhd
through its indirect wholly-owned subsidiary Radium J Velodrome Sdn Bhd, has entered into a conditional sale and purchase agreement to acquire three parcels of contiguous leasehold land in Cheras for RM458 million.
In a statement today, Radium said the 5.26 hectares (ha) acquisition is a key step in its expansion strategy, significantly boosting its landbank in Kuala Lumpur by over 60 per cent, from 8.40 ha to approximately 13.75 ha.
The company noted that the proposed project, with an estimated gross development value of RM2.54 billion, will feature a mixed-use development comprising serviced apartments and commercial spaces.
Group managing director Datuk Gary Gan Kah Siong said the proposed acquisition is a cornerstone of Radium’s growth strategy, positioning the group to meet the increasing demand for integrated urban living spaces in Klang Valley.
"The project’s strategic location and scale offer strong potential for capital appreciation, aligning perfectly with our focus on creating long-term value and is expected to contribute positively to Radium’s medium- to long-term financial performance,” he added. - Bernama
