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 here for RM458mil.
In a statement, Radium said the 5.26ha acquisition is a key step in its expansion strategy, significantly boosting its landbank in the capital city by over 60%, from 8.40ha to 13.75ha.
The company noted that the proposed project, with an estimated gross development value of RM2.54bil, would 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 the Klang Valley. — Bernama
