In a significant announcement, Radium Development Bhd has reported a commendable profit before tax (PBT) of RM15.77 million for the fourth quarter of the fiscal year ending 2023 (4QFYE2023), alongside a revenue generation of RM28.27 million for the same period. This performance is indicative of the group’s financial resilience and adept management in navigating the complexities of project dynamics. The group’s maintained gross gearing ratio of 0.05 times further underscores its financial stability and strategic foresight.
Strategic Land Acquisition and Project Launches
Adding momentum to its growth trajectory, Radium Development’s subsidiary, Radium Global Sdn Bhd, acquired prime land at Old Klang Road in June 2023. This move is part of the group’s broader strategy to expand its project portfolio and deliver enhanced value to its shareholders, with the project’s launch anticipated in the first half of 2024.
Datuk Gary Gan Kah Siong, the group’s managing director, expressed confidence in the group’s sustained growth prospects. “We are poised for launching and selling two new projects in 2023: R Suites Chancery Residences in Ampang, with an estimated gross development value (GDV) of RM500 million, and Vista Adesa @ Desa Timur and Radium Adesa @ Desa East Residences in Sungai Besi, with an estimated GDV of RM1 billion,” he stated.
Diversification into Hospitality Sector
In a strategic diversification move, Radium Development allocated RM109.3 million from its IPO proceeds towards the development of a 145-room boutique hotel in Ampang, Kuala Lumpur. This initiative aims to capitalize on the rejuvenated Kuala Lumpur tourism sector, complementing the company’s core property development activities.
Project Updates and Market Response
Vista Adesa, launched in May 2023, has already achieved a remarkable take-up rate of nearly 60%, translating to an estimated GDV of approximately RM219 million. Similarly, Radium Adesa, which was launched in June 2023, boasts a take-up rate of 78%, with a GDV of RM447 million.
Gan highlighted the Vista Adesa project’s alignment with the government’s homeownership enhancement strategy and Radium’s ‘Building Good’ ethos. The project offers economical residential units, with comprehensive financing available through the Housing Credit Guarantee Corporation (HCGS) loan programme.
Embracing Sustainability with EV Chargers Integration
In line with sustainable development goals, Radium Development entered into a Strategic Partnership Agreement with MyCharge EV Sdn Bhd on Nov 28, 2023, to integrate electric vehicle (EV) chargers in its current and future developments. The installation of EV chargers at Vista Sentul Residences is slated for March 2024, marking a significant step towards promoting eco-friendly transportation options in residential communities.
