PETALING JAYA: Property developer Radium Development Bhd has received approval from the Securities Commission to undertake an initial public offering (IPO) to list on the Main Market of Bursa Malaysia Securities.
Group managing director Gary Gan Kah Siong said the group’s IPO will benefit stakeholders and support the country’s affordable housing agenda.
“We are committed to providing quality standards in our current and upcoming projects, in keeping with our goal of building good for the community.
“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 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,” he said in a statement today.
The group aims to be listed in the second quarter of 2023. Malacca Securities Sdn Bhd is the principal adviser, underwriter and placement agent for the IPO exercise.
Since 2013, Radium has delivered high-rise residential projects worth RM1.49 billion gross development value (GDV), which are located within Kuala Lumpur city. As at Aug 31, 2022, Vista Wirajaya, Vista Semarak, Platinum OUG Residence and Vista OUG were fully sold, while Platinum Splendor Residensi Semarak was 99.93% taken up.
Continuing its growth trajectory, the group is currently developing projects with cumulative GDV of RM1.45 billion.
PV9 @ Taman Melati, Vista Wirajaya 2, Vista Sentul Residences, and R Suite Chancery Residences, are scheduled for completion by the financial year ending Dec 31, 2025.