KUALA LUMPUR (Jan 13): Radium Development Bhd launched its latest project, the R Suites Chancery Residences, in Ampang, Kuala Lumpur on Friday.

With a gross development value (GDV) of RM521 million in Ampang, the 51-storey development — sits atop a 2.18-acre plot of freehold land — is set to be completed by 4Q2027.

Chancery Residences will comprise 944 residential suites, commercial spaces as well as a 145-room hotel. The residential suites are sized from 452 to 861 sq ft, and are priced between RM455,000 and RM867,000.

Meanwhile, the facilities — including a co-working space — are spread across two floors, spanning 33,615 sq ft.

In the launch event on Friday, Radium Development’s managing director Gary Gan Kah Siong noted that the developer is targeting young professionals and couples for Chancery Residences.

He believes this target group can afford this price range, and its focus is to ensure affordability for buyers.

“We are confident that Chancery Residences will perform well, especially with its strategic location...and our target is for the units to be at least 80% taken up by the end of the year.”

It has also been awarded the GreenRe Gold Certificate under the residential category by the Real Estate and Housing Developers Association (Rehda) Malaysia.

Located 5km from KLCC and KL’s Golden Triangle, Chancery Residences is easily accessible via public transportation and major roads and highways such as Ampang-Kuala Lumpur Elevated Highway (AKLEH) and Kuala Lumpur Middle Ring Road 2 (MRR2).

The developer appeared to be sanguine about the property sector, that in comparison with the previous year, the sector saw some improvement in terms of transactions and values in 2022.

Apart from Chancery Residences, Radium Development is also looking to launch another residential development in Sungai Besi in 2Q2023, he said, adding that more details will be revealed closer to the upcoming launch.

“In 2023 and beyond, as we move into the new normal recovery, we expect people to be looking to diversify and build their investment portfolios to better secure their futures,” he added.