KUALA LUMPUR (Jan 9): Property developer Radium Development Bhd has received approval from the Securities Commission Malaysia (SC) to undertake an initial public offering (IPO) to list on the Main Market of Bursa Malaysia Securities Bhd.

In a statement on Monday (Jan 9), Radium said that since 2013, it has delivered high-rise residential projects worth RM1.49 billion in gross development value (GDV), all strategically located within Kuala Lumpur.

It said that as at Aug 31, 2022, these completed projects, namely Vista Wirajaya, Vista Semarak, Platinum OUG Residence and Vista OUG, were fully sold, while Platinum Splendor Residensi Semarak were 99.93% taken up.

Radium said it is currently developing projects with a cumulative GDV of RM1.45 billion.

These Kuala Lumpur city projects, namely 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.

Radium group managing director Gary Gan Kah Siong said Radium has deliberately focused on enabling homeownership within Kuala Lumpur in line with rapid urbanisation of the city, especially in the category of affordable homes.

He said this strategy had paid off in building its 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.

“We are committed to providing quality standards in our current and upcoming projects, in keeping with our goal of building good for the community.

“Furthermore, our upcoming IPO on the Main Market would benefit even more stakeholders and the nation in supporting the affordable housing agenda,” he said.

Radium 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.