KUALA LUMPUR (Feb 22): Radium Development Bhd has announced a profit before tax (PBT) of RM15.77 million for 4QFYE2023. The group also generated a revenue of RM28.27 million in in the quarter.
Radium Development also maintained a gross gearing ratio of 0.05 times “reflecting its financial stability and strategic management amidst project dynamics”, stated the group in a media release.
“Furthermore, Radium Global Sdn Bhd, a subsidiary of the group, recently acquired land at Old Klang Road in June 2023, signalling the group’s commitment to growth and enhancing shareholder value. The launch of this project is expected in the first half of 2024,” it added.
“We are confident in our group’s sustained growth trajectory, with a focus on launching and selling two new projects in 2023: R Suites Chancery Residences in Ampang, with an estimated 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,” said group managing director, Datuk Gary Gan Kah Siong.
Meanwhile, RM109.3 million from the IPO proceeds has been allocated for the development of a 145-room boutique hotel in Ampang, Kuala Lumpur.
This strategic move aims to tap into a rejuvenated revenue stream from Kuala Lumpur’s tourism sector, complementing the company’s existing property development portfolio.
Vista Adesa, launched in May 2023, has achieved a take-up rate of nearly 60%, equivalent to a GDV of approximately RM219 million. Radium Adesa, launched in June 2023, has garnered a take-up rate of 78%, representing a GDV of RM447 million.
“The Vista Adesa project not only embodies Radium’s ‘Building Good’ ethos but also perfectly aligns with the government’s strategic objective of enhancing homeownership among Malaysians. The project encompasses the provision of economical residential units valued at up to RM300,000, comprehensively financed through the Housing Credit Guarantee Corporation (“HCGS”) loan programme,” said Gan.
On Nov 28, 2023, the group also formalised a Strategic Partnership Agreement with MyCharge EV Sdn Bhd to integrate electric vehicle (EV) chargers across current and future developments. The group plans to install EV chargers at Vista Sentul Residences in March 2024.
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Source: EdgeProp.my
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