KUALA LUMPUR (Nov 25): Radium Development Bhd, through its indirect wholly-owned subsidiary Radium J Velodrome Sdn Bhd, has entered into a conditional sale and purchase agreement to acquire three parcels of contiguous leasehold land in Cheras for RM458 million.

According to a media release by Radium, the land is within a transit-oriented development (TOD) zone “offering direct connectivity to the MRT Taman Pertama station (merely 100 meters away)” which “positions Radium to capitalise on the growing demand for integrated, well-connected urban developments”.

“This proposed acquisition is a cornerstone of our growth strategy, positioning Radium to capture the increasing demand for integrated urban living spaces in Klang Valley. The project’s location and scale offer significant potential for capital appreciation, aligning perfectly with our focus on creating long-term value,” said Radium group managing director, Datuk Gary Gan Kah Siong (pictured) on the acquisition.

The transaction, while subject to shareholders’ approval as a related party transaction, is expected to contribute positively to the group’s performance in the medium to long term.

Radium stated that it has a “proven track record in developing successful urban projects, including the ongoing Suite Canselor, Residensi Desa Timur, and Residensi Radium Arena developments”.

“This proposed acquisition positions Radium to benefit from several macro trends: 1) Urbanisation and the growing demand for integrated living spaces; 2)increasing preference for properties with excellent public transport connectivity; and 3) The potential for property value appreciation in well-located TOD zones,” it added.

source: EdgeProp, November 25, 2024