RADIUM Development Bhd, through its subsidiary Mayang Sepakat Sdn Bhd, is purchasing a 2.56-acre leasehold plot in Ampang for RM45 million to develop a mixed-use project.
The project will include 1,128 serviced apartments – 340 of which will be affordable units — and commercial spaces.
Strategically located on Jalan Pandan Indah, 10 km from Kuala Lumpur city center and 350 meters from the Cempaka LRT station, the land acquisition aligns with Radium’s growth strategy.
The estimated gross development value (GDV) of the project is RM470 million, with funding from internal resources and bank borrowings.
The sale and purchase agreement with Majlis Perbandaran Ampang Jaya (MPAJ) was finalised on Dec 3, and the acquisition is expected to be completed by the second half of 2025.
Radium anticipates a positive medium- to long-term contribution to its performance from this venture.
Radium’s shares closed 1.04% higher at 48.5 sen today, giving it a market capitalisation of RM1.682 billion. — TMR