Radium Development Berhad (Malaysia)

The Company was incorporated on 19 March 2013 as a private limited liability company and is domiciled in Malaysia. The Company was converted to a public company limited by shares and assumed its present name on 14 September 2021.
The principal activity of the Company is investment holding. The Group is a property developer principally involved in the development of high-rise residential properties. The Group focuses on the development of competitively-priced high-rise residential properties in strategic locations in urban Kuala Lumpur. The high-rise residential property development comprises condominiums, serviced apartments, suite apartments and SOHO units.
The Group is also committed towards the development of affordable housing such as Residensi Wilayah (previously known as RUMAWIP) and PPAM (previously known as PPA1M) to support the Government’s effort in providing affordable housing to all Malaysian citizens. Residensi Wilayah is an affordable housing programme, introduced by the Government, for middle income buyers born, residing and working in the Federal Territory of Kuala Lumpur. PPAM is an affordable housing scheme for civil servants. The affordable housing projects are either developed with the condominiums/serviced apartments under the same development order, or developed as standalone projects. The Residensi Wilayah and PPAM projects are undertaken through the Group’s own initiatives and does not involve Government awarded projects.
On 11 March 2020, the World Health Organisation declared the COVID-19 outbreak as a pandemic in recognition of its rapid spread across the globe. Many countries including the Malaysian Government had imposed the Movement Control Order (“MCOâ€) to curb the spread of the COVID-19 pandemic. The COVID-19 pandemic also resulted in travel restriction, lockdown and other precautionary measures imposed in various countries. The emergence of the COVID-19 pandemic since early 2020 has brought significant economic uncertainties in Malaysia and markets in which the Group operates.
The Group has performed an assessment of the overall impact of the situation on the Group’s operations and financial implications, including the recoverability of the carrying amount of assets and subsequent measurements of assets and liabilities and concluded that there was no material adverse effects on the financial statements for the financial years ended 31 December 2020 and 31 December 2021 and financial period ended 31 October 2022.
2011 - Acquisition of seven (7) parcels of land by Idaman Sejiwa (Ampang) in Ampang, Kuala Lumpur.
2012 - Acquisition of additional two (2) parcels of land by Idaman Sejiwa (Ampang) in Ampang, Kuala Lumpur
2013 - Incorporation of the Company as Idaman Sejiwa Development Sdn Bhd (ISD) on 19 Mar 2013 as a shelf company with share capital of two shares and remained dormant until PV Holdings, a company which Datuk Gan Kah Siong has equity interest in acquired 100% equity interest in ISD on 8 July 2013 to carry out property development activities. Entered into a joint venture with Alaf MRR Two Station Sdn Bhd by Total Solid for the development of Residensi Semarak Platinum to submit the necessary planning submission to DBKL. Idaman Sejiwa (Ampang) became a subsidiary of Radium.
2014 - Acquisition of one (1) parcel of land by Constant Premium in Sentul, Kuala Lumpur and one (1) parcel of land by Vistarena Development in Bukit OUG, Kuala Lumpur.
2015 - The approvals by DBKL for development order and approvals of other relevant authorities for Residensi Semarak Platinum was obtained. Acquisition of land by Montanica Development in Setapak, Kuala Lumpur.
2017 -The Company launched its first project, Residensi Semarak Platinum, located along Jalan Semarak, Kuala Lumpur. The project comprises 1,400 units of condominiums and 600 units of affordable housing with a total GDV of RM885.44 million.
2018 - Alienation of land in Salak South, Kuala Lumpur held by Fitrah Resources. The Company recorded a new achievement with the launch of two (2) projects simultaneously in a year, namely Residensi Platinum OUG and Residensi Vista Wirajaya. Residensi Platinum OUG is located in Bukit OUG, Kuala Lumpur and comprises 440 units of condominiums, 220 units of affordable housing and 660 units of civil servants housing with a total GDV of RM467.77 million.
2019 - The Company launched Residensi PV9 which is located in Taman Melati, Kuala Lumpur. This project is located opposite Residensi Vista Wirajaya, and comprises 953 units of condominiums and 438 units of affordable housing with a total GDV of RM637.31 million. The company also held a soft launch for our business partners and employees, for Residensi Platinum Mira which is located in Cheras, Kuala Lumpur. This project comprises 698 units of serviced apartments with a total GDV of RM377.03 million.
2020 - The Company launched Residensi Vista Sentul which is located in Sentul, Kuala Lumpur. The project comprises 705 units of serviced apartments with a total GDV of RM305.54 million. Residensi Vista Sentul is expected to be completed in the second quarter of 2023.
2021 Feb - The Group underwent an internal restructuring to transfer the controlling interest of ISD from PV Holdings to Datuk Gan Kah Siong, Gan Tiong Kian and Gan Kok Peng. In Feb 2021, throught new shares allotment, Datuk Gan Kah Siong with 210,000 shares, Gan Tiong Kian and Gan Kok Peng with 100,000 shares each, became shareholders of ISD, bringing the total issued share capital of ISD to 410,002 shares. In April 2021, through new shares allotment, Cengal 2020 Sdn Bhd (i.e., Datuk Gan Kah Siong holds 100.00% equity interest in the company), Fountain Circle Sdn Bhd, Flexwan Sdn Bhd, Tambun Team Sdn Bhd (i.e., Gan Kok Peng holds 100.00% equity interest in the company), Java Citarasa Sdn Bhd (i.e., Gan Tiong Kian holds 100.00% equity interest in the company) and Gita Bumi Sdn Bhd became shareholders of ISD, bringing the total issued share capital of ISD to 1,000,000 shares, and PV Holdings continues to remain as a shareholder of ISD. With that, our Group Managing Director, Datuk Gan Kah Siong, holds 21.00% direct equity interest and 50.00% indirect equity interest in ISD as at 31 Mar 2023
2021 Mar - In March 2021, our Group underwent an internal restructuring and our wholly-owned subsidiary, Omega Edisi, was designated as the management company to provide management services to our Group. Omega Edisi was incorporated in September 2003 as a shelf company and was acquired by Tan Sri Datuk Seri Gan Yu Chai and Datuk Gan Kah Siong on 20 August 2013, with 50.00% shareholding each. On 4 January 2016, ISD acquired 100.00% equity interest in Omega Edisi from Tan Sri Datuk Seri Gan Yu Chai and Datuk Gan Kah Siong, for a total purchase consideration of RM100.00. The said purchase consideration was arrived at on a “willing-buyer willing-seller basis†after taking into consideration the status of Omega Edisi as a dormant company. Omega Edisi was dormant until 2016 when it entered into a proposed land acquisition deal with DBKL. However, the proposed land acquisition deal did not materialise and Omega Edisi remained a dormant company since 2018 until March 2021 when it was designated to be the management company of our Group.
2021 Jun - The company officially launched Residensi Platinum Mira in June 2021. This project comprises 698 units of serviced apartments with a total GDV of RM377.03 million. However, litigation proceedings were taken against Pavilion Integrity in respect of our development land for Residensi Platinum Mira. As at the LPD, the development activities for Residensi Platinum Mira remains suspended, as advised by the solicitors for Pavilion Integrity, in order to avoid any unnecessary further legal proceedings, following the Court of Appeal’s decision on 3 October 2022.
2021 Aug - The Company completed our first project, Residensi Vista Wirajaya in August 2021.
2021 Sep - ISD changed its name to Radium Development Sdn Bhd on 2 September 2021 and subsequently converted to a public limited company under the name of Radium Development Berhad on 14 September 2021.
2021 Oct - The company also completed their second project, Residensi Semarak Platinum in October 2021
2022 Mar - In March 2022, the Company commenced the construction works for Suite Canselor which is located in Ampang, Kuala Lumpur. The project comprises 944 units of SOHOs with a total GDV of RM474.37 million and 145 units of hotel rooms which are not for sale as the operations and management of the hotel will be retained by our Group.
2022 Jun - The company completed our third project, Residensi Platinum OUG in June 2022.
2022 Nov - The Company completed our fourth project, Residensi PV9 in November 2022.
2023 Jan - The Company commenced the construction works for Residensi Desa Timur which is located in Salak South, Kuala Lumpur in January 2023. The project comprises 1,218 units of suite apartment and 1,218 units of affordable housing with a total GDV of RM994.53 million. Residensi Desa Timur is expected to be launched in the third quarter of 2023, and is expected to be completed in the fourth quarter of 2027. The company launched Suite Canselor in February 2023.
2023 Feb - The launching of SOHO units for Suite Canselor was held in February 2023. The SOHO units are expected to be completed in the fourth quarter of 2025; and the hotel operations are expected to commence in the third quarter of 2026.