Radium Development Bhd group managing director Datuk Gary Gan.
PETALING JAYA: Radium Development Bhd
anticipates a brighter financial year 2025 (FY25) owing to new business venture plans as well as recognition of revenue from two ongoing projects.
Without disclosing further details, managing director Datuk Gary Gan told StarBiz that Radium will be announcing a new business segment, on top of new landbank acquisitions in 2025.
“At the moment we are not able to reveal the news yet – but we will not only be acquiring new land banks but also bringing in a new segment for our business.
“I believe that 2025 is going to be a very exciting year for us,” he said after the launch of its Radium Arena sales gallery here yesterday.
He said the group’s ongoing projects, namely, Chancery Residences and Desa East Residence, which has a total gross development value (GDV) of RM1.5bil, is expected to see recognition of revenue by the end of the year or early next year.
“Because the projects are still in the early stages of construction, the recognition of revenue is still lacking.
“We foresee revenue to pick up by the end of the year or early next year – and FY25 is certainly going to be much better than FY24,” he said.
Radium reported a significant drop in net profit of 55.79% year-on-year (y-o-y) to RM2.43mil in the first half of FY24, despite recording a revenue of RM58.16mil.
The drop was attributable to losses in property development during its second quarter of the year.
With a GDV of about RM550mil, Radium Arena features two 40-storey blocks with 988 residential units.
Gan said the development located in Old Klang Road meets the growing demand for competitive-priced homes close to the city centre.
That being said, Radium Arena is expected to have a take-up rate of 50% by end of the year on the back of its strategic location as well as affordable pricing.
“We are confident that the development located in Old Klang Road will sell, and our price range is within the affordable range suitable for the market,” he added.
Priced in the RM400,000 to RM600,000 range, Gan said the new development targets young professional homebuyers.
Radium Arena is slated for completion by the fourth quarter of 2028.
