Kuala Lumpur: Radium Development Bhd’s wholly owned indirect subsidiary, Radium J Velodrome Sdn Bhd (RVSB), has proposed to acquire a mixed-use land parcel and two commercial land parcels for RM458 million. In a filing with Bursa Malaysia today, Radium said RVSB had signed a conditional sale and purchase agreement with Dupion Development Sdn Bhd for the acquisition.

According to BERNAMA News Agency, Radium stated that the acquisition aligns with the group’s strategy to expand its property development and investment business by increasing its landbank and undertaking new projects. The acquisition will supplement the group’s existing landbank in a strategic location within Kuala Lumpur.

The land parcels are situated in the mature Jalan Cheras neighbourhood, which features a mix of residential, commercial, healthcare, and educational developments. The area also offers good accessibility and connectivity via expressways and highways.

Radium disclosed that the purchase would be funded through a combination of internally generated funds and bank borrowings, with 70 per cent of the funding coming from borrowings and the rest from internal funds.