Boutique property developer Radium Development Berhad has unveiled R Suites Chancery Residences, its newest project, in Kuala Lumpur (KL) as it is confident in the pent-up demand in the local real estate market.

According to the company's managing director Gary Gan Kah Siong, the property market had some growth in 2022 in terms of both transactions and valuation, in comparison with the previous year.

"In 2023 and beyond, as we move into the new normal recovery, we expect people to be looking to diversify and build their investment portfolios to better secure their futures.

"Chancery, with its strategic location and exclusive facilities, is an ideal opportunity for investors looking to upgrade their property portfolios or to expand them, as well as to consider long-term gains through rental income," he said.

The project will be completed by the fourth quarter of 2027 and has a gross development value of RM521 million.

The 51-story building is surrounded by a well-established neighbourhood of shops and homes on a 2.18-acre tract of prime freehold property in Ampang City Centre.

Gan said that it will present local and foreign buyers of real estate with an investment opportunity in the expanding real estate market in KL.

The development will have 145 hotel rooms, 944 residential apartments, commercial areas, and upscale amenities.

The residential suites are priced between RM455,000 and RM867,000 and range in size from 452 to 861 square feet (studio, two-bed, two-bath suites).

The hotel will be run by a reputable independent hotel brand with a KL location.

The facilities, which include a co-working space are spread across two floors, spanning 33,615 sq ft.

According to reports, Gan expressed optimism for the success of Chancery and set a goal for 80 per cent of the apartments to be taken up by the end of 2023.

"The property sector is facing significant challenges as we begin to recover from the pandemic. Despite this, Chancery will meet the demands of buyers who expect exceptional quality and value in their property investments.

"Chancery is ideally situated to cater to short, mid, and long-term rentals, particularly those relating to traditional, wellness, and expatriate tourism," Gan said.

Located 5km from KLCC and KL's Golden Triangle, Chancery is accessible via public transportation and major highways like Ampang-Kuala Lumpur Elevated Highway and Kuala Lumpur Middle Ring Road 2.