Property developer Rowsley has signed a memorandum of understanding (MOU) with Thomson Medical for the private hospital to be Rowsley’s strategic partner in the RM5 billion Vantage Bay Healthcare City project in Iskandar Malaysia.
The two parties will work together to conceptualise and develop the project. Located a kilometre from the Johor Causeway, it will comprise a specialist hospital, community hospital, long-term care facilities, teaching hospital, medical school, research and training institutions, purpose-built urban wellness resort, wellness retail services and other associated facilities.
Singapore-based Thomson Medical, which operates Thomson Medical Centre as well as a network of specialist clinics and imaging centres, will advise on the wellness and healthcare aspects of the project.
Both parties will leverage on their combined network and expertise to jointly promote the project to suitable prospective partners, investors and operators. Thomson Medical will also evaluate opportunities to operate relevant components of the project, either on its own or together with third parties.
In September 2015, Rowsley announced that it was re-positioning Vantage Bay into a healthcare city with the goal of turning it into a leading healthcare destination in Asia. This is on the back of soft market sentiments for residential apartments in Iskandar in the last year.
According to official statistics, the number of Malaysians and Singaporeans aged 65 and above will double to six million by 2030. With an aging population and rising healthcare costs, the development is expected to provide quality and affordable healthcare.
Ho Kiam Kheong, Rowsley’s Executive Director, said: “We are delighted to sign this MOU with Thomson Medical given their strong track record and branding in healthcare both in Singapore and the region. We will now be able to expedite and execute our plans to develop Vantage Bay Healthcare City as a leading medical hub, serving both the local and regional markets.”
Rowsley intends to fund the investment through a diverse mix of financing, including equity funding from investors.
Image: Artist’s impression of the Vantage Bay project in Iskandar Malaysia.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
