Iskandar project converted into healthcare hub

Romesh Navaratnarajah23 Sep 2015

Vantage Bay

Rowsley Ltd, a firm controlled by Singapore billionaire Peter Lim, will convert its Vantage Bay integrated development in Iskandar Malaysia into a healthcare hub, as residential sentiment within the region remains soft, reported The Business Times.

With a gross development value of RM5 billion, the new healthcare city will have three components – education, wellness and medical – which will be developed in phases over 10 years, said the company.

The medical component will include a community hospital, specialist hospital, medical suites and long-term care facilities. Rowsley noted that the two hospitals will be situated next to Thomson Iskandar hospital, with the three hospitals offering a total of 850 beds.

The Thomson Iskandar hospital is being developed by another firm controlled by Lim.

The wellness component will include a hotel, retail mall, serviced apartments and an urban wellness resort, while the education component will feature a teaching hospital with a research institute and 300 beds.

Rowsley intends to fund the investment through a combination of bank financing and internal funding.

Proposed in November 2012, the original plan for Vantage Bay included a hotel, mall, 75-storey condominium and office blocks. The condo was set to launch last year but was delayed due to weakening market sentiment.

Image: Artist’s impression of Vantage Bay, Iskandar.

 

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

POST COMMENT

You may also like these articles

Malaysia properties still popular with Singaporeans

Despite challenging market conditions, some 10 units amounting to RM$8.65 million were sold in just two days at PropertyGuru's Malaysia Property Show last weekend. Close to 400 visitors attended th

Continue Reading16 Sep 2015

Australia intensifies crackdown on illegal foreign investments

The Australian government has intensified its crackdown on illegal investments in local real estate, with nearly 500 properties worth A$1 billion under investigation, reported The Wall Street Journal.

Continue Reading17 Sep 2015

Sotheby’s expands into the Middle East

Sotheby’s International Realty has announced plans to expand its business into five Gulf countries. The luxury real estate firm already operates in Dubai and Abu Dhabi. Gulf Sotheby’s Intern

Continue Reading21 Sep 2015