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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
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