A firm controlled by Singapore billionaire Peter Lim has dropped plans to build a township in Iskandar Malaysia and will instead develop a healthcare city beside the upcoming Thomson Iskandar medical hub.
Rowsley, a Singapore-listed real estate company, announced on Tuesday (Sep 22) that it has received “favourable response” from the Johor Head of State to reconceptualise Vantage Bay from a mixed-used lifestyle township to a healthcare city comprising a medical hub, a healthcare educational hub and a wellness hub.
“This rezoning is in line with the State Government’s vision to transform Johor into an international medical destination,” Rowsley said in a statement.
The Vantage Bay site is located near the Johor end of the Causeway that links Singapore to Malaysia. The site is next to the Thomson Medical Hub in Johor Bahru that is being developed by another firm linked to Mr Lim.
Rowsley said its decision to covert Vantage Bay from a township to a healthcare city was partly due to the large number of residential apartments being built in Iskandar.
The strong growth prospects for the health and wellness sector, as well as the increasing demand for more affordable and sophisticated healthcare facilities and services in Malaysia, Singapore and Indonesia, were also factors behind its decision.
Rowsley said the healthcare city will house a specialist hospital, a community hospital, long-term care facilities, a teaching hospital, a medical school, research and training institutions, an urban wellness resort, wellness retail services and other associated facilities.
The gross development value of the healthcare city is expected to be RM5 billion (S$1.65 billion), it said, adding that it intends to fund the investment through a mix of internal funding and bank financing.
Source : Channel NewsAsia – 22 Sep 2015