Private healthcare provider Raffles Medical Group is acquiring a site next to Raffles Hospital at North Bridge Road for S$105.2 million.
In a statement, the hospital group said the total development cost of the project, including the purchase price of the site, construction costs and improvement works to the existing hospital, is estimated to be about S$310 million.
The construction period is estimated to be about 24 months.
The 1,978.10 square metre site has a plot ratio of 5.6, and would yield a gross floor area (GFA) of 11,077.36 square metres.
The group said it had obtained provisional permission from the Urban Redevelopment Authority in July 2010 to increase the plot ratio on the hospital’s existing land from 4.2 to 5.6, representing an additional increase in GFA by 9,534.98 square metres.
The combined additional GFA will amount to 20,612.34 square metres.
The group said Raffles Hospital currently receives international patients from more than 100 countries, making up a third of the total patient load and contributing to Singapore’s positioning as a medical hub.
The expansion will allow Raffles Hospital to expand its range of sub-specialty centres.
These include investment in state-of-the-art technologies such as for radiotherapy for cancer treatment and nuclear medicine.
In addition, the hospital plans to develop a number of centres of excellence, such as for cancer, heart diseases, infertility and spine and joints.
The centres will be affiliated with international medical centres as appropriate, to bring in expertise and technology that will help strengthen the clinical breadth and depth of the hospital’s services.
The planned extension will also provide space for the hospital to expand its healthcare education and clinical research activities.
Source : Channel NewsAsia – 22 Jan 2014