23 May 2012

Integrated Healthcare Holdings (IHH) IPO Update: IHH Healthcare's S$ 2 billion Mount Elizabeth Novena hospital complex in Singapore on track for its July opening

Parkway Pantai Ltd’s (PPL) S$2bil Mount Elizabeth Novena hospital complex in Singapore is on track for its July opening after having recently received its temporary occupation permit from the Building and Construction Authority ahead of schedule.

It would be the fourth Singapore hospital under PPL, the largest private healthcare provider in the republic and a wholly-owned subsidiary of IHH Healthcare Bhd, formerly known as Integrated Healthcare Holdings Sdn Bhd, the companies said in a joint statement.

IHH managing director Dr Lim Cheok Peng said he believed the 333-bed premier facility would further strengthen the group’s leadership position in Singapore and the region.

The 14-storey complex will be among Singapore’s most ambitious and comprehensive medical facilities.

PPL Group chief executive officer and managing director Dr Tan See Leng sees it further raising the bar for Singapore’s healthcare system, including its appeal to both local private patients and the growing medical travel market.

Mount Elizabeth Novena will have 13 operating theatres – including hybrid operating facilities which allow less invasive surgery – and will focus on heart and vascular diseases, orthopaedics, neurosciences and general surgery.

There are also 254 co-located medical suites, with more than eight in 10 available for sale and PPL retaining the remainder for its own use.

Tan said there had been overwhelming demand for the suites.

“One hundred per cent of those available for sale have been taken up by medical specialists.

“We take this as a sign of the confidence the medical community has in the project,” he said.

Over 100 of these specialists who have purchased the suites will be practising there from the opening day, with the remaining 70 moving in by end-2012.

The hospital’s 333-single-bed-only wards include 37 deluxe wards, eight VIP rooms and three suites.

More than half, or 180 beds, are expected to be operational when the hospital opens, with the remainder ready in the second half of next year.

Source: www.thestar.com.my


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