KUALA LUMPUR: Sunway Healthcare Holdings Bhd’s (SHH) 99.9 per cent-owned subsidiary, Sunway Medical Centre Sdn Bhd (SMC), is acquiring four parcels of freehold land in Sunway City Iskandar Puteri, Johor, measuring a combined 4.01 hectares, for RM45.37 million.
SMC had entered into a Sale and Purchase Agreement (SPA) with Sunway Marketplace Sdn Bhd, Sunway Parkview Sdn Bhd, and Sunway Iskandar Sdn Bhd to acquire the four land parcels.
In a filing with Bursa Malaysia today, SHH said the proposed development of the land will comprise a 410-bed hospital located within Sunway City Iskandar Puteri, with an estimated total development cost of RM781.6 million.
“Sunway City Iskandar Puteri spans 809.37 hectares at the southern tip of Peninsular Malaysia and is strategically positioned just five kilometres away from the Malaysia-Singapore Second Link via the Coastal Highway Southern Link.
“The proposed development is expected to serve as a key healthcare anchor in the integrated township,” it said.
The healthcare group said the purchase consideration was arrived at on a willing-buyer, willing-seller basis after taking into consideration the location, development potential of the land and the strategic requirements of SHH Group.
It added that the acquisition is in line with the group’s strategy to expand its network of tertiary hospitals and its footprint in Johor, capturing unmet demand for tertiary healthcare in the southern region.
The acquisition will be funded through internally generated funds and/or bank borrowings, and the transaction is not expected to have any material effect on the group’s earnings per share, net assets per share or gearing.
The proposed acquisition is expected to be completed by the second quarter of 2027, barring unforeseen circumstances and subject to the fulfilment of the SPA’s conditions. – BERNAMA
