KUCHING: Ibraco Bhd is to sell vacant land to NorthBank Specialist Hospital Sdn Bhd (NHSB) for RM35.4 million for a private specialist hospital project there.
IIbraco has entered into a sale and purchase agreement with NHSB and Kuching Health Holdings Sdn Bhd (HMI) for the disposal of 4.2-acre vacant land within the NorthBank township.
The original cost of investment on the land in November 2011 is about RM1.422 million, and Ibraco is expected to make an estimated gain of about RM22 million from the disposal, the property developer said in a filing with Bursa Malaysia.
According to Ibraco, the disposal consideration for the land amounting to RM35.4 million was arrived at based on a willingbuyer willing-seller basis taking into consideration its market value of RM34 million appraised by independent valuer CH William Talhar Wong & Yeo in November 2024.
NHSB’s intended principal activity is to operate a private hospital but has yet to commerce its operation.
NHSB is owned by HMI, a wholly-owned subsidiary of Health Management International Pte Ltd (HMI Medical), a regional private healthcare group with a strong and expanding presence across Southeast Asia.
Beyond tertiary hospitals, HMI Medical group operates across the full healthcare continuum, including primary care, telemedicine, diagnostics, ambulatory services, training, and corporate health.
“The proposed disposal (of the land) to a reputable and established healthcare group enables Ibraco to unlock and realise the value of the said land while facilitating HMI Medical’s expansion into Sarawak to strengthen private healthcare provision in the state.
The collaboration supports the national agenda to expand quality private healthcare services and improve accessibility for the community.
“The establishment of a private hospital within The NorthBank township will significantly enhance accessibility to quality healthcare services for residents and neighbouring areas.
It will also attract a wider catchment of professionals, families and retirees seeking a well-served living environment, thereby strengthening the township’s liveability and long-term attractiveness. “In addition, the hospital’s operations are expected to stimulate local economic activity through job creation, demand for ancillary medical and commercial services.
The presence of a reputable healthcare brand within the township will further enhance investor and purchaser confidence, reinforcing the township’s positioning as a selfsustaining and vibrant community hub,” said Ibraco, the developer of The NorthBank township, which spans 123 acres.
On the proceeds from the disposal, Ibraco said it intends to utilise RM22 million to part finance the phase 1 of the NorthBank Business Exchange project, which commenced in April 2024 and is expected to be completed by December 2028.
The project comprises 4-storey leisure mall, office tower and service apartments, and has a gross development cost of RM348 million which will be financed by internally generated funds and/or external borrowings.
The company intends to allocate RM5.744 million from the proceeds for its working capital requirements.
The remaining proceeds will be set aside for the estimated expenses on the proposal disposal of RM7.656 million.
