Rowsley and Thomson Medical have entered into a Memorandum of Understanding (MOU) for a strategic partnership targeting the development of the RM5 billion ($1.7 billion) Vantage Bay Healthcare City project in Iskandar, Johor in southern Malaysia.
Thomson Medical is a leading healthcare service provider based in Singapore which operates the Thomson Medical Centre as well as a network of specialist clinics and imaging centres.
Rowsley’s partnership with Thomson Medical is a milestone, marking its plans to reposition Vantage Bay into a leading Asian healthcare destination. Rowsley intends to fund the development of this project through a diverse mix of financing that includes equity funding from investors.
Rowsley and Thomson Medical are collaborating on conceptualising and developing the project, with Thomson Medical advising on the wellness and healthcare aspects of it. Additionally, it will also evaluate opportunities to operate relevant components of the project as an individual agent or together with third parties.
Vantage Bay Healthcare City is located on a 9.23 hectare-site, a kilometre from the Johor Causeway. Features planned for the integrated healthcare facility will comprise – a specialist hospital; a community hospital; long-term care facilities; a teaching hospital; a medical school; research and training institutions; a purpose-built urban wellness resort; wellness retail services and other associated infrastructure.
Coming amidst soft market sentiments for residential apartments in Iskandar Malaysia in the last year, the JV will enable rapid execution of plans to develop Vantage Bay Healthcare City, according to Rowsley executive director Ho Kiam Kheong.
Rowsley said it intends to fund the investment through a diverse mix of financing including equity funding from investors.