Analysis: IHH tie in with PHB a solid move
RESEARCHERS with MIDF Amanah Investment Bank Bhd (MIDF Research) is optimistic as IHH Healthcare Bhd (IHH) has partnered with Pelaburan Hartanah Bhd (PHB) for the development of a new medical block adjacent to the current Gleneagles Hospital Kuala Lumpur complex.
The new facility will be leased from PHB for an initial period of 20 years.
The new purpose-built medical block for Gleneagles Hospital will take up about 470,000 square feet of floor area equipped with over 260 beds.
“This project is expected to be completed by 2027, subject to regulatory approvals. This is in line with IHH’s drive to add additional beds to its hospitals locally and internationally in 2024,” commented MIDF Research in a note yesterday.
The new block will be equipped with state-of-the-art facilities aimed at providing highly specialised care in emerging sub-specialties such as micro and hand, foot and ankle, spine surgeries.
It is also specifically designed with a high allocation of single beds to meet rising demand for individualised patient care, and is expected to incorporate green building features.
“Post-expansion, Gleneagles Hospital Kuala Lumpur will enter a new phase of growth and will be one of the largest private hospitals in Malaysia with over 700 beds,” it continued.
“Gleneagles caters for growing demand from locals and medical tourists. For PHB, this expansion is in line with its aim to achieve RM25 billion asset portfolio by 2030.
“We believe that the collaboration between IHH and PHB since 2011 for its Gleneagles Hospital proved to be a solid and strategic partnership.
“Considering IHH’s strong presence in the private healthcare sector as well as the call for more healthcare services in line with the growing aging population and higher demand for basic treatments and surgeries from local patients and medical tourists, we opine that this expansion will benefit the group in the long run.”