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Friday, June 26, 2009

Oriental: Malacca waterfront project to be ready in 5 years

AUTO and plantation group Oriental Holdings Bhd said its proposed waterfront development in Malacca is due to be completed in about five years.

The company's group managing director Datuk Wong Lum Kong said the company will try to fast-track the integrated project at Malacca's Klebang area with support from the state government.

"Apart from a RM200 million specialist hospital we intend to open there, commercial and residential units," he said after the company's annual shareholders' meeting in Penang.

Wong said reclamation works on the proposed waterfront project have almost been completed and the hospital, a nursing school and service apartments for families of overseas patients are slated for completion within two-and-half years.

Business Times on Monday reported that OHB plans to open the 300-bedded Melaka Straits Medical Centre.

OHB is set to hold a controlling 51 per cent stake in the hospital.

Boon Siew Sdn Bhd, the controlling shareholder of OHB will hold another 20 per cent, followed by Bagan Specialist Centre with 29 per cent.

The reclamation project there is handled by Ultra Green Sdn Bhd, a construction and property development subsidiary of OHB.

Wong said OHB is hoping to fund the project with internal funds and the development value has not been finalised as yet.

"Our plan is to market the project in countries like Singapore and Australia where we have a marketing presence," he added.

By Business Times (by Marina Emmanuel)

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