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Wednesday, August 4, 2010

Sime aims to double revenue from healthcare

Sime Darby Bhd, the country's largest conglomerate, wants to double its healthcare revenue in three years, looking for land outside the Klang Valley as well as Sabah and Sarawak to build its hospital portfolio.

The healthcare division currently contributes less than 5 per cent to group revenue.

Last year, Sime Darby posted a net profit of RM2.3 billion on a revenue of RM31.01 billion.

Sime Darby Property Bhd managing director Tunku Datuk Badlishah Tunku Annuar said the group may buy land to build its own hospitals or co-develop with others.

Tunku Badlishah said it may also consider buying existing hospitals and refurbishing the properties.
"It can be costly to set up a hospital. Returns on investment can take a while. The best thing is to form smart partnerships like what we did with Perdana ParkCity (Sdn Bhd)," he said.

Perdana ParkCity, a unit of the timber-based Samling group, is building a RM143 million hospital on a design, build and lease concept in the Desa ParkCity township in Bukit Menjalara, Kuala Lumpur.

The 300-bed hospital, called Sime Darby Medical Desa Park City, will operate by first quarter of 2013.

Sime Darby Healthcare has an agreement with Perdana ParkCity to lease the hospital for 15 years.

"We are bullish on the hospital, which is dedicated to women and children's healthcare. It will have good catchment," he said after the ground breaking ceremony at the project site yesterday.

It was officiated by City Hall director general Datuk Salleh Yusup. Also present were Sime Darby Medical Centre Subang Jaya chairman Tengku Datuk Ahmad Shah Sultan Salahuddin Abdul Aziz Shah, Perdana ParckCity chairman Yaw Chee Siew and chief executive officer Lee Liam Chye.

The hospital will comprise a three-storey podium block featuring full service outpatient clinics, advanced diagnostics services, six operating theatres, a 20-bed critical care unit, and a six-storey ward.

It will be the fourth full-fledged hospital operated by Sime Darby Group.

It now owns and operates the 393-bed Sime Darby Medical Centre (previously known as the Subang Jaya Medical Centre) in Subang Jaya and the Sime Darby Specialist Centre Megah in Petaling Jaya.

The group recently acquired a 220-bed Sime Darby Medical Centre Ara Damansara, which is under refurbishment and will open by 2011.

By Business Times

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