SINGAPORE, Aug. 12, 2015 /PRNewswire/ -- One of Singapore's leading healthcare operators Asian American Medical Group Limited ("AAMG") announced today that it has acquired a 60% stake, valued at S$19.6 million, in Rich Tree Land Pte Ltd ("RTL") for the development of an advanced diagnostic and wellness medical centre in Zhuhai, Southern China.
AAMG has been appointed the project lead manager for the development of the Zhuhai-Singapore Life Science Park (Phase 1) (the "Park"), a specialist ambulatory medical centre offering health-screening, endoscopic and operation services, multi-disciplinary medical consultations including a one-stop suite of aesthetic services that will involve investments of about S$80 million upon completion in 2017. AAMG, together with leading U.S. healthcare group UPMC which whom it has a strong partnership, will oversee the design and delivery of the Park.
International interest in China's healthcare sector was previously confined to traditional Chinese medicine and hospital-based services. AAMG believes that over the next decade, the project will reshape medical tourism in China, leveraging on the strong demand in China for world-class medical expertise, Zhuhai's close proximity to Macau and Hong Kong, and its easy accessibility with the completion of the Hong Kong-Macau-Zhuhai Bridge.
Headquartered in Singapore's Gleneagles Hospital and listed on the Australian Securities Exchange, AAMG will pay S$19.6 million for a 60% stake in RTL, which successfully tendered in March 2015 for a 5,446 square meter ("sqm") land parcel in the new Zhuhai Free Trade Zone ("FTZ"). The acquisition is subject to due diligence, shareholder approval (if necessary), and the receipt of an independent valuation of the land owned by RTL, which values it at no less than RMB 1,500 per sqm.
The FTZ is the focus of major infrastructural developments including a major US$11 billion, 50km bridge connecting Hong Kong, Macau and Zhuhai which -- upon completion in 2016 -- will contribute to the zone as a major technological, commercial and industrial hub that will also serve as a centre of modern Western medical ambulatory expertise.
RTL intends to erect on its land parcel a 12-story medical complex, featuring a modern international health screening centre, multi-disciplinary medical suites and several retail and F&B outlets. The complex is scheduled for completion in 2017.
Ms Rachael De Foe; [email protected]