US$59 million ‘Life Science Park’ in Zhuhai in 2018
17-storey medical complex breaks ground.
Singapore-based Asian American Medical Group Limited (AAMG) and Rich Tree Holdings (RTH) broke ground on Sunday on a US$59 million (MOP471 million) specialist medical centre located in the Zhuhai Free Trade Zone. The park, set to open in 2018, is being built on a 5,446 square metre plot, with its 17 storeys allowing for over 21,000 square metres destined for an international health screening centre, multidisciplinary medical suites, and retail and F&B outlets.
AAMG is still finalising its 60 per cent stake in RTH, which was previously valued at SG$19.6 million (MOP114 million / US$14.27 million), in the interests of overseeing the design and delivery of the park, along with U.S. healthcare group UPMC. RTL, the private equity firm who secured a 40-year lease on the plot, estimated its worth at RMB1,500 (MOP1,842 / US$230)per square metre.
The park, termed a ‘specialist ambulatory medical centre’, will, upon completion, offer health screening, endoscopic and operation services plus multi-disciplinary medical consultations. AAMG, in its advisory capacity, will help in ‘setting up an international referral centre to service residents in Zhuhai and the surrounding areas seeking medical treatment overseas, particularly in Singapore,’ it said in a press release.
The group is reportedly receiving SG$750,000 for its ‘services and healthcare related advisory to RTL’, with ‘negotiations currently ongoing to extend AAMG’s involvement’ further ‘beyond the feasibility and planning phase,’ said Dr. Tan Kai Chah, AAMG’s Executive Chairman and lead surgeon.
AAMG plans to use their Zhuhai presence to ‘expand our presence in China’, according to Dr. Tan, with plans to turn the Zhuhai centre into a hub for specialist wellness, diagnostics, cosmetic and preventive medical care using ‘the best of Singapore’s proven medical expertise’. Through the project the group hopes to reshape medical tourism in China states a report.
AAMG is based in Singapore and entered into a strategic agreement with UPMC in October 2012. AAMG’s operations include the Asian American Liver Centre Pte. Ltd. and Asian American Radiation Oncology Pte Ltd. AAMG has been listed on the Australian Securities Exchange since September 2009.
The opening date of the park, originally slated for 2017, is set to correspond with the completion of the Hong Kong-Zhuhai-Macau Bridge.
US$59 million ‘Life Science Park’ under construction in Zhuhai