Thursday, February 12, 2015

Rowsley to invest US$275m in Myanmar development

POSTED: 12 Feb 2015

SINGAPORE: Rowsley, a real estate, architectural and engineering consultancy firm part-owned by Singapore billionaire Peter Lim, is making its foray in Myanmar by investing US$275 million (S$274.5 million) in a property project in Yangon.

Under a heads of terms agreement signed on Thursday (Feb 12), Rowsley will take a 50 per cent stake in a company that wholly owns HAGL Myanmar Centre - one of the country's largest integrated projects with four office blocks, a five-star hotel, a retail mall, serviced apartments and residential apartments.

"Yangon currently faces a severe shortage of top-grade office space, hotels and modern malls. The first phase of HAGL Myanmar Centre will be operational in 2015 and will immediately address the acute shortage of real estate in all these asset classes,” Rowsley Chief Executive Officer Lock Wai Han said in a statement.

Rowsley's partner in the project is Vietnam's Hoang Anh Gia Lai Joint Stock Company (HAGL), which will undertake the construction of the entire project.

Spread over more than 73,000 square metres of land located in a prime neighbourhood next to Inya Lake in Yangon, HAGL Myanmar Centre has a land lease term of 50 years and option for another 10+10 years, with the project valued at US$550 million when completed.

Myanmar has seen strong economic growth in recent years. The International Monetary Fund, however, warned earlier this week that the country's economy is set to grow at a slower pace of 7.8 per cent in the fiscal year ending Mar 31 due to a slowdown in agriculture.
- CNA/ek

Monday, February 9, 2015

TMC Life Sciences to acquire Thomson Medical Hub in JB for RM400m

Posted on 9 February 2015 - 05:40am

PETALING JAYA: TMC Life Sciences Bhd, a healthcare operator and investment holding company controlled by businessman Peter Lim, has entered into a RM400 million related party deal to acquire Thomson Iskandar, a medical hub project located on 1.6ha of freehold land in Johor Bahru.

TMC has entered into an agreement with Best Blend Sdn Bhd, also partly owned by Lim, to acquire the entire issued and paid up share capital of BB Waterfront Sdn Bhd (BBWF), which is the owner of Thomson Iskandar.

The purchase consideration shall be settled by the issuance of 533.33 million new TMC shares at an issue price of RM0.75 per share, together with 266.66 million free warrants.

Best Blend is beneficially owned 70% by Lim and 30% by the Crown prince of Johor, Tunku Ismail Idris.

The company is also proposing to reward existing shareholders with a proposed bonus Issue of warrants entailing the issuance of 599,760,718 warrants on the basis of one warrant for every two TMC shares held.

The bonus warrants are subject to the completion of the share sale and purchase.

Both the consideration warrants and bonus warrants have an exercise price of 75 sen per warrant and an exercise period of four years.The deal is subject to shareholders and regulatory approvals.

The Thomson Iskandar medical hub is located at the Stulang Laut area, which is within 1km radius of the Malaysian CIQ complex located at the Causeway linking Singapore to Johor Bahru.

BB Waterfront has obtained zoning approval from the Ministry of Health Malaysia on July 7, 2014 and Dec 16, 2014 fora purpose built private hospital for the provision of multi-disciplinary healthcare services and an approval-in -principle for it to build and operate a 272-beds hospital. The proposed medical hub entails an integrated development into a medical hub that comprises a 500 beds hospital, 400 medical suites and retail mall (to facilitate and provide ancillary services to the operation of hospital and medical suites with an estimated gross development value of RM1.2 billion and a gross development cost of RM900 million.

As at last Friday, BB Waterfront has commissioned some preliminary works on the development which includes architectural, civil and structural engineering and mechanical and electrical engineering design and is expected to commence construction by end 2015. Hospital operations is expected to begin by late 2018.

The medical hub will contain a hospital named Iskandariah Hospital.

The medical hub will be managed by Thomson International, a subsidiary of Singapore private hospital owner and operator, Thomson Medical Pte Ltd.

"This transaction is timely as it allows the group to tap into the strong demand for quality and affordable healthcare in the Iskandar Region as well as the medical tourism from Singapore and the region. This acquisition will elevate TMC to the next level, " TMC chairman Datuk Khalid Abdul Kadir said.

Both Thomson Iskandar in Johor Bahru and the integrated healthcare campus at Tropicana Medical Centre in the Klang Valley once ready will see the group own and operate some 1,000 hospital beds.