Jan 27, 2016

Premium hospital for Yangon

IHH Healthcare, Asia's largest hospital operator by market capitalization, is building a 250-bed hospital in Yangon, Myanmar's former capital, in its latest expansion into an emerging market.

The Malaysian premium healthcare provider broke ground on Sunday at the $70- million Parkway Yangon hospital on a 17,400 sq. meter plot leased for 50 years.

The project is due for completion in 2020, and being undertaken by a joint venture consortium, Andaman Alliance Healthcare, comprising wholly-owned Parkway Healthcare Indo-China, two local partners, AMMK Medicare Company and Global Star, and Singapore's Macondray Holdings.

Using a build-operate-transfer model, Parkway Yangon is being pitched as a "catalyst" for training healthcare professionals that complements national efforts to improve medical services.

The Myanmar project comes after IHH recently announced a 350-bed in Chengdu, China, as part of its expansion plans for emerging markets that target their growing middle classes.

IHH is controlled by Malaysian state investment fund Khazanah Nasional and managed by fully-owned Parkway Pantai in Singapore. The group already has nearly 10,000 beds across 49 hospitals in key markets Malaysia, Singapore and Turkey, and six other countries.

Source: Nikkei Asia Review