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Thread: Peter Lim's RM10b project gets Iskandar nod

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    Default Peter Lim's RM10b project gets Iskandar nod

    http://www.businesstimes.com.sg/arch...r-nod-20121129

    Published November 29, 2012

    Peter Lim's RM10b project gets Iskandar nod

    Project centres on medical hub run by Thomson Medical Centre

    By Teo Si Jia


    VANTAGE Bay, an integrated development in Johor Baru that will cost RM10 billion (S$4 billion) in its entirety, has received the nod of approval from the Iskandar Regional Development Authority.

    The project is a joint venture between the Johor royal family and Singaporean businessman Peter Lim, and centres on a medical hub to be operated by Thomson Medical Centre. Mr Lim, a 70 per cent stakeholder in the development, bought out the medical group in 2010.

    Spanning 10 ha, the waterfront project is a gated city with its own medical campus, residential apartments, hotels, convention centres, shopping malls and commercial offices, and will be fully completed in 10 years.

    Thomson Specialist Hospital, a 300-bed tertiary hospital within the medical hub, will be supported by Centres of Excellence (COE) focusing on fertility, diabetes, cardiology and oncology. It will also strike up a public-private partnership with a private wing where medical specialists from public hospitals can practise.

    Chan Boon Kheng, group president of Thomson Medical, said that the medical facility is strategically located with its close proximity to the densely-populated JB Sentral, JB's Royal Customs, Immigration and Quarantine Complex and Singapore's Woodlands checkpoint.

    "We also see the potential of patients in the region coming here regularly for treatments as there is immense value in doing so," he added.

    He said that it has to apply to the relevant bodies to enable Singaporean patients to utilise their CPF balances when footing medical bills in the new hospital.

    Besides healthcare facilities, the integrated complex caters to other needs as well. Vantage Bay offers over a million square feet in office space, and plans to entice firms with operations in Singapore to relocate to JB with lower rentals. It will also boast one of the largest shopping malls in JB with an area of a million square feet.

    Ho Kiam Kheong, CEO of Best Blend, the joint venture vehicle, said that the development will create 10,000 jobs in Malaysia in the long run.

    Work on the project will begin at the end of 2013. The hospital and residential apartments are due to be completed in 2016 under its first phase. The medical facility's COE, office spaces and retail malls will be built under the second phase.

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