KUALA LUMPUR (Jan 24): IHH Healthcare Bhd’s unit, Pantai Medical Centre Sdn Bhd has inked an agreement with Pelaburan Hartanah Bhd (PHB) for the development of a new medical block adjacent to the current Gleneagles Hospital Kuala Lumpur complex.

The healthcare group said the new medical block will be leased from PHB for two decades and that the new expansion would herald a new growth phase for Gleneagles Hospital Kuala Lumpur, as one of the largest private hospitals in Malaysia by 2027, with over 700 beds.

“In line with IHH Healthcare Malaysia’s organic growth strategy to expand the availability of quality healthcare across our network, we are strengthening Gleneagles Hospital Kuala Lumpur’s position as one of the leading private healthcare providers in Malaysia.

“This will enable us to deliver exceptional care to meet the growing demands of local patients and medical tourists,” said IHH CEO Jean-Francois Naa.

The new purpose-built medical block for Gleneagles Hospital Kuala Lumpur is to be completed by 2027 and envisioned to encompass 470,000 sq ft in gross floor area with over 260 beds, subject to regulatory approvals.

PHB group managing director and CEO Damshal Awang Damit said given its aim of achieving a RM25 billion asset portfolio by 2030, PHB is strategically rebalancing its investments in healthcare, industrial sectors, K-12 schools and data centres to ensure sustainable income.

“PHB is also dedicated to providing added value as a monetisation and financial partner, enabling our collaborators to concentrate on their core business, while efficiently allocating their capital towards primary operations,” he said.

Shares in IHH ended seven sen or 1.17% higher to RM6.07, giving it a market capitalisation of RM53.46 billion.