Friday, November 11, 2011

KPJ buys land for RM23.76m in Klang to build specialist hospital

KUALA LUMPUR: KPJ HEALTHCARE BHD [] is acquiring four plots of land in the district of Klang, Selangor for RM23.76 million cash as part of its plans to build a specialist hospital.

In a filing Friday, Nov 11, KPJ said it had entered into a sale and purchase agreement with Sazean Development Sdn Bhd to acquire the lands with an aggregate area of 1.84ha.

KPJ said the four plots of land were situated within a mixed development undertaken by
Sazean known as 'Sazean Business Park', and that Sazean would make an application to convert the category of the lands it was buying from agricultural to building/commercial.

KPJ said the development cost of the lands was within RM110 million to RM120 million while the CONSTRUCTION [] cost of the hospital was estimated at RM80 million.

It said the costs were expected to be financed via internally generated funds.

'The propose acquisition is in line with KPJ Group's objective to expand its network of hospitals to locations where private healthcare is in demand, enlarge the customer base and further establish itself as a key service provider in Malaysia,' it said.

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