TDM Berhad has entered into an agreement with Pelaburan Hartanah Berhad for a proposed build and lease of a Specialist Hospital on 9.56 acres of land in Kota Bharu Kelantan.
PHB is a public company principally involved in investment in properties primarily completed commercial properties and acquisition of vacant land that has potential for development. The issued and paid-up share capital of PHB is RM290 million comprising 100,000,000 ordinary shares and 190million preference shares, all of which are held by Yayasan Amanah Bumiputera.
Under the Proposed Project, TDM via its subsidiary will construct a specialist hospital building that is able to accommodate 94 beds of single rooms with a minimum of 300 parking bays for Phase 1. At a later stage and subject to viability, both parties will discuss a potential expansion of the Specialist Hospital Building for additional 100 beds and 300 parking bays under Phase 2.
TDM says it will fund the development of the proposed project of RM129.3 million for Phase 1 development only and will lease the hospital for a term of 15 years and renewable for another period of 15 years. The lease rental will be 6.00% for Year 1 – 5; 6.60% for Year 6 – 10; and 7.26% for Year 11 – 15.
The monthly lease rental for year 16 will be determined based on the rate for year 15 plus ten percent or the prevailing market rate at the end of year 15, whichever is higher, and thereafter shall be increased by ten percent every 5 years until the end of the Second Lease Term.
TDM adds the project is aligned with its KMI Healthcare expansion of Specialist Hospital to the addressable target audience requiring affordable private medical services and said that Bandar Baru Tunjong is a rapidly developing area in Kelantan, within the strategic location for the potential high impact East Coast Rail Link (“ECRL”). The Proposed Project also aims to complete the expansion of KMI’s East Coast chain of hospitals whereby currently KMI manages hospitals in Pahang and Terengganu that will further enhance KMI brand visibility.
