The manager of Parkway Life REIT (PLife REIT) and IHH Healthcare are jointly conducting major refurbishment works at Mount Elizabeth Hospital.
The project, which will cost $350 million, will be jointly funded by both PLife REIT and IHH Healthcare. It will take about three years to complete and will see to retrofit and rejuvenate the hospital’s landmark facility along Singapore’s Orchard Road.
The refurbishment works will also transform the hospital into a “modern and integrated multiservice hub” that provides its patients with “greater convenience, privacy and seamless care”.
The hospital will be given equipment and technology upgrades, as well as future-proofing and significant infrastructure improvements on the mechanical, electrical and fire protection systems in compliance with the latest building codes and fire safety regulations.
The hospital’s clinical assets and back room will also be “significantly redesigned” around the needs of its patients and staff.
The works will take place in phases so that major clinical services can continue. To minimise disruptions, services may be temporarily relocated to other parts of the building or moved to Mount Elizabeth Hospital’s sister hospitals under IHH Healthcare Singapore where necessary. Noisy works will be limited to specific timings as well.
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“As an extension of the $150 million renewal capex works, PLife REIT will be synchronising the regular capital expenditure works at Mount Elizabeth Hospital. With the end goal of maximising value and sustenance, we are delighted to secure additional investments from IHH Healthcare Singapore as we collectively roll out this transformational major refurbishment of Mount Elizabeth Hospital,” says Yong Yean Chau, CEO of the REIT manager.
“Along with this, Mount Elizabeth Hospital will also attain Green Mark Platinum, a validation of our mutual commitments towards sustainability as we optimise the asset performance and operational capability of MEH, enabling both IHH Healthcare Singapore and PLife REIT to thrive in the Singapore healthcare industry,” Yong adds.
“For over 40 years, Mount Elizabeth Hospital has provided top-notch care to our patients. Project Renaissance aims to ensure that we are well-placed to continue providing this level of care, with state-of-the-art facilities, and expanded services once the renovations are complete. We are grateful for the trust and support from PLife REIT, our patients and doctor partners through the years and we look forward to providing an enhanced patient experience at Mount Elizabeth Hospital and IHH’s network of hospitals and clinics in Singapore,” says Dr Prem Kumar Nair, CEO of IHH Healthcare Singapore.
Units in PLife REIT closed 1 cent higher or 0.27% up at $3.77 while shares in IHH Healthcare closed 4 cents lower or 2.12% down at $1.85 on Jan 3.
