SINGAPORE (Dec 4): Healthway Medical Group (HMG) has signed $2 million worth of leases with Alkas Realty to lease two units located at 61A Shenton Way for a period of five years.
Through the leased units at the second and third floors of the building, respectively, the group intends to expand its health screening centre, general practice (GP) and dental care business, considering the premises’ good catchment area of potential patients around the central business district (CBD).
Aggregate gross rentals from start from $114,260 for the second-floor unit and $259,897 for the third-floor unit over the first year. They are capped at $124,647 and $283,524, respectively, from the third to fifth years.
HMG and Alkas, through OUE, are partially controlled by members of Indonesia’s Riady family, who owns Lippo Group. However, HMG's audit committee has reviewed the terms of the leases, and is of the view that the interested party transaction is not prejudicial to the interests of HMG and its minority shareholders.
See: Contagion fears from Lippo probe spread to Singaporean bonds
Shares in HMG last traded at 3.4 cents.
