Asian American Medical Group, Rich Tree Holdings Break Ground on Zhuhai-Singapore Life Science Park

Advanced Diagnostic and Wellness Medical Centre Coming to Southern China in 2018
2016-03-27 12:30 2714

SINGAPORE and ZHUHAI, China, March 27, 2016 /PRNewswire/ -- Singapore-based healthcare operator Asian American Medical Group Limited ("AAMG"), together with private equity firm Rich Tree Holdings ("RTH"), broke ground today on the Zhuhai-Singapore Life Science Park (the "Park"), which will bring advanced diagnostic and wellness services to Southern China.

The specialist ambulatory medical centre will offer health screening, endoscopic and operation services, as well as multidisciplinary medical consultations and aesthetic services. AAMG will oversee the Park's design and delivery alongside its U.S.-based partner, UPMC.

Headquartered in Singapore's Gleneagles Hospital, Australian-listed AAMG will bring renowned medical specialists from Korea, Singapore and the U.S. to operate in the Park.

The US$59 million Park is expected to be fully operational by 2018, around the time of the completion of the Hong Kong-Zhuhai-Macau Bridge. Its amenities include an international health screening centre, multidisciplinary medical suites, and retail and F&B outlets.

AAMG is finalising its 60% stake in Singapore-incorporated Rich Tree Land Pte. Ltd. ("RTL"), the SPV that secured the 5,446.14 square metre ("sqm") land parcel - which has 40-year tenure - in the Zhuhai Free Trade Zone ("FTZ"). The 17-storey Park will have a built-up area of 21,784.56 sqm (based on approved plot ratio of 4.0).

AAMG's Executive Chairman, Dr. Tan Kai Chah, said, "Our venture would not have been possible without our local partners and authorities. Thanks to their goodwill and assistance, we are in a better position to expand our medical development in Zhuhai and hopefully other parts of China."

Mr. Tan Hui Meng, Chairman of Rich Tree Group, said, "Zhuhai is on the cusp of exponential growth as the FTZ encourages local and foreign investments. The Zhuhai-Singapore Life Science Park will bring quality healthcare to Southern China, meeting China's increasing demand for premium wellness treatments. It is truly exciting to see the future of China's medical industry come to fruition through this project."

Mr. Charles E. Bogosta, Executive Vice President of UPMC and President of UPMC International, said, "We are pleased to strengthen our partnership with AAMG through this landmark project in China. With AAMG's leadership and UPMC's expertise, this project will set new standards for medical care in China and beyond."

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Source: Asian American Medical Group
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