YANGON — One of Southeast Asia’s largest health care providers, Malaysia’s IHH Healthcare, held a ground-breaking ceremony for a US$70 million, 250-bed hospital in Yangon on January 24.
The Parkway Yangon Hospital, the company’s first in Myanmar, is being built by IHH subsidiary Parkway Pantai and is due to open in 2020, IHH said in a statement.
“We believe this hospital will greatly support Myanmar’s national health policy, Health Vision 2030, which aims to deliver world-class healthcare outcomes, research and services, and improve the health of the citizens of Myanmar,” said Dr Tan See Leng, managing director and chief executive officer of IHH.
The build-operate-transfer hospital project, which has been approved by the Myanmar Investment Commission, has brought together two international and two Myanmar companies, the statement said.
Andaman Alliance Healthcare, which comprises Parkway, has a 52 percent stake, Singapore-listed Macondray Holdings Pte Ltd holds a 10.5 percent share, and domestic companies, AMMK Medicare and Golden Star Co Ltd, have 21.5 percent and 16 percent respectively, the statement said.
The hospital will be built on a 4.3 acre downtown Yangon plot leased for 50 years, with the option of two 10-year extensions.
Myanmar’s healthcare sector has attracted considerable interest from international investors since economic and political reforms began in 2011.
Last year, Indonesian conglomerate Lippo Group said it would invest $1 billion to build 20 hospitals throughout Myanmar in the next three to five years. Yangon’s Pun Hlaing Siloam Hospital, formerly Pun Hlaing Hospital, is operated under a joint venture agreement reached last year between First Myanmar Investment and Lippo Group.
In October last year, Bumrungrad Hospital PLC, Thailand’s second largest healthcare provider by market value, obtained a licence to operate a private clinic and diagnostic services in Myanmar.