LIFESTYLE real estate and investment company Rowsley Ltd will team up with healthcare service provider Thomson Medical Pte Ltd to develop the Vantage Bay Healthcare City project in Iskandar in southern Malaysia, valued at RM5 billion (S$1.67 billion).
Rowsley on Monday said Thomson Medical will, in particular, advise on the wellness and healthcare aspects of the project.
Thomson Medical will also evaluate opportunities to operate relevant components of the project, either on its own or together with third parties.
In September, Rowsley had said it was re-positioning Vantage Bay into a healthcare city with the aim of turning it into a leading healthcare destination in Asia.
Vantage Bay Healthcare City - a 9.23 hectare site just a kilometre from the Johor Causeway - would comprise a specialist hospital, a community hospital, long-term care facilities, a teaching hospital, a medical school, research and training institutions, a purpose-built urban wellness resort, wellness retail services and other associated facilities.
The move comes on the back of soft market sentiments for residential apartments in Iskandar Malaysia in the last year.
Ho Kiam Kheong, Rowsley's executive director, said the move will allow the parties to expedite and execute the plans to develop Vantage Bay Healthcare City as a leading medical hub to serve both the local and regional markets.
Chan Boon Kheng, Thomson Medical's group president, noted that the healthcare provider will play a "pivotal role" in the seamless management and coordination of the project.
Rowsley said it intends to fund the investment through a diverse mix of financing including equity funding from investors.