Asian American Medical Group buys 60% stake in Rich Tree Land for S$19.6m

SINGAPORE-BASED Asian American Medical Group Limited (AAMG) on Wednesday said it has acquired a 60 per cent stake, valued at S$19.6 million, in Rich Tree Land (RTL) Pte Ltd for the development of an advanced diagnostic and wellness medical centre in Zhuhai, southern China.

The group has been appointed the project lead manager for the development of the Zhuhai-Singapore Life Science Park Phase 1.

It is a specialist ambulatory medical centre offering health-screening, endoscopic and operation services, as well as multi-disciplinary medical consultations including a one-stop suite of aesthetic services. These investments are expected to cost about S$80 million.

RTL will build a 12-storey medical complex that is scheduled for completion in 2017.

AAMG will oversee the design and delivery of the Park with US healthcare group, University of Pittsburg Medical Centre.

The group has also appointed Aspire Strategy, in collaboration with Emerge Capital Partners, as adviser and exclusive lead manager of the structuring and capital raising for the project.