International Healthway buys Melbourne property for A$45m

INTERNATIONAL Healthway Corp (IHC) is expanding into Australia with the acquisition of a freehold, commercial property in Melbourne for A$45 million (S$51.7 million).

The property, located next to the 688-bed Alfred Hospital, is a seven-storey office building. Located on a site area of 3,044 square metres (sq m), it has a net leasable area of 10,170 sq m and is fully occupied.

"In line with IHC's business of providing both integrated healthcare services and facilities, IHC plans to reposition the property over the next few years," said Jong Hee Sen, executive chairman and group president. "With the rising healthcare demands of the ageing population in Australia, 553 St Kilda Road will complement and create synergies to the existing medical services provided in the surrounding vicinity."