IHC secures S$73.34m financing for Malaysian mixed-use development

Facility will solely fund the project.

International Healthway Corporation Limited announced that it has secured a financing facility of RM 190 million (approximately S$73.34 million) with Public Bank Berhad. The Facility will solely finance IHC’s integrated mixed-use project located at No. 19 & 19A, Jalan Kia Peng, in Kuala Lumpur, Malaysia also known as the IHC KLCC Project.

Dr. Jong Hee Sen, Executive Chairman and Group President of IHC, commented: “The Group is pleased that Public Bank Berhad has extended this financing facility to IHC, an affirmation of the IHC KLCC project, which is progressing as scheduled. This comes after the Group’s recent appointment of Marriott International Limited as the manager of Kuala Lumpur’s Marriott Executive Apartments, which will be a core component of this development. Having secured the financing facility of RM 190 million, which is a combination of term loans and bridging loans, piling works is expected to begin in or by April 2014, with completion of the development scheduled in 2016.”

Strategically located at Jalan Kia Peng in Kuala Lumpur, Malaysia, the IHC KLCC Project is conveniently accessible and near to significant landmarks (e.g. Petronas Twin Towers), premier shopping districts (e.g. Bukit Bintang shopping belt) and Kuala Lumpur General Hospital. The building will be a 33-storey integrated mixed-use development comprising specialist medical suites, retail space and service residences. When completed, IHC KLCC is expected to have a total built-up gross floor area of approximately 47,162 square metres.

Dr. Jong said the company anticipatse strong demand for the IHC KLCC’s amenities and services from high-income domestic customers and patients as well as premium medical travelers requiring upmarket private specialist healthcare services, especially because of its accessible location.