Months after its failed attempt to acquire Singapore-based hospital chain Parkway Holdings, Fortis Global Healthcare has made its first foray into Singapore by acquiring an under-construction specialised Cancer Hospital from First Real Estate Investment Trust, a Singapore-listed healthcare real estate company for a consideration of approximately Rs 115 crore (Singapore $33 million).
This is the third acquisition by Fortis in the last few months. Fortis is planning to complete the construction of hospital by the second quarter of 2012, it said in a statement.
“Through this hospital, we are making a beginning in the highly recognised and competent healthcare delivery system of Singapore. Our group incorporates more than 25 years of experience in healthcare delivery and this hospital would benefit from that experience, to meet patient expectations in Singapore,” Malvinder Singh, Executive Chairman Fortis Global Healthcare, said.
The hospital plan is being redesigned to incorporate the needs of the patients and the medical fraternity in Singapore. The speciality focussed healthcare group has an experience of multiple healthcare delivery models, including daycare speciality surgical centres and is recognised for its patient centred approach. The hospital would incorporate a new generation critical and intensive care service. Ideally located, this would be the first hospital around the Adam Road area, a company statement said.
With an aim to be the premier integrated healthcare delivery system in Asia Pacific region, in November 2010, Fortis Global Healthcare completed the acquisition of Quality Healthcare Ltd, the largest Primary Healthcare Network in Hong Kong.
In January 2011, the Singh brothers-backed Fortis acquired 30% stake in Australia’s largest dental healthcare chain Dental Corporation Holdings Limited, for A$100 million (a little over Rs 450 crore). Dental Corporation is the largest dental healthcare provider, offering premium dental practices across Australia and New Zealand with annualised revenue of over A$250 million (Rs 1,140 crore) and have an existing network of 139 dental practices.