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KUALA LUMPUR: Pelaburan Hartanah Berhad (PHB), a subsidiary of Yayasan Amanah Hartanah Bumiputera, has added to its completed property asset with the acquisition of the nine-storey DEMC Specialist Hospital in Shah Alam, Selangor on Tuesday, Oct 18.
In a statement on Wednesday, PHB said it agreed to a cash consideration of RM87 million to DEMC Management Sdn Bhd, the administrator of the medical centre.
PHB managing director-cum-chief executive officer Datuk Kamalul Arifin Othman said DEMC could be a valuable asset for the company and suitable for inclusion in its Amanah Hartanah Bumiputera fund.
"The property also offers sectoral variety to PHB's property portfolio which now encompasses office, retail and industrial buildings," he said.
With the DEMC acquisition, PHB expects RM106 million in annual gross rental income and total asset value to total RM1.35 bilion.
DEMC is PHB's first medical facility and eighth completed property — the others are also in the main commercial areas of the Klang Valley.
Meanwhile, DEMC chief executive officer-cum-executive director Datuk Dr Omar Abd Hamid said the sale and lease back is part of the hospital's expansion plan and will also raise its asset value.
"Although we can now get an average 90% occupancy, DEMC is seriously planning to add a 150-bed block offering specialist services in the next three years to meet the rising demand," he said.
The statement added that DEMC's strategic acquisition by PHB is seen as being at the right time and as part of continuing efforts to promote beneficial Bumiputera ownership in the main commercial poperties in the major cities. — Bernama
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