Hartanah Buzz!: healthcare

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Tuesday, 19 October 2021

IGB Bhd’s wholly owned subsidiary Tan & Tan Developments Bhd has signed an agreement

with Meaningfull Life Sdn Bhd to set up a Joint Venture (JV) company, ReU Living Sdn Bhd,

focusing on operating convalescent/post-hospitalisation facilities and senior living facilities.

IGB’s joint-venture partner Meaningfull Life is an eldercare company and one of the grant

recipients of the Khazanah Impact Innovation Challenge. ReU Living’s goal is to manage and

operate lifestyle communities to enrich seniors’ lives and provide convalescent/posthospitalisation

facilities for rehabilitation. ReU Living will be providing round-the-clock care, daily

meals catered to residents’ nutrition needs, full housekeeping services, daily curated activities to

speed up residents’ recovery and other additional services.

The Bera Hospital in Pahang will be ready in December 2021 and will start operations in early

2022. Works on the 40-bed hospital in Bera town is currently 98% completed ever since

construction commenced on 2nd October 2010, but the original contractor was terminated in

2012 after it was only able to complete 57% of the work before another contractor was

appointed in 2016. However, the rescue contractor was also terminated last year after

encountering problems when the work was at 93% completion, which brought to the

appointment of a third contractor on 5th January 2021.

TPG Capital (United States private equity firm) and Johor Corp (Malaysian state-owned

investment company) are considering a plan to take Malaysia’s KPJ Healthcare Bhd private.

Deliberations are still ongoing and the firms could decide not to go ahead with the plan. KPJ has

more than 28 specialist hospitals located throughout the South-East Asian nation. The

healthcare provider also has investments in hospitals in Indonesia, Bangkok and Bangladesh

and a retirement resort in Australia.