Raffles Medical Tendered Thong Sia Building

Rafles Medical Group’s full year net profit up 19.5%

SINGAPORE: Healthcare services provider, Raffles Medical Group, has reported a 19.5 per cent increase in full year net profit to S$45.2 million.

Revenue over the period rose 9.4 per cent to S$239 million.

All divisions in the Group continued to contribute positively to the growth in revenue with Hospital Services seeing a 12.2 per cent jump in revenue and Healthcare Services registering a 6.1 per cent increase.

Going forward, the Group said its architectural consultants are finalizing the design scheme for the 102 thousand square foot expansion of Raffles Hospital and liaising with the authorities on the relevant submissions.

It expects construction to commence in the second half of this year.

Raffles said the additional area will enable it to expand existing clinical services as well as to develop new facilities and services at the hospital.

Separately, Raffles Medical said it has successfully tendered for the seven storey freehold podium block of the Thong Sia Building at 30 Bideford Road for S$92.08 million.

The 26-storey Thong Sia Building is a commercial cum residential building located in the prime Orchard Road belt.

The podium block consists of seven storeys of showrooms and offices with a strata floor area of over 42 thousand square feet.

Raffles said the property will be purchased with existing tenancies, most of which will expire in 2012 and 2013.

The Group intends to establish a Specialist Medical Centre there with services including a Radiology and Imaging Centre, a Fertility Centre, a Cancer Centre, a Dental Centre and clinics for Obstetrics and Gynaecology, Paediatrics and Cardiology among others

source:CNA

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