International Healthway Corporation (IHC), an integrated healthcare services and facilities provider, has agreed to acquire a property located in Melbourne, Australia, for A$45 million (S$51.8 million).
It marks IHC's maiden entry into Australia, broadening its portfolio of properties in countries that include Malaysia, China and Japan.
The property at 553 St Kilda Road is a seven-storey office building, which has a 183-space basement carpark.
Located on a site area of 3,044 square metres, it has a net leasable area of 10,170 sqm and is currently fully occupied.
It is next to the 688-bed Alfred Hospital.
"In line with IHC's business of providing both integrated healthcare services and facilities, IHC plans to reposition the property over the next few years," said IHC executive chairman and group president Dr Jong Hee Sen.
"With the rising healthcare demands of the ageing population in Australia, 553 St Kilda Road will complement and create synergies to the existing medical services provided in the surrounding vicinity."
IHC is currently redeveloping its Wuxi Hospital into an 800-bed hospital, with various retail facilities, and developing a medical and commercial centre in Dujiangyan, Chengdu.
The group also owns 12 nursing facilities in Japan located in Sapporo, Nara, Kyoto and Nagano.