International Healthway Corp buys Australian properties for $73 million

MEDICAL firm International Healthway Corporation (IHC) has bought two freehold properties in Australia for A$63.8 million ($73.4million).

The properties - in St Kilda in Melbourne and in Geelong, a city 75km away - are both near hospitals and other medical facilities.

The two deals follow a similar one last week when IHC, which is listed on Catalist, bought a freehold property, also in St Kilda.

IHC owns and manages 18 health care-related assets such as hospitals and mixed use developments in Malaysia, Japan, China and Australia.

Executive chairman and president Jong Hee Sen, in a statement today, said: "IHC is focused on developing our presence across the markets where we have identified strong growth potential and where we can leverage our existing capabilities, expertise, value creation capabilities and reputation."

Dr Jong said the two new properties in Australia will help ensure IHC remains in a good position to provide facilities and services.

The group announced in January that it had secured a financing facility of RM190 million ($73.3 million) with Public Bank in Malaysia.

The funds will develop a 33-storey mix-use development in Kuala Lumpur that will include specialist medical suites, retail space and service residences. The project is expected to be ready in 2016.

IHC also redeveloping its Wuxi Hospital in the Wuxi, China, into an 800-bed hospital, with various retail facilities, as well as developing a medical and commercial centre in Chengdu.