property

Nexgram eyes strategic partners for its medical complex in Melaka

Nexgram Holdings Bhd will target strategic partners to help develop the medical components at its Melaka Lifecare Specialist complex in Melaka, says its executive director Mazru Mat Yusof.

"We plan to partner local and international branded parties for the overall development, especially on the medical side. We are also looking at joint venture (JV) partnerships with local developers to help develop some of the properties in the project," he told NST Property.

The medical side of the complex will feature a hospital, a health scan and bioscience centre, a wellness bioscience research centre, and an international molecule research laboratory.

It will also have a three or four-star hotel, a condotel, a shop-office home-office (SOHO), a retirement village, and other tourism-related products.

"This will be the first of its kind development concept for Melaka and it will promote medical tourism and cater to Malaysia My Second Home," said Mazru.

Mazru said it will take at least six years to develop the whole project, which has an estimated gross development value of RM1.6 billion.

He said the commencement of the development will start upon getting the shareholders' approval for the land acquisition.

"This is one of the condition precedences we have to meet. We target to submit the building plans to the relevant authorities in the first half of next year. We anticipate the project to commence in the second half of next year, subject to obtaining the approval for the development order and building plan," he said.

Nexgram's wholly-owned subsidiary, Nexgram Biomedic Sdn Bhd, is acquiring a 10.03-hectare piece of leasehold land from Melaka State Development Corporation for RM61.53 million for the project.

Both parties signed the sales and purchase agreement on July 1, which is based on a filing with Bursa Malaysia recently.

Nexgram said in the filing that the proposed land acquisition is part of its business expansion plan as it will provide the group with the opportunity to expand its property development and healthcare businesses.

It said the acquisition represents a strategic investment for the group as the project is a public-private cooperation initiative that is in line with the Melaka government's push to further develop Melaka's economy in the next five to ten years.

Nexgram added that the prospect of the project is expected to be favourable.

The land is located in Melaka Tengah, nearby Royal Malaysian Police.

According to Mazru, it is surrounded by mature housing and is located about 5km to 7km from the Melaka International Trade Centre.

"It is a very strategic location and we are quite confident of the success of this project. We will embark on a corporate exercise to undertake the development," he said.

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