RMG's Holland Village project receives strong interest
Construction works on Raffles Medical Group'x (RMG) five-storey commercial building in Holland Village has already started, the group said following the release of its Q2 results.
The group said "construction work on the 5-storey commercial building on the site of the former POSB Building in Holland Village is in progress."
"When the project is completed, approximately 9,000 square feet from a total gross floor area of 65,000 square feet will be dedicated to the expansion of medical and specialist services to cater to both local and expatriate patients," it said.
The group also added that the remaining commercial space will be leased to DBS Bank and "other upmarket retail as well as reputable food and beverage tenants."
According to executive chairman Loo Choon Yong as reported by the media, the project, which is set to be completed by 2016, has received a lot of interest from potential tenants.
"There's a lot of enquiries. Some could be relocation from crowded areas without carpark...they may want to move to a newer place," he said, adding however that the group will select the right mix of tenants.
In Q2 2014, RMG saw its net profit increase 8.5 percent to S$15.61 million in Q2 2014, on the back of clinic expansions and higher patient loads.
Revenue also jumped 6.6 percent to S$92.6 million, while operating profit climbed 6.3 percent to S$18.7 million.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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