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Welcome to this week’s edition of top stock market highlights.
Thomson Medical Group, or TMG, launched its Johor Bay integrated project recently that will have a gross development value (GDV) of RM 18 billion.
This integrated development will be situated on a 26-acre site within the Johor-Singapore Special Economic Zone (SEZ) and feature healthcare, luxury residential and hospitality, commercial, and lifestyle components.
The new property will also be just 1.2 km away from the upcoming Rapid Transit System (RTS) station located at Bukit Chagar.
This project is leveraging on Johor’s high standard of living, the upcoming completion of the RTS by the end of 2026, and the positive momentum generated by buzz surrounding the SEZ.
The first phase of this ambitious project involves a 47-storey ultra-luxury residential tower along with multi-disciplinary private hospital Thomson Hospital Iskandariah.
Peter Lim, the former Remisier King and a major shareholder of TMG, remarked that this project will be one of the most expansive private healthcare and real estate venture on prime land within Southeast Asia to date.
There will also be a five-star hotel and premium serviced residences that cater to regional tourism and medical travellers.
The healthcare cluster will include facilities such as specialist medical suites, aged care and assisted living facilities, and a Grade A life sciences office tower.
Thomson Hospital Iskandariah has planned for 500 beds but its capacity can easily be expanded to over 1,000 beds as there is ample space.
Phase One alone has a total estimated GDV exceeding RM 3.1 billion and is projected to generate more than 1,200 direct and indirect jobs during the construction and operational phases.
Keppel has initiated arbitration proceedings against Seatrium in a Brazilian corruption case named Operation Car Wash.
Back in 2022, Seatrium made S$82.4 million of provisions in its books to pay Keppel against claims related to the crackdown.
Keppel is seeking S$68.4 million as Seatrium had just signed the final agreement.
The case involves Seatrium agreeing to pay around US$134.45 million to Brazilian authorities as part of leniency agreements.
Back in 2023, Keppel’s offshore and marine (O&M) division merged with then Sembcorp Marine to form Seatrium.
As part of the corruption investigation, authorities had searched Sembcorp’s shipyard.
Operating Car Wash is a wide-ranging corruption scheme that began in 2014 that resulted in many Latin American political and business leaders being sent to prison.
