Fajarbaru group chief executive officer Datuk Seri Eric Kuan Khian Leng (right) exchanging documents with Penang Development Corp chief executive officer Datuk Aziz Bin Bakar (left).
KUALA LUMPUR: Fajarbaru Builder Group Bhd
has signed a memorandum of understanding (MoU) with Penang Development Corp (PDC) to develop a medical city and mixed development hub in Bandar Cassia, Batu Kawan, Seberang Perai Selatan.
“This medical city will represent a milestone in the evolution of healthcare and technology, bringing together brilliant minds, state-of-the-art infrastructure, and a conducive ecosystem for research and development.
“Upon its completion, Medi-City Bandar Cassia will serve as a medical hub providing eco-tourism and global business services with facilities including hospital, medical campus, medical supply hub, corporate suites, rehabilitation centre, retirement village, wellness centre and so on,” chief executive officer Datuk Seri Eric Kuan Khian Leng said in a statement.
He said the group’s goal was to develop a medical city that integrates into the community, contributing to the health, wellness and economy of the surrounding community, while also attracting medical tourists from all over the world.
Ultimately, it aims to promote Penang as a regional and global medical hub, through Medi-City Bandar Cassia.
Fajarbaru said Medi-City Bandar Cassia sits on a 230-acre land. Among other key deliverables, Fajarbaru has agreed to outline the business model, development timeline, funding requirements and the projected gross development value of the development.
As part of the MOU, Fajarbaru will work together with professional consultants and industry experts to conduct a market research and feasibility study, developing a proposal on the technical and financial aspects for the entire development.
Fajarbaru said the MOU is for six months from the date of the agreement, or until the signing of a definitive agreement between Fajarbaru and PDC. The company may request an extension of the MOU for a further three months, subject to PDC’s approval.
