Sarawak-based property and infrastructure developer, Ibraco Berhad on Thursday (16 Oct) announced the exchange of a Memorandum of Agreement (MoA) with Health Management International Pte Ltd (HMI Medical) to support the establishment of Regency Hospital Kuching, a new private specialist hospital (Regency Hospital Kuching) within The NorthBank township in Kuching, Sarawak (The NorthBank township).
HMI Medical, headquartered in Singapore, is a leading regional healthcare provider with presence in Malaysia, Singapore, Indonesia and Vietnam. With over 27 years of healthcare delivery experiences in Malaysia, they have a proven track record of operating established specialised hospitals such as the Mahkota Medical Centre in Melaka and the Regency Specialist Hospital in Johor.
The Group has actively contributed to the growth of quality private healthcare services and medical tourism in Malaysia since 1998.
Under the MoA, HMI Medical will establish a tertiary hospital in Ibraco’s North Bank township in Kuching. The fully owned and operated Regency Hospital Kuching will be a 300-bed capacity smart specialist hospital, targeted to launch in 2029.
The hospital will address the growing demand for advanced healthcare services in Kuching, across Malaysia and the wider Southeast Asia region.
To facilitate the development of the hospital, Ibraco has entered into a Share Sale Agreement (SSA) with Kuching Health Holdings Sdn. Bhd., a wholly-owned subsidiary of HMI Medical, for the disposal of its 100%-equity interest in NorthBank Specialist Hospital Sdn. Bhd. (NorthBank Specialist Hospital) comprising 600,000 ordinary shares for a total cash consideration of RM900,000 (Proposed Disposal).
The Proposed Disposal is expected to be completed within six months from the date of the SSA. Upon completion, the NorthBank Specialist Hospital will cease to be a subsidiary of the Group and, under its new ownership by HMI Medical, will enter into a Sale and Purchase Agreement (“SPA”) with Ibraco for the acquisition of 4.2 acres of leasehold land earmarked for the construction of Regency Hospital Kuching.
Datuk Chew Chiaw Han, Group Managing Director of Ibraco said, “We are honoured to play a role in expanding Sarawak’s healthcare sector and contributing to the state’s broader social and economic progress. The establishment of the Regency Hospital Kuching in the township represents more than just a new healthcare facility, it reflects our shared aspiration to create lasting community value through sustainable township development.”
“The NorthBank township was designed as an integrated, self-sustaining township, bringing together homes, businesses, education, and lifestyle conveniences within one ecosystem. Entrusting the development of the hospital to an experienced and reputable healthcare group such as HMI Medical is a natural step forward. HMI Medical’s proven expertise and strong reputation in the industry will ensure the successful delivery of the hospital and enhance confidence among residents and investors.”
“The addition of a modern, well-equipped medical facility within The NorthBank township will provide residents and neighbouring communities with convenient access to quality specialist care close to home. It will also attract professionals, families, and retirees seeking a well-served, vibrant living environment, strengthening the township’s liveability and long-term appeal.”
Ms. Chin Wei Jia, Group Chief Executive Officer of HMI Medical said “With the strong growth of Sarawak, its increasing international connectivity and growing demand for advanced healthcare services, we are excited to establish the Regency Hospital Kuching within the NorthBank township. This project represents HMI Medical’s commitment in caring for the health and well-being of the local community and those living in surrounding states and regions.”
“The 300-bed capacity Regency Hospital Kuching will deliver comprehensive specialist and subspecialty care supported by advanced smart hospital systems, state-of-the-art medical technology, and benchmarked to internationally accredited clinical standards. Beyond meeting the state’s growing demand for advanced healthcare, the hospital will create over a thousand jobs when fully operational and offer cross-training opportunities for clinical professionals to enhance excellence in medical and patient-centered care.”
Present at the MoA exchange ceremony, Dr Richard Chew, Senior Surgeon and Board Director for HMI Medical’s Hospitals in Malaysia said “As a Sarawakian and long-time board member of HMI Medical’s hospitals, I am proud and deeply passionate about giving back to my community and marking a new chapter for Sarawak by leading the establishment of Regency Hospital Kuching. I look forward to the hospital opening up new opportunities for economic growth and improved prosperity by positioning Sarawak and Malaysia as a premier destination for medical tourism in Southeast Asia.”
The announcement coincides with the Sarawak Mega Fair 2025, held at the Suntec Convention & Exhibition Centre, Singapore, where Ibraco and HMI Medical formalised
their collaboration through the exchange of the MoA, witnessed by The Right Honourable Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg, Premier of Sarawak.