ParkwayLife REIT's manager announces scope of renewal capex works at Mount Elizabeth Hospital
ParkwayLife REIT’s manager has announced that the renewal capex works of $150 million, which were initially announced on July 14, 2021, has been awarded to a non-related third party.
The renewal capex works will be carried out at Mount Elizabeth Hospital. The building’s infrastructure and systems will be upgraded in compliance to latest building fire code for improved building safety and future-proofing.
The upgraded building will carry a Green Mark Platinum. The overall updating of hospital services will include expansion of certain functions such as endoscopy, radioloy, and intensive care facilities. Other improvements include redefining the “Mount Elizabeth” patient experience with the new premium Mount Elizabeth brand through refurbishment works to most parts of the hospital block.
The manager has stated that the Renewal Capex Costs will be funded via external borrowings and the manager will continue to evaluate various fund raising options including equity fund raisings and/or a combination of debt and equity financing to fund the Renewal Capex Costs.
The physical construction of the Renewal Capex Works at Mount Elizabeth Hospital is on track to commence from January 2023 with estimated completion by December 2025.