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S P Setia makes foray into healthcare sector

S P Setia makes foray into healthcare sector

10 Feb 2022

S P Setia Bhd is venturing into healthcare services via a partnership with Qualitas Medical Group Sdn Bhd that will see the development and operation of an ambulatory care centre (ACC) in Setia Alam, Shah Alam.

In a statement, S P Setia said its subsidiary Setia HC Ventures Sdn Bhd signed the deal with Qualitas on Wednesday at a ceremony at the group’s headquarters in Setia Alam.

“This is the first venture by the group into healthcare, which is a growing business, given the market trend,” said S P Setia CEO and president Datuk Choong Kai Wai.

“ACCs are outpatient centres providing a range of comprehensive specialist and surgical services including wellness, diagnosis, treatment and rehabilitation. They act as a bridge between full-fledged medical centres and general practice clinics,” he added.

He noted the growing ageing population in Malaysia and the need for such services to be conveniently accessible in established townships housing multi-generational families like Setia Alam.

The first ACC will be in Setia City Residences, which is a three-tower integrated mixed development with residential and commercial components and connected via a bridge to Setia City Mall, the largest mall in Shah Alam.

Choong said the ACC would boost the Setia Alam township and he anticipates emulating the same in other Setia townships and projects in the near future.

“The group has been exploring new businesses that will complement its strength to vary its income and the ACC, which requires relatively small capital investment, is one such potential identified.

“We would work with suitable strategic partners like Qualitas, which would bring the right technical knowledge, operational experience and good track record in this industry,” he added.

“Qualitas’ expertise in operating and managing outpatient centres and S P Setia’s experience in successful townships will form a strong and fruitful partnership for such ventures,” said Qualitas founder, director and executive chairman Datuk Dr Noorul Ameen Mohamed Ishack.

A recent World Bank report stated that more than 7% of the country’s population was aged 65 and above in 2020. This is projected to double to 14% by 2044, making Malaysia an aged society, and reached 20% by 2056, making it a super-aged society.

Malaysia’s healthcare market is expected to grow by 127% to RM127.9bil in 2027 from RM56.3bil in 2017, as the government pushes ahead with higher public healthcare expenditure, according to Fitch Solutions Macro Research.

This will be fuelled by increasing demand for healthcare services and the emergence of new care models beyond traditional hospital settings, it said.

Source: The Star