Intermedical Care and Lab Hospital Plc (IMH) is teaming up with the Pornnarit Group to establish the IMH Medical Hub project -- valued at 1.2 billion baht -- in Samut Prakan's Bearing area.
The first phase of the project is slated for 2025. Located on a 12-rai plot, the project is to include a hospital catering to foreigners and local patients insured under the country's social security programme, said Sittiwat Kamkatwong, chief executive of IMH.
The project is 80% owned by IMH, with the remaining 20% owned by the Pornnarit Group, led by Pornnarit Chuanchaisit, former president of the Thai Real Estate Association.
The IMH signed an agreement to lease the land for a period of 30 years, extendable for an additional 30 years.
The project's first phase will include 200 beds for patients, a retail space and a specialised medical and wellness centre.
"The first phase is expected to operate in 2025 while the retail space will be developed to be Thailand's largest organic marketplace, selling organic and health products," said Mr Sittiwat.
The second phase will provide 400 beds for patients as well as a rehabilitation and physical therapy centre. This phase is expected to be in service in 2028.
According to Mr Sittiwat, IMH aims to be among the top three private hospitals in the future.
IMH Medical Hub is projected to generate around 5 billion baht in revenue as it is aligned with the government's medical hub policy.
The company recently bought the privately-run Mahaesak Hospital in Bangkok's Silom area for 998 million baht to support its healthcare services for expatriates and other foreigners.
The company acquired a 90.7% share in Mahaesak Hospital and plans to upgrade its services to meet demand in the healthcare industry.
The move comes as China decided to reopen its borders from Jan 8, which would lead to a higher number of Chinese tourists in Thailand. Healthcare is among businesses that could benefit from their arrival.
IMH expects Mahaesak Hospital to generate around 400 million baht in revenue for the company.
Mahaesak Hospital was established 40 years ago. It currently has 103 beds.
Following the share purchase deal, IMH will increase the number of beds to 235.
Mr Sittiwat said his company plans to restructure management and further develop Mahaesak Hospital in order to increase efficiency and reduce costs. This will enable Mahaesak Hospital to better compete with other healthcare service providers.
