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S P Setia ventures into healthcare


From left: S P Setia Deputy President & Chief Operation Officer Dato’ Seri Koe Penang Kang; S P Setia President & Chief Executive Officer Datuk Choong Kai Wai; Qualitas Medical Group Director Dato’ Dr Noorul Ameen bin Mohamed Ishack; Qualitas Medical Group Country Head Malaysia Dr Junaidi Ismail

SHAH ALAM, 9 February – S P Setia Berhad (“Group”), through its subsidiary Setia HC Ventures Sdn Bhd (“Setia HC”), has signed an agreement with Qualitas Medical Group Sdn Bhd (“Qualitas”) intending to develop and operate an Ambulatory Care Centre (“ACC”) in Setia Alam, Shah Alam.

“This is the first venture by the Group into healthcare, which is a growing business, given the market trend,” said Datuk Choong Kai Wai, President & CEO of S P Setia Berhad Group. The signing ceremony was held earlier today at S P Setia Corporate HQ in Setia Alam.

“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,” Datuk Choong added, citing 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.

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 20% by 2056, 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, fuelled by increasing demand for healthcare services and the emergence of new care models beyond traditional hospital settings.

The Group has identified the first ACC to be established at Setia City Residences in Setia Alam, taking cognisance of such developments. Setia City Residences is a three-tower integrated mixed-development that offers residential and commercial components. It is also connected via a link bridge to Setia City Mall, the largest mall in Shah Alam.

“The Group has been exploring new businesses that will complement the Group’s strength to vary its income, and ACC, which requires relatively small capital investment, is one such potential identified. Accelerated by the recent pandemic, healthcare services have a strong prospect for now and the future,” Datuk Choong said.

“We would work with suitable strategic partners like Qualitas that would bring the right technical knowledge, operational experience and good track record in this industry,” Datuk Choong highlighted.

“Qualitas is honoured to be identified by Setia as its first partner in its healthcare foray. The location of the ACC is strategic, and we foresee that this collaboration will strengthen Qualitas’ offerings in the various areas we are present in currently and beyond. 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 Dato’ Dr Noorul Ameen Mohamed Ishack, Founder, Director and Executive Chairman of Qualitas.

Qualitas is a regional healthcare operator with more than 20 years of experience to date. It is well established in Malaysia, Singapore and Australia, with a growing presence in the Asia Pacific region.

Setia Alam is a multi-award-winning mega freehold township launched in 2004 and is now about 90% developed, with more than 22,000 units handed over. It is known for its ample green spaces, eco-friendly features and safe and secure environment.

Its commercial centre, known as Setia City, has been home to S P Setia’s corporate headquarters, Setia City Mall, Setia City Convention Centre, and National Institute of Health Complex. Joining the list of many reputed corporate names and brands soon would be Courtyard by Marriot and Kossan Rubber Industries Bhd.

“The ACC has been identified as one of the place-making elements to boost the Setia Alam township, which has proven to be a well-sustained development for the past two decades. We anticipate emulating the same in other Setia townships and projects in the near future,” Datuk Choong concluded.

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