Singapore plans to launch fixed-price land tender for a proposed not-for-profit private hospital

Singapore’s last private health center land tender was held in 2008. On the place, the 333-bed Mount Elizabeth Novena Healthcare facility established in 2012 at a price of $2 billion, of which about $1.25 billion had gone into the land purchase, The Straits Times reported.

The Singapore government is looking to release a site in the eastern section of the island for a brand-new not-for-profit private acute healthcare facility, in what would be the initial land release for exclusive healthcare facilities in nearly 20 years.

The planned not-for-profit private healthcare facility will build on the authorities’ initiatives to rein in exclusive healthcare costs and climbing insurance fees.

“There are still a few essential concerns we have to attend to, and I hope we have the ability to address them and get to a decision in the second half of the year, to launch the tender,” he included.

To make certain cheaper expenses, the administration intends to specify criteria in the tender documents, including the fixed-price model. It will also enforce limitations on bill sizes, topping them at a particular percentile of the market.

The proposed medical facility would certainly have the ability to place 300 to 400 beds, and offer more lower-cost special medical care choices, media reports quoted Ong as stating.

Tengah Garden Residences floor plan

The land is going to be presented by using a fixed-price tender. Under this approach, prospective buyers will be reviewed on qualitative standards entailing their care model, cost effectiveness, method to seeking and establishing workforce, and their commitment and plans towards affordable medical care, said Health Minister Ong Ye Kung.

He announced the plans on April 9 at an anniversary event for Mount Alvernia Hospital– currently the only not-for-profit private acute medical center in Singapore.