24 Mar Quantum Healthcare to Become Anchor Tenant as Hatten Land Transforms Imperio Mall Into a Medical Mall
Hatten Land and Quantum Healthcare have signed a strategic partnership agreement to establish a specialist outpatient care centre at Imperio Mall in Melaka. This marks Quantum Healthcare’s first foray into the medical and wellness business outside of Singapore, where their dentistry business currently accounts for all of their revenue. The centre will occupy at least 180,000 sq ft of space over three floors in the mall, which has a total net lettable area of 350,000 sq ft over eight floors. It is expected to open in phases from the second half of 2023 and will feature medical specialists, aesthetic doctors, food and beverage brands, and office space.
The agreement has a total tenure of nine years, with an initial term of three years and an option to renew for two additional three-year terms. Quantum Healthcare will pay a monthly base rent and service charge in cash for the initial three-year term, starting from the agreement’s signing date. The agreement is valid until the signing of the tenancy agreement between Quantum Healthcare and Hatten Land, which is expected to occur within 30 days of the signing of the strategic partnership agreement. Quantum Healthcare is also in discussions with various parties regarding sub-lease arrangements.
Imperio Mall has been repositioned as a medical mall, offering convenience for patients and service providers. The collaboration is expected to contribute positively to Hatten Land’s future financial performance, while Quantum Healthcare has yet to determine the full financial impact of the collaboration on its net earnings per share or net tangible asset per share for FY2023 ending December 31. Shares in Hatten Land and Quantum Healthcare closed at 1.6 cents and 0.5 cents, respectively, on March 21.