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Thai Bangkok Dusit to spend $370 mln on luxury healthcare centre
September 29, 2016 / 5:11 AM / a year ago

Thai Bangkok Dusit to spend $370 mln on luxury healthcare centre

BANGKOK, Sept 29 (Reuters) - Bangkok Dusit Medical Services Pcl (BDMS), Thailand’s largest hospital operator, plans to spend 12.8 billion baht ($370 million) to build a luxury healthcare centre to serve rising demand from tourists seeking premium medical services.

BDMS said in a statement on Thursday it will spend 10.8 billion baht to buy land and properties including five-star hotel Swissotel Park Nai Lert in Bangkok’s central business area. Another 2 billion baht will be spent on developing the healthcare centre.

Shares in BDMS fell as much as 5 percent to a seven-month low of 20.90 baht as investors fretted that the planned acquisition could strain the company’s finances. BDMS said it will use cash flow, loan and bond issues to finance the project.

The investment comes as the Thai military government seeks to promote tourism, one of the rare bright spots for Thailand, a popular destination for medical tourism in particular.

The centre, to be called BDMS Wellness Clinic, will help promote Thailand’s competitiveness as a leading provider of healthcare services, it said. BDMS said the clinic will focus on services aimed at promoting longevity, anti-aging, neuroscience and brain health to serve rising demand from visitors.

$1 = 34.6100 baht Reporting by Khettiya Jittapong; Editing by Kenneth Maxwell

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