Singapore-based International Healthway Corporation (IHC) has bought a new site in Melbourne as it expands into Australia.
The company has purchased the St Kilda Road complex in a deal worth $45 million, reports the Australian.
IHC's new site is located next door to the 688-bed Alfred Hospital and it is expected the healthcare developer will look at moving into Australian private treatment sector.
Dr Jong Hee Sen, IHC executive chairman, said: "Diversifying into attractive and large economies in the Asia-Pacific region such as Australia, has been a key growth strategy since our listing in July 2013."
He added Victoria is one of the most "vibrant" cities in the country and is ideal for the company's expansion into Australia.
IHC also has operations in Malaysia, China and Japan, and this latest acquisition could mean an increase in medical tourism benefits.
According to Tourism Research Australia, 10,739 people travelled to the country for medical reasons last year - double the number recorded in 2006.
Posted by Steve Douglas