The Malaysian healthcare provider is reportedly planning to exit the village and aged care development in Bethania, 30km from the Brisbane CBD, according to The Edge Malaysia Weekly.
Jeta Gardens was originally founded in 2002 to provide aged care to Chinese Australians by its Australian founder, Tan Choe Lam, with a group of local investors and Richard Lim. Local Australians however quickly embraced the concept as well.
As we covered here, KPJ Healthcare Bhd purchased 51% for around $45 million in 2011 to expand its aged care expertise.
Over time, KPJ raised its stake to 57% and invested more money to expand the original 108-bed aged care facility, 23 independent living units and 32 apartments.
But in FY16, KPJ marked down its investment and the Malaysian paper reports that KPJ is not prepared to invest more as it wants to focus on expanding its 25 hospitals in Malaysia in the short to medium-term.
If it goes ahead, it will be the end of KPJ’s involvement in our village and aged care sector.
