Selaras Group Increasingly Focused on Indonesia's Hospital Industry
One of the corporations in Indonesia that is increasingly expanding into the nation's hospital industry is Selaras Inti Corpora, also known as the Selaras Holding Group. This group, founded in 2009, is an Indonesia-based investment management and holding company with operations across the nation, particularly in land and real estate development, hospitality, and healthcare.
Currently, the Selaras Holding Group is increasingly focusing on the healthcare industry in Indonesia. Therefore, it is now planning to build three new hospitals (in West Jakarta, Serpong and Bandung), as well as five medical clinics. Prior to this plan the group already acquired a hospital in Cito (Karawang, West Java).
This hospital, which was obtained by the group through an acquisition and was renamed Mandaya Hospital Karawang, has a bed capacity of 218. Selaras Holding Group paid IDR 400 billion (approx. USD $30 million) to acquire the hospital.
Karawang was chosen because this area is a key industrial area in Indonesia that shows rapid development. Moreover, when the Selaras Holding Group acquired the hospital it was the only hospital in the area and therefore there were no competitors. On the official website of the Selaras Holding Group the hospital is described as "situated in a middle to upper class residential area, and growing commercial area. The hospital has center of excellence in neuro-science, heart & vascular, and traumatology."
Benedictus Widjaja, Vice President & Chief Operational Offices at Mandaya Medical Group, said the occupancy rate of Mandaya Hospital Karawang is growing positively. He added that 30 percent of total patients in this hospital are treated under the universal healthcare program (in Indonesian: Jaminan Kesehatan Nasional, or JKN). The goal of this program, managed by BPJS Kesehatan, is to provide health insurance to all Indonesians by January 2019.
As Mandaya Hospital Karawang has been operating since last year, the management expects to see sharp revenue growth: 15 percent (y/y) in 2017, followed by a 30 percent (y/y) rise in 2018 as the hospital will invest in new equipment that should boost demand. If everything goes according to plans then this hospital operator may decide to conduct an initial public offering (IPO) on the Indonesia Stock Exchange over a couple of years.
Widjaja said the group deliberately acquired the hospital in Karawang - rather than establishing a brand new hospital - as it would speed up its expansion into Indonesia's healthcare sector. The construction of a new hospital would require much more time. Now, however, after having established its name in the hospital industry, it is the right time to build a brand new hospital from scratch.
The group set aside IDR 1 trillion (approx. USD $75.2 million) for the development of a new (international) hospital in West Jakarta. Construction is scheduled to start in about four months. The hospital should be ready for operations by 2019. This hospital will have a bed capacity of between 400 - 500. During the preparation process the group works together with a US university.
After the West Jakarta hospital is completed then the group will focus on the development of a IDR 800 billion hospital in Bandung (West Java) with a capacity of 400 beds. The hospital is expected to welcome patients starting from 2021.
Afterwards, the Selaras Holding Group will focus on the development of a hospital in Serpong (West Java). It is currently seeking land for this project.
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