Corporate History

HMI started its operations in Singapore in September 1991 through the HMI Balestier Hospital (formerly known as Balestier Medical Centre).

In November 1998, amid weak economic conditions, the Group acquired a stake and a five-year management contract in Mahkota Medical Centre (“Mahkota”), a then loss-making hospital located in the city centre of Malacca, Malaysia. The Group immediately implemented a comprehensive restructuring plan which saw the hospital quickly turning its operations around. Learning from its Singapore experience, HMI adapted the Singapore private hospital business model for use in Malaysia. Mahkota was the first hospital in Malaysia to sell medical suites to doctors and one of the early movers in attracting medical patients from Indonesia.

With the corporatisation of public hospitals in Singapore, the Group decided to exit the Singapore healthcare market and to focus on regional healthcare opportunities instead. By 2005, HMI Balestier Hospital was converted into the HMI Institute of Health Sciences which provided healthcare education and training in Singapore.

Seeing further potential in the Malaysian healthcare market, HMI subsequently acquired a stake in Regency Specialist Hospital (“Regency”), a then empty hospital building located in east Johor, Malaysia. And similar to its sister hospital, Mahkota, Regency’s patient load grew rapidly and achieved its first full year of profitability by 2014, barely five years after it opened for operations in November 2009.

Today, Mahkota is recognised as a market leader in medical tourism in Malaysia whilst Regency is one of the fastest growing private hospitals in Malaysia. In order to cope with the burgeoning demand from patients, both hospitals have initiated plans to expand capacity through renovation works within Mahkota’s existing premises as well as the construction of a new medical outpatient block at Regency. These plans are expected to increase the hospitals’ bed capacity and add more clinic suites to drive the Group’s next phase of growth.