New Singapore-based medical group aims to enhance accessibility and affordability in private healthcare
Temasek’s investment arm, SeaTown Holdings, has committed S$150 million to the creation of Foundation Healthcare Holdings (FHH), a new medical group based in Singapore. Established on March 8, FHH is set to become one of the largest private healthcare groups in the country, comprising 50 medical specialists across 13 fields, including cardiology and general surgery. The group is projected to achieve a pro forma revenue exceeding S$130 million, according to SeaTown.
FHH is led by CEO Liaw Yit Ming, who previously headed strategic planning, mergers, and acquisitions at IHH Healthcare. Dr. Lee Hong Huei, the company’s COO, comes from Parkway Group, where he led the Southeast Asia division.
The entire funding for FHH is equity-based, with additional support from three banks providing extra financing. The investment comes from SeaTown’s private equity fund, the SeaTown Private Capital Master Fund.
The funds will be directed towards FHH’s “buy-and-build” strategy, which focuses on expanding its network, geographical reach, and diversifying into other healthcare services. Furthermore, the company will develop a data-driven technology platform to enhance coordination between various healthcare stakeholders, including insurers and third-party payors. Smarter Health, FHH’s healthtech unit, will play a central role in this initiative, led by former Parkway East Hospital CEO Choy Shook Yee.
Liaw expressed FHH’s goal of creating a sustainable, accessible, affordable, and accountable private healthcare system, a vision that strongly aligns with SeaTown’s values, as highlighted by managing director Dickson Loo.
