JAKARTA -- The Indonesian conglomerate Ciputra Group will open an eye clinic in Jakarta by the end of this year as the company, better known for its real estate business, invests more in the medical field.
Ciputra Development, the group's property arm, has agreed to set up a joint company with Singapore Medical Group, a Singaporean health care provider offering eye surgery and other specialized services.
The new company, Ciputra SMG, will be established with 11 billion rupiah ($932,000) in capital. Ciputra will cover 60% of this, with SMG covering the rest.
The eye clinic will be located at the Ciputra World 1 shopping mall. SMG will bring Singapore's medical know-how, considered some of the most advanced in Southeast Asia, to the clinic to attract wealthy Indonesians.
Ciputra SMG might also establish other specialized clinics, according to SMG.
The Ciputra Group is set to expand its presence in medical fields as earnings from its core business of developing commercial buildings and housing, tend to be affected by economic conditions.
The group operates a general hospital in a Jakarta suburb, and has plans to build two more in 2015. Earlier this year, it began building a general hospital in Banjarmasin, Kalimantan, for 250 billion rupiah. It is scheduled to open in October 2015. It also plans to open another general hospital near Jakarta in 2015.
Ciputra Development had a net profit of 976.7 billion rupiah in the year ended December 2013, up 66% from the previous year. For the current business year, it expects a profit increase of 23%, reaching 1.2 trillion rupiah as sales competition intensifies in the real estate market.
Wealthy Indonesians often receive treatment for serious diseases as well as eye and other specialized medical services at hospitals in Singapore and Malaysia.