OUE Lippo Healthcare (OUELH)

What OUE Lippo Healthcare (OUELH) does

OUE Lippo Healthcare (OUELH) is a Singapore-listed healthcare holding company on the SGX Catalist Board (subsidiary of OUE Limited, which holds ~60%; ITOCHU Corporation holds a strategic stake from 2018) that owns, operates, and invests in healthcare businesses across five Asian markets: Singapore, China, Myanmar, Indonesia, and Japan. The group generates revenue through three principal streams: direct hospital operations (Wuxi Lippo Xi Nan Hospital, Changshu China Merchants-Lippo O&G Hospital, Shenzhen Prince Bay Hospital coming online in 2025, and three Pun Hlaing Hospitals in Myanmar totalling 370+ beds); a 32% stake and sponsor role in First REIT, Singapore's first listed healthcare REIT, which owns 32 healthcare and integrated-use properties across Indonesia, Japan, and Singapore and yields rental and management income; and equity-method joint venture interests, including a 50:50 venture with China Merchants Group (CM Lippo) for China hospital development and a 40% interest in Pun Hlaing Hospitals with First Myanmar Investment. Beyond hospitals, OUELH holds approximately 27% of Healthway Medical Corporation (130+ Singapore clinics), a 60% stake in O2 Healthcare Group (respiratory, sleep, cardiothoracic specialty, and post-2024 physiotherapy via Rehab Matters). The model is built on three pillars: hospital operations for fee-for-service patient revenue, REIT sponsorship as a capital recycling platform for asset-light growth, and joint-venture partnerships with strong local operators (China Merchants, First Myanmar Investment, CUHK) to navigate multi-jurisdictional regulation. Recent operating signals are mixed: FY2025 group revenue declined 4.6% with H2 FY2025 losses widening 65% to S$314.7M following the December 2024 divestment of Lippo Plaza Shanghai, while the commissioning of Changshu Hospital in 2023, the expected 2025 opening of Prince Bay Hospital in Shenzhen, and ongoing board and strategy changes through 2025-2026 (including multiple independent director resignations) point to a portfolio under active restructuring. Customer concentration risk is moderate: while end demand is highly diversified across millions of patients in five countries, revenue and capital dependencies are concentrated in JV partners (China Merchants, First Myanmar Investment), REIT distribution dynamics, and the OUE Limited parent.

Name

OUE Lippo Healthcare (OUELH)

Legal name

OUE Healthcare Limited

Website

https://ouelh.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

OUE Lippo Healthcare (OUELH) is a Singapore-listed healthcare holding company that owns, operates, and invests in hospitals and healthcare facilities across Singapore, China, and Myanmar, with stakes in First REIT and Healthway Medical Corporation spanning five Asian markets.

Ownership category

akta.pro rank

Product category

Healthcare Services / Hospital Operations

NAICS

General Medical and Surgical Hospitals (6221), Specialty (except Psychiatric and Substance Abuse) Hospitals (62231), Specialty (except Psychiatric and Substance Abuse) Hospitals (622310)

SIC

Services-Hospitals (8060), Services-General Medical & Surgical Hospitals, Nec (8062), Services-Health Services (8000), Real Estate Investment Trusts (6798)

akta.pro primary industry

Healthcare & Medical Office Property Management (BPAJAGAF)

Keywords

• Hospital operations
• Healthcare services
• Healthcare real estate
• Specialty medical care
• Medical facility management

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Others

Revenue model

1. Hospital Operations: Direct ownership and operation of hospitals and healthcare facilities generating revenue from patient services including emergency care, outpatient, in-patient, laboratory, imaging, physiotherapy, and medical check-up services across Singapore, China, and Myanmar.
2. Healthcare Real Estate Investment: As sponsor and largest unitholder of First REIT, OUEH earns returns through ownership of healthcare real estate assets generating rental income from long lease terms with hospital and nursing home operators.
3. Joint Venture Holdings: Revenue from equity method investments in joint ventures including CM Lippo (50:50 JV with China Merchants) and Pun Hlaing Hospitals (40% stake in Myanmar) through hospital operations and management fees.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

OUE Healthcare Limited owns, operates, and invests in hospitals and healthcare facilities across Singapore, China, and Myanmar, delivering general and specialty clinical services including emergency, outpatient, in-patient, imaging, laboratory, physiotherapy, obstetrics, gynaecology, paediatrics, respiratory, sleep, and rehabilitation care. The group also serves as sponsor and largest unitholder of First REIT, Singapore's first listed healthcare REIT, providing a real-estate-backed capital recycling platform across Indonesia, Japan, and Singapore.

Differentiator

Problem solved

Functional benefit

Products and services

• Pun Hlaing Hospitals (Myanmar) Network of hospitals in Myanmar providing general and specialized healthcare services including emergency, outpatient, in-patient, cardiology, orthopaedics, obstetrics and gynaecology. Pun Hlaing Hospitals Hlaing Tharyar is the first JCI-accredited hospital in Myanmar (2017, re-accredited 2021 and 2024). Total capacity approximately 370 beds across three hospitals.
• Wuxi Lippo Xi Nan Hospital General hospital in Wuxi, Jiangsu, China providing internal medicine, gynaecology, gastroenterology, nephrology, Traditional Chinese Medicine and haemodialysis services. Its haemodialysis centre was recognized as one of the top 10 centers in Wuxi. OUEH owns 100% stake in the operating company.
• Changshu China Merchants-Lippo Obstetrics & Gynaecology Hospital Premium hospital in Changshu, Jiangsu, China offering obstetrics, gynaecology, paediatrics, health screening, TCM and postpartum care. Operated through CM Lippo JV with strategic collaborations with Shanghai Changzheng Hospital and Zhongda Hospital Southeast University.
• Shenzhen China Merchants-Lippo Prince Bay Hospital Upcoming hospital in Shekou, Shenzhen, expected to have more than 200 beds, serving the Greater Bay Area community. Developed by CM Lippo JV with CUHK providing consultancy for the International Medical Centre, including credentialing, training, and cross-border referrals to top Hong Kong hospitals.
• O2 Healthcare Group

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

14 partnerships are on record, tiered core, major and minor.

• OUE LimitedcoreStrategic or Co-development PartnerOUE is OUE Healthcare's major shareholder and parent company. Listed on SGX-ST Mainboard, OUE is a diversified real estate owner, developer and operator with portfolio across commercial, hospitality, retail and residential sectors. In 2017, OUE expanded into healthcare sector with acquisition of OUEH, followed by acquisition of First REIT Management Limited jointly with OUEH in 2018.
• China Merchants GroupcoreStrategic or Co-development PartnerChina Merchants Group (through subsidiary China Merchants Shekou Industrial Zone Holdings Co., Ltd.) is OUEH's strategic partner in China. 50:50 JV company CM Lippo (China Merchants Lippo Hospital Management Limited) develops and operates hospitals in China including Prince Bay Hospital in Shenzhen and Changshu Hospital.
• First Myanmar Investment Public Company LimitedcoreStrategic or Co-development PartnerFirst Myanmar Investment (FMI) is OUEH's JV partner in Myanmar. OUEH holds 40% stake in joint venture companies with FMI that own and operate Pun Hlaing Hospitals (three hospitals, two medical towers, four primary care clinics) in Myanmar.
• First Real Estate Investment Trust (First REIT)coreStrategic or Co-development PartnerOUEH is sponsor and largest unitholder of First REIT, Singapore's first listed healthcare REIT. OUEH directly owns approximately 32% of First REIT units and holds 40% stake in First REIT Management Limited, the REIT manager. First REIT owns 32 properties across Indonesia, Japan and Singapore.
• PT Siloam International Hospitals TbkcoreStrategic or Co-development PartnerPT Siloam International Hospitals Tbk operates First REIT's 11 hospitals in Indonesia. It is an associate of PT Lippo Karawaci Tbk and Indonesia's leading private hospital network.
• PT Lippo Karawaci TbkmajorStrategic or Co-development PartnerPT Lippo Karawaci Tbk is associated with PT Siloam International Hospitals Tbk, Indonesia's leading private hospital network operating First REIT's Indonesian hospital portfolio.
• Healthway Medical Corporation LimitedmajorStrategic or Co-development PartnerOUEH owns approximately 27% of Healthway Medical Corporation Limited, a respected medical group in Singapore with over 130 clinics. OUEH also acquired additional 0.4% of shares in 2024 and launched delisting and acquisition of Healthway Medical in 2023.
• O2 Healthcare GroupcoreStrategic or Co-development PartnerO2 Healthcare Group was formed in 2022 through medical partnership with leading respiratory specialist practices and cardiothoracic surgery practice in Singapore. OUEH holds 60% stake in OUE JV, which in turn holds 60% of O2 Healthcare Group. In 2024, O2 Healthcare Group acquired 60% stake in Rehab Matters Limited, a physiotherapy provider.
• Rehab Matters LimitedmajorStrategic or Co-development PartnerEstablished physiotherapy provider specialising in high-quality medical directed fitness and cardiopulmonary rehabilitation. O2 Healthcare Group acquired 60% stake in December 2024.
• Chinese University of Hong Kong (CUHK)majorStrategic or Co-development PartnerCM Lippo entered into agreement with CUHK for consultancy services for operation of International Medical Centre within Prince Bay Hospital. CUHK facilitates credentialing and training of healthcare professionals and sets up green channel for cross-border referrals to top hospitals in Hong Kong.
• Shanghai Changzheng HospitalmajorStrategic or Co-development PartnerStrategic collaboration with Shanghai Changzheng Hospital to strengthen Yangze River Delta healthcare network. Partnership encompasses scientific research, education, nursing, continuing education and management. Establishes two-way green channel for patient access and cross-referrals.
• Zhongda Hospital Southeast UniversitymajorStrategic or Co-development PartnerStrategic collaboration with Zhongda Hospital Southeast University in Nanjing to enhance clinical excellence, research and patient care at Changshu Hospital. Partnership covers scientific research, education, nursing, continuing education and management with two-way green channel for patient access.
• The Aryaduta Hotel & Resort GroupminorStrategic or Co-development PartnerOperates Imperial Aryaduta Hotel & Country Club and Hotel Aryaduta Manado, assets held by First REIT in Indonesia.
• PT Lippo Malls IndonesiaminorStrategic or Co-development PartnerManages Lippo Plaza Kupang and Lippo Plaza Baubau, retail assets held by First REIT in Indonesia.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Raffles Medical Group: Singapore-headquartered integrated private healthcare provider operating Raffles Hospital and a network of medical clinics across Asia. Direct comparable given Singapore base, premium positioning, and regional hospital/clinic expansion model.
• Fortis Healthcare: India-listed hospital chain (28+ hospitals) with significant presence in India, Singapore and Dubai. Comparable multi-country hospital operator with similar premium and tertiary care positioning in emerging Asian markets.
• KPJ Healthcare Berhad: Malaysia's largest private hospital network with 29+ hospitals across Malaysia, Indonesia, Thailand and Bangladesh. Listed on Bursa Malaysia. Comparable as pan-Asian hospital operator with similar JV/franchise model and Indonesia presence.
• Bumrungrad Hospital: Thai premium hospital group, flagship Bumrungrad International Hospital is a top medical tourism destination in Asia. Comparable as JCI-accredited, premium-positioned Southeast Asian hospital operator with international patient mix.
• PT Siloam International Hospitals Tbk: Indonesia's largest private hospital operator (40+ hospitals) and partner/tenant of First REIT's Indonesian hospital portfolio. Strong direct comparability given First REIT relationship and Indonesian healthcare market exposure overlapping with OUELH's REIT holdings.
• Apollo Hospitals Enterprise: India's largest hospital chain operating 70+ hospitals with JCI-accredited flagship facilities. Comparable as a publicly listed emerging-market hospital operator with strong specialty care focus and similar asset-light expansion ambitions.
• IHH Healthcare Berhad: Asia's largest hospital operator by market cap, operating premium hospitals across Malaysia, Singapore, Turkey and India (Mount Elizabeth, Gleneagles, Acibadem brands). Directly comparable to OUELH as a publicly listed pan-Asian hospital operator with multi-country footprint.
• Healthway Medical Corporation Limited: Singapore-based medical group operating 130+ clinics. OUELH owns ~27% and launched delisting/acquisition in 2023. Direct peer in Singapore primary care and a key portfolio holding.
• Bangkok Dusit Medical Services (BDMS): Thailand's largest private hospital group operating 53+ hospitals across Thailand and Cambodia under Bangkok Hospital, Samitivej, and Phyathai brands. Comparable as a Southeast Asian hospital operator with JCI-accredited facilities and premium positioning.

Broad incumbents

• First REIT: Singapore-listed healthcare REIT sponsored by OUELH with 32 healthcare properties across Indonesia, Japan and Singapore. While OUELH owns ~32% of First REIT, it is an adjacent listed entity and the REIT's performance directly affects OUELH's economics and capital recycling strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries8 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OUE Lippo Healthcare (OUELH)