Singapore healthcare services firm Raffles Medical (RAFG.SI) is prepared to invest $200-300 million to build a hospital in China to tap into the growing medical care needs of the world’s most populous nation, its chairman said.

Raffles, which has already opened a medical centre in Shanghai, may set up a general hospital with a few areas of excellence such as cancer treatment, cardiology and fertility in a “gateway city” like Shanghai, Beijing, Shenzhen or Guangzhou.

“We are looking for possibilities -- site, permission -- to invest in an international hospital in China with at least 300 beds,” chairman Loo Choon Yong told Reuters in an interview.

Loo said Raffles may enter a joint venture or make its own investment with a mix of internal cash, debt and equity, but he qualified that it must be economically feasible for the firm.

He added that it may take around three years to build a hospital from the time the firm finds a suitable land in China, and it may recruit 100-200 doctors, who will be a mix of Singaporeans, Chinese and other nationalities.

Back home in Singapore, Loo said Raffles aims to invest around $12.5 million to increase its number of general practice, dental and specialist clinics to 100 from the current 75 in the next three years using the firm’s internal resources.

By 2013, Raffles aims to complete the expansion at its flagship hospital of an additional 102,408 square feet, which would boost the current space by one-third, Loo said.

“I certainly hope that with the one-third increase in space, we should be able to grow at least one-third in top line by 2015(versus 2012),” he said.

He added that Raffles has an estimated 10% of the private hospital market in Singapore and targets further growth.

“We hope we can continue to grow at the rate we have been growing. CAGR (compounded annual growth rate) of 15% is reasonable,” he said, adding that the firm aims to maintain this rate in the next 5-10 years.