P2.1-B medical facility to rise in Makati

MANILA, Philippines - Real estate firm Century Properties Group Inc. aims to be a major player in the government’s push to develop the country’s medical tourism industry.

The property firm said it is on track to completing the construction of the 28-story Centuria Medical Makati in 2014.

“The P2.1-billion project is positioned to attract local residents and most especially medical travelers, who are looking for quality treatment in a world-class facility that can offer huge cost savings, as compared to costs of medical treatment in their own countries,” said Century Properties chairman Jose E.B. Antonio.

The outpatient medical facility will serve as a platform to support the Philippine government’s thrust to offer world-class medical services to foreign patients, Antonio said.

It will house 553 clinics for doctors specializing in various medical practices. Centuria will offer also offer a day surgery center, radiology center, diagnostic laboratory, digital imaging, pharmacy, recovery suites, and an ambulance transfer service.

To date, 84 percent of Centuria’s clinic spaces have been pre-sold. Clinic sizes range from 27 square meters to 187 sqm, with a current average price of P160,000 per square meter.

“With the added push from the tourism and health departments of our government, Century Properties is very optimistic about the prospects of medical tourism in the Philippines,” Antonio said.

In 2010, the Philippines posted $25.3 million in revenues from the health and wellness industry, 60 percent of which came from foreign visitors.

Medical procedures in the Philippines can be 40-80 percent cheaper compared to US hospitals, Century Properties said.

Century Properties partners with General Electric Healthcare, which will provide the equipment, technology and software for the facility.

Last year, the company recorded P21.4 billion in pre-sales, up 16.6 percent from P18.4 billion a year ago and exceeding its P20-billion forecast.

In the nine months to September last year, the listed property firm booked a net income of P1.4 billion, surging 95 percent from P723 million a year ago. Revenues, driven by strong sales performance of its property developments, more than doubled to P7.2 billion from P3.5 billion.

With 26 years in the business of real estate development, marketing and property management, Century Properties has completed 21 condominium buildings (5,560 units) with a total gross floor area of 669,857 sqm and is currently managing 50 properties as of end-2012.

It is the company behind the Gramercy Residences, Azure Urban Resort Residences, Trump Tower, the Milano Residences, Acqua Iguazu yoo inspired by Starck and Centuria Medical Makati.