CIPC wants Chong Hua at SRP

CEBU, Philippines - The Cebu Investment and Promotions Center (CIPC), the marketing arm of the South Road Properties, is inviting Chong Hua Hospital to invest at SRP.

CIPC managing director Joel Mari S. Yu said they chose Chong Hua Hospital because it is the only Joint Commission International (JCI) accredited hospital in Cebu and the third hospital in the country to have acquired the accreditation.

Yu said it is important for SRP to have a world-class hospital component to complement the residential condominium and other upcoming facilities in the area, which will be built by SM Prime Holdings and Filinvest Land Inc.

FLI’s development plan includes commercial and retail complexes, fine dining restaurants and fastfood outlets at the beach promenade area, six medium-rise residential buildings and a central park will be constructed on the 10-hectare joint venture area, which is only a fraction of the 40-hectare Citta di Mare.

FLI bought 10.6 hectares at the SRP last year and entered into a joint venture agreement with the Cebu City government to develop another 40 hectares. Just last month, the city granted FLI the ownership of a 2.6-hectare lot after the latter paid an additional P72.5 million.

Meanwhile, SM Holdings will be investing at least P20 billion for a mixed-used development project on the 30-hectare lot it bought at the SRP. SM’s development plan will include residential communities, hotels, a convention center, hospital, school and a shopping mall that will occupy 250,000 square meters of the area.

Yu said being a JCI-accredited hospital makes Chong Hua a perfect pick for the SRP as future owners of the condominium units at the SRP are expected to be largely composed of foreign retirees who would prefer the services of an internationally accredited health institution.

JCI is a body that accredits hospitals and health care providers outside the United States that have internationally standard services. This is also one of the requirements for a health care facility to officially accommodate medical tourists around the world.

In an earlier interview with CHH chief executive officer (CEO) Lim Liu, he said the immediate plan of CHH is to expand the existing facility located at the midtown area of Cebu City.

Initially, the hospital will invest P100 million for a six-story car park building.

Yu said if they cannot get Chong Hua to invest at SRP, they might as well invite St. Luke’s Hospital in Manila to put up a similar facility at the SRP.           

Notwithstanding the issues that may shake the future of the SRP, especially with the inevitable change in leadership of Cebu City following the elections come May 10, Yu said CIPC is still doing its best to market SRP and continue inviting locators to the special economic zone.

 SRP is seen to generate an added P1 billion annually to Cebu City’s coffers, which if realized will make Cebu City as the wealthiest LGU in the Philippines.