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Century Properties’ New Project to Boost RP’s Medical Tourism

In addition to developing premium residences in various market segments, listed real еstatе firm Century Properties Group said it will be an active player in the country’s growing medical tourism industry through its medical arts building project in Makati City.

Centuria Medical Makati, a 28-story outpatient medical facility now on its seventh floor of construction at Century City in Kalayaan Ave., will serve as a platform to support the Philippine government’s thrust to offer world-class medical services to foreign patients, said Century Properties Executive Chairman of the Board Jose Antonio.

“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 Antonio, whose firm has previously developed three medical arts projects in Makati, Ortigas and Alabang.

“Tourism is considered one of the pillars of our country’s economic growth. 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. We know for a fact that similar outpatient medical facilities abroad are extremely doing well and we will bring the best practice to Centuria,” Antonio said.

In 2010, the Philippines posted $25.3 million in revenues for 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.

Centuria is scheduled for completion in 2014. It will house 553 clinics for doctors specializing in various medical practices, and if there is a need to run tests or conduct minor medical procedures for patients, Centuria will offer the use of its special facilities within the building: the Day Surgery Center, radiology center, diagnostic laboratory, digital imaging, pharmacy, recovery suites, and an ambulance transfer service.

To foreign patients who wish to extend their stay in the Philippines, Centuria will have a travel desk and concierge services for flight arrangements and hotel bookings.

To ensure that the building specifications and design are in line with international standards for an outpatient healthcare facility, Century entered into a technical partnership with GE Healthcare in 2010.
To date, 84 percent of Centuria’s clinic spaces have been pre-sold. Clinic sizes range from 27 square meters to 187 square meters, with a current average price of P160,000 per square meter.

Antonio said Centuria is a rare offering of premium clinic spaces situated within the vertical mixed-use development called Century City, and a larger catchment area of residential villages, corporate offices and Makati ’s three-million daytime population.

“This means Centuria will be a convenient, one-stop destination for people with outpatient requirements, such as day surgery procedures, regular doctors’ consultations, treatments and diagnostic tests,” he said.

Century Properties is a full-service real еstatе firm with 26 years in real еstatе development, marketing, and property management. Its medical arts developments include Medical Plaza Makati, Medical Plaza Ortigas and the medical arts facility of the Asian Hospital in Alabang.

Century Properties is also building the Century City Mall in Kalayaan Avenue, Makati. Its premium residential developments include the Azure Urban Resort Residences in Parañaque City, with a beach club designed by Paris Hilton; the Knightsbridge Residences at Century City , Trump Tower at Century City, the Milano Residences interior design by Versace Home, Acqua Livingstone interior design by MissoniHome; Acqua Iguazu yoo inspired by Starck; and the Residences at Commonwealth by Century.

The company is listed in the Philippine Stock Exchange under the ticker CPG.

Source: The Daily Tribune | February 25, 2013


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