Century Property enters medical tourism

REAL estate developer Century Properties, Inc., has broken ground for its planned medical tourism venture, which at the initial stage of development will hire an estimated 3,000 workers. The project called Centuria Medical City will stand at a 3.4 hectare area, where the campus of the International School used to sit.Century Property is spending $100 million for the mainly outpatient medical complex which is being put up in partnership with Dow-listed General Electric (GE).

"It is a privilege to work with GE Healthcare for this project, and to get the support of our local government, the DOH, the DTI and the DOT, in the interest of promoting the Philippines as a top medical tourism destination with globally competitive standards for outpatient medical services," said Jose E.B. Antonio, Century Properties chairman.

"With the right venue, the right technology and systems, doctors may now put up clinics and provide the best care possible for patients the world over," he added.Century Properties had its property, now named Century City, Philippine Economic Zone Authority (PEZA)-accredited for its planned development.

Centuria Medical Makati is eyed to be a "world-class outpatient medical arts building" for both local patients and medical travelers, making available to potential clients all 28 floors of the complex which is seen to house more than 500 clinic spaces."Centuria will use the latest technology and equipment that will enable doctors to practice their disciplines with great ease, as well as provide fast and convenient services to patients," Century Properties said.

"The building will comprise doctors’ clinics specializing in different disciplines of medicine; floors devoted to diagnostic equipment and services; rooms for aesthetic procedures; recovery suites; cafes and restaurants; a VIP lift, and units for other service providers in health, wellness and preventive medicine," it also said.Century Properties expect to fully sell the units within one-year after pre-selling was started last week.

Clinic spaces range between 25-75 sqm, 32-113 sqm, and 32-187 sqm, with some units available for combination. The smallest space costs P3.4 million.As part of the partnership with GE, Century Properties will be responsible for the property development, and with GE’s assistance will adapt best practice model and equipment and form an in-house team that would operate the facility."We are optimistic that this assistance of providing advanced

medical equipment, best practices and technological solutions will not only boost medical tourism in the Philippines, but also improve the standards of outpatient medical services in the country and make this accessible to more people," according to John Rice, GE technology infrastructure vice chairman.Centuria is seen to generate about 5,000 jobs upon the start of operations, estimated to be in the latter part of 2013 or early 2014.

Medical tourism is a rapidly growing industry in Asia, with the 2010 revenue pegged at $25.3 million for the Philippines alone. About 62 percent of this came from foreign clients who opt to have their medical needs attended locally.It is estimated that some 600,000 medical travelers arrived in the Philippines last year.The Philippines expects a $3 billion profit from medical tourism by 2015, with as much as one million foreign patients arriving annually.

Currently there are about 30 hospitals, clinics, wellness centers and resorts comprising the Philippine Medical Tourism industry.Medical tourism is also popular in countries like Singapore, Thailand, Malaysia, and India. A 2008 McKinsey and Co. Report states that 40 percent of medical tourists seek advanced technology, 32 percent better healthcare, 15 percent faster medical services, while 9 percent seek lower healthcare costs.

Globally, the health and wellness industry is estimated to have reached $ 2 trillion, with the biggest moneymaker being the beauty and anti-aging industry, hauling in $679 billion.By 2012, it is expected that that the industry will become a $100 billion a year global enterprise, catering to over 780,000,000 patients.

Century Properties said that research shows that the Philippines has an even bigger potential in attracting medical tourists because of its culture of hospitality, quality healthcare services, competent medical practitioners, and cheaper medical treatments of as low as 70 percent compared to other Asian countries.

Century Properties boasts of 25 years of experience in real estate marketing, real estate development and property management, with more than 60 projects in its portfolio. Its major projects include the the Essensa East Forbes in Fort Bonifacio, Global City in Manila.

General Electric meanwhile is the fifth largest company in the United States with revenues of $183 billion. It healthcare subsidiary GE Healthcare generates about $17 billion and is a leading global provider of healthcare information and medical technologyThe partnership between Century Properties and General Electric was signed in September last year in New York, witnessed by President Aquino, Finance Secretary Cesar V. Purisima and Energy Secretary Jose Rene D. Almendras.

Source = malaya