Centuria Medical breaks ground

Century Propertie s recently broke ground for Centuria Medical Makati, the US$100-million medical-IT building it is developing in partnership with GE Philippines Inc. at Century City in Kalayaan Avenue, Makati. The event was held as one of the highlights of its 25th year in the real estate industry.

Centuria is envisioned to be a world-class outpatient medical arts building for both local patients and medical travelers. With 28 floors and more than 500 clinic spaces, it will use the latest technology and equipment that will enable doctors to practice their disciplines with ease, as well as provide fast and convenient services to patients.

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.

Present at the groundbreaking rites were Century Properties officials led by Chairman Jose E.B. Antonio with GE Philippines Inc. Director John Alcordo and Nilo Cruz, Country Manager for GE Healthcare Philippines. Guests of Honor were Makati Mayor Jejomar Erwin Binay, Department of Health (DOH) Sec. Enrique Ona, and Department of Trade and Industry Undersecretary and Managing Head of the Board of Investments Cristino L. Panlilio and Director Elizabeth Nelle of the Department of Tourism (DOT). Washington Z. SyCip, an independent member of Century Properties’ Board of Directors, also graced the ceremony.

“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. 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,” said Jose E.B. Antonio, CEO and Chairman of Century Properties.

Medical tourism is a rapidly growing industry in Singapore, Thailand, Malaysia and India. The Philippines is fast catching up with a $25.3-million revenue posted in 2010, with foreigners contributing 60 percent of the revenues.

In the same year, the health and wellness industry hit a record of US$ 2 trillion. Research also 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.

Dutch pension fund manager invests in Century Properties

HIGH-END real estate developer Century Properties, Inc. has secured more than P2 billion in funding from a European asset manager to finance projects in the “premium” market segment.

The investment from APG will be used for expansion, Century Properties said, pointing to a favorable business environment.

“APG, one of the largest global pension asset managers based in the Netherlands, with €266 billion of assets under management, has invested P2.25 billion in Century Properties,” the property firm said in a statement yesterday.

“The investment of APG will allow Century Properties to capitalize on the current high-growth and low-inflation environment of the Philippines,” Jose E. B. Antonio, chairman and chief executive of Century Properties, said in the same statement.

Mr. Antonio said the cash infusion would “further expand [the company’s] business plan of catering to the premium segment of multiple markets.”

Patrick Kanters, managing director for global real estate of APG, said:

“As a long-term strategic investor, APG has identified the real estate market in the Philippines as highly attractive.”

The Philippine real estate sector is enjoying brisk demand amid low interest rates that allow affordable financing.

The Philippines has a housing backlog of 2.5 million-3.5 million, government data show.

However, the entire property development industry produces only about 250,000 units per year, less than half the demand of 600,000 annually.

“We are confident that through our investment we contribute to the Century Properties team realizing [its] growth strategy,” Mr. Kanters said.

APG provides asset management services to pension funds. It manages more than 30% of all collective pensions in the Netherlands, making it one of the world’s largest pension asset managers, the company said on its Web site.

Early this month, privately held Century Properties broke ground for its $100-million, 28-storey Centuria Medical Makati -- an outpatient building that will have 500 clinics and targeting the medical tourism market.

The unlisted Century Properties is a 25-year-old real estate developer focused on the high-end residential condominium market.

As of end-September last year, Century Properties has completed 22 towers and manages 43 buildings totaling 1.9 million square meters.

Projects in its portfolio include the Essensa East Forbes and South of Market in Fort Bonifacio, and The Casitas and The Moderno at San Lazaro Leisure Park in Carmona, Cavite. -- N. J. C. Morales

For details on Century Properties's projects, you may contact Reby Ramirez @ +63 916.4044.555 / +63 919.699.3572 / +63 922.941.4139 or e-mail: reby_ramirez@yahoo.com

For details on RA 9646 or RESA Law, please visit www.ra9646.com. RA9646.com is the central depository of all updates on the new law for the practice of real estate service in the Philippines. The Law has been passed and signed last June 29, 2009. Its implementing rules and regulations (IRR) has been published in July 2010 making the law fully operational as of August 08 2010.

source: Businessworld, Jan 23 2011