Century Properties set to open $100-M med-IT facility
MANILA, Philippines – Century Properties Group, Inc. is set to open early next year its $100-million modern outpatient medical-IT facility in Makati seen to diversify the company’s recurring income revenue streams as well as boost its commercial leasing portfolio.
In a statement, Century Properties said it has already completed construction and started turning over units at Centuria Medical Makati.
Centuria is a 28-story building located at Century City in Kalayaan Ave. Makati that has close to 700 clinics and office suites as well as 18 commercial spaces for dining, wellness and pharmacy outlets.
“We are in the midst of a tremendous growth opportunity for health care and medical tourism. Centuria will address the need for facilities that will take these sunrise industries to the next level in the Philippines,” said Century Properties chairman Jose E.B. Antonio.
“This medical facility is also an important component to our strategy of having a complete, integrated community at Century City, where you just don’t have offices, high rise residences and a retail mall but also a modern outpatient healthcare facility,” Antonio added.
Centuria was launched in 2010 and is targeted to open in 2015 after doctors and tenants complete unit fit-outs.
Centuria is the second project to be completed by Century Properties this year under its growing recurring income portfolio.
In March this year, the company opened the 50,000-square meter Century City Mall located in front of Centuria with about 110 retail tenants, including four cinemas and a Rustan’s Supermarket.
“The year 2014 is a significant period for Century as it marked the completion of our first two commercial developments from the year we became listed in 2012. We also completed a residential building in Azure Urban Resort Residences and the Paris Beach Club this year,” said Kristina Garcia, Century Properties’ director for investor relations.
The Centuria project will form part of Century Properties’ pipeline of residential, commercial and office developments.
The listed real estate firm of the Antonio family seeks to complete a total of 31 residential buildings and amass a commercial portfolio of over 160,000 square meters by 2019.