Century completes $100-M medical building
Listed property developer Century Properties Group, Inc. has completed Centuria Medical Makati and is starting unit turnovers to tenants, in line with its thrust of building its commercial leasing portfolio and diversifying its recurring income revenue streams.
The US$100-million modern outpatient medical-IT facility at Century City in Kalayaan Avenue, Makati stands 28 storeys and has close to 700 clinics and office suites that will accommodate doctors of various outpatient medical practices.
Support facilities include a diagnostic laboratory to be operated by Hi-Precision Diagnostics, a hospital-grade Day Surgery Center and Recovery Suites. Centuria also has 18 commercial spaces for dining, wellness and pharmacy outlets.
Centuria’s opening is targeted in 2015 after doctors and tenants complete unit fit outs. The building will be equipped with IT capabilities for the convenience of doctors and patients, as well as a trained medical concierge staff for locals and medical tourists.
“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.
He added that “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.”
Launched in 2010, Centuria is the second project to be completed by Century Properties in 2014 under its growing recurring income portfolio. In March 2014, the company opened the 50,000-square meter Century City Mall, right in front of Centuria, with about 110 retail tenants, including four cinemas and a Rustan’s Supermarket.
“The year 2014 is 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 Century Properties’ director for Investor Relations Kristina Garcia.
The project also forms part of Century Properties’ pipeline of residential, commercial, and office developments. From its listing in 2012 up to 2019, Century targets the completion of a total of 31 buildings.