Philippine property giant to invest in local healthcare

Philippine property giant to invest in local healthcare

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The Philippines-based property giant Ayala Land Inc. (ALI) is gearing up to contribute to the local healthcare industry, with an investment of more than P5 billion in order to build new hospitals and clinics all over the country. The new project is named QualiMed and represents a joint venture between ALI and Mercado General Hospital Inc. (MGHI).

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Officials from the company said that the MGHI will put up 1,000 beds over the upcoming five years through 10 new hospitals, as well as ten satellite clinics. Antonino T. Aquino, the ALI president and CEO said, “Our QualiMed joint venture supports our strategy of completing the offerings in our integrated mixed-use developments”.

The CEO went on to say that the main objective of the project is to become one of the biggest players in the local healthcare sector. The head for corporate planning of ALI, David San Pedro said that QualiMed is planning to have 1,000 beds in five years, through the construction of 10 brand new hospital buildings, as well as ten new satellite clinics for the middle class segment.

Pedro went on to say that the capital spending can reach up to P5.3 billion as a hospital with 100 to 150 beds requires around P500 million, while satellites clinics are in need of P20-30 million. The listed property development arm of the Ayala conglomerate, ALI is set to spend P70 billion in 2014 on 78 projects.

Photo Credits: Rappler