MANILA, Philippines – Property giant Ayala Land Inc. is venturing into the healthcare business to add to the holistic offerings of its mixed-use projects.
Ayala Land, the country’s biggest property firm in terms of assets, is initially eyeing a P600-million deal that involves a hospital in Iloilo in Western Visayas.
“We plan to provide hospital buildings as part of our mixed-use developments, much like schools, malls and hotels as part of the communities we will develop,” Ayala Land corporate communications head Jorge Marco said in a text message to Rappler on June 24.
Ayala Land has a partnership with Panay Medical Ventures Inc. aimed at complementing its largest development project in Iloilo called Atria Park District. The project will feature residential condominiums, parks, and commercial and office establishments.
The partnership outlined Ayala Land as the facility builder and Panay Medical the operators of the healthcare facility.
“We will provide the facility but the services will be managed by a professional medical group,” Marco said.
Adding a hospital component to a mixed-use development has paid off for the business and commercial districts like Makati and Bonifacio Global City in Taguig, the hosts of Makati Medical Center and St. Luke’s Medical Center, respectively.
Currently, the business conglomerate that has ventured into the healthcare business is the Manny Pangilinan-led Metro Pacific Investments Corp (MPIC), which has finalized its acquisition of its 8th hospital in Tarlac City.
MPIC, the country’s largest hospital group, owns Makati Medical Center, Davao Doctors Hospital, Cardinal Santos Medical Center, Riverside Medical Center, Our Lady of Lourdes Hospital and Asian Hospital.
Ayala Land has earmarked P66 billion in capital expenditures for 2013. – Rappler.com