Jeremy Hurst, BROKER/OWNER atIRG Ltd.the premier integrated real estate brokerage in the Cayman Islands, was delighted about the news that the development which is locally known as the “Shetty Hospital” is projected to open ahead of schedule in February 2014. One man’s dream combined with a vision of helping those in need complimented by his determination has made the possibility of the Shetty Hospital a reality in Grand Cayman.
The full name of the entity is the Health City Cayman Islands; the planned 1,400 bed hospital is part of the Narayana Hrudayalaya Hospitals Ascension Health Alliance. An Indian citizen and heart surgeon, Dr Devi Shetty already oversees a network of 14 hospitals across India. Narayana Hrudayalaya, is joined in the first phase of the project in Grand Cayman by Ascension Health Alliance, the largest private not for profit health network in the United States. “Medical Tourism is big news right now, and this will have a very positive impact for Cayman, especially the Eastern Districts” Miles says. “This will no doubt have a larger and longer lasting impact than the Ritz-Carlton did in 2006, plus its another way of Cayman diversifying its product, complementing the Caribbean's top destination and one of the world largest offshore financial centres adding another string to our bow.”
Dr Shetty chose the High Rock area of East End, Grand Cayman to be the location of his first medical tourism hospital in the western hemisphere because of the islands’ proximity to the Unites States and Central American countries. Cayman’s secure infrastructure and unique quality of lifestyle also played a role in Dr. Shetty’s decision. Health City Cayman Islands will be a Center-of-Excellence in cardiac surgery, cardiology and orthopedics. Over the next decade, the hospital will expand to a 2,000-bed facility, and expects to be a JCI (Joint Commission International, USA) Accredited facility providing care in major specialties including neurology, oncology and other cutting edge tertiary care disciplines. The complex is also planned to have a medical university and an assisted-care living community. The phases will be built over the next 15 years and will require a capital investment of around US$2 billion, officials say. The buildings are being constructed to a Cat 5 hurricane standard and include many green initiatives, including Sea Water Air Conditioning (SWAC), solar, waste recycling and reduction techniques, water harvesting, and a few other programmes.
The construction of the hospital is providing long term employment for a significant number of Caymanians, but it is also projected to boost the real estate development industry in and around the quiet island town of East End. Development is anticipated to grow as the number of employees (currently estimated at approximately 9,000 people) for the medical centre expands with annual growth.
Earlier this year Jeremy Hurst, Owner/Broker of IRG mentioned the project at the first annual RICS (Royal Institute of Chartered Surveyors) event where the Broker/Owner was invited to be a moderator thanks to his extensive history in Cayman Islands Real Estate. Hurst noted that the new hospital would bring positive change to East End as well as financial investment and first time visitors, albeit patients and their relatives and friends all of which would bring growth to the Cayman Islands. “Housing for up to 9,000 employees will prove to be a challenge, especially in the proximity of East End where there are currently very few vacant condos and homes. This is a perfect opportunity to invest in developing high quality accommodations in a stunning part of Grand Cayman. There are countless parcels of land on the market in this area, so a smart investor would certainly need to take a look at this prime opportunity in these early stages and see ROI over the next 10-20 years.” Hurst said.
With the United States currently in the throes of much rhetoric and indecision about Obama Care, at the writing of this news release, the US government has shut down. On the flip side this is positive news for the Cayman Islands and Health City Cayman Islands which will be providing affordable heart surgeries to American and Central American citizens who would normally not be able to afford equal care or procedures within the United States without the required medical insurance and sufficient coverage.
IRG is the Cayman Island's leading integrated real estate brokerage, as dedicatedproperty professionals we offer our clients and customers a comprehensive range of valuable, real estate services in the residential, commercial, sales, leasing, and property asset management advice as well as private and corporate relocation services.As trusted advisors to high networth investors and a diverse group of corporations, we have a proven track record in the acquisition and disposal of prime residential, commercial and land developments and investments. We can also undertake, development feasibility studiesand market analysis and tailor made marketing strategies for our vendors.