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(CMR) A $350 million teaching hospital that will provide quaternary healthcare will be built by Aster Cayman Medcity in West Bay.
Last December Aster DM Healthcare signed a partnership with the Cayman Islands Government to develop the new modern world-class medical facility; however, the location of the facility was not revealed then.
Gene Thompson, local project developer for Aster Cayman Medcity announced on Tuesday that the site for the development is in West Bay, north of Jacksons Pond, immediately adjacent to Esterly Tibbetts Highway.
He said the 40-acre property which was previously owned by Dart will be developed with Aster being the sole investor in the project
Alden McLaughlin said, “This is indeed exciting news as this project along with the other medical expansions announced last week, will certainly put the Cayman Islands on the map regionally as not only a preeminent healthcare tourism destination but it will also provide many benefits to the people of these islands.”
The construction of the first phase of the hospital that will provide quaternary healthcare to tourist as well as residents at affordable rates, is expected to start in 10 weeks.
In addition to the 150 bed multi-specialty hospital, Aster care will also build a clinic on Cayman Brac.
Phase 1 will comprise a 150-bed multi-specialty hospital on Grand Cayman offering primary, secondary, tertiary and quaternary care – very specialized medical care that is not currently available in the Cayman Islands. This first phase is expected to be completed over three years.
Phase 2, expected to start about three years after the hospital has been operational, will provide an assisted-living and independent-living facilities, each comprising 100 units.
Phase 3 will comprise a medical university, which will be integrated with the hospital. It is expected that the hospital will also be expanded to about 500 beds during this phase and the assisted-living and independent living center will also be expanded. This phase is expected to start about seven years after the hospital has been operational.
As a part of the agreement, Aster will use local contractors and local service providers during construction.
Aster is also a publicly-traded company on India’s National Stock Exchange, the leading stock exchange in that country.
Aster's announcement comes days afyer Cayman Health City announced its intention to expand its facility to include a Camana Bay campus.