The economic crisis will not affect the scheduled date of opening in 2011, said Parkway Health's chairman Mr Richard Seow at the groundbreaking ceremony on Tuesday.

'We are rushing to finish this as there's always a big need in Intensive care,' said Mr Seow.

'The healthcare industry is somewhat recession-proof. Good times or bad times, health is an important part of people.'

The group is targeting medical tourists from countries such as Russia, North America and Ukraine, where rising healthcare costs is pushing patients abroad to Singapore, where they can get good quality care at lower prices.

Parkway plans to spend between $300 and $500 million on the new 324-room hospital, which will be completed by July 2011.

The 17-storey hospital will have 350 beds.