Perennial Holdings Private Limited / Annual Report 2024 Celebrating Milestones, Pioneering Transformation MEDICAL CARE ELDERCARE REAL ESTATE HOSPITALITY
Corporate Profile 愿景 成为一家全球领先的综合性医疗健康和房地产公 司，致力于丰富我们服务对象的生活，并提供价值 给我们所有的利益相关者。 使命 建立可持续发展业务，树立稳固持久的关系，并为 股东创造长期利益增长。 核心价值 团队精神 我们重视我们的员工，接受人才多样性，并以团结 一心的态度实现我们共同的企业目标。 正直 我们相信公平的商业惯例，在与内部和外部各方 打交道时秉承高标准的诚信、道德操守和治理。 卓越 我们秉持对工作的热忱，保持创新和进取的精神 以突破界限、追求卓越的表现。 可持续性 我们对社会、环境和经济负责，并以最尊敬的心对 待我们的利益相关者。 VISION To be a leading global integrated healthcare and real estate company committed to enriching the lives of those we serve and delivering value to all of our stakeholders. MISSION To build a sustainable business, establish strong lasting relationships and create long-term growth for our shareholders. CORE VALUES TEAMWORK We value and empower our people, embrace diversity and work in unity to achieve our corporate goals. INTEGRITY We believe in fair business practices and uphold a high standard of integrity, moral conduct and governance in our dealings with internal and external parties. EXCELLENCE We are passionate about our work, innovative and entrepreneurial in spirit, and push the boundaries in pursuit of outstanding performance. SUSTAINABILITY We are socially, environmentally and economically responsible and treat our stakeholders with respect and compassion. Perennial Holdings Private Limited (“Perennial Holdings”) is an established integrated healthcare and real estate company headquartered in Singapore. The Company owns, manages and operates over 25,000 beds in medical and eldercare facilities, comprising about 16,000 operational beds and over 9,000 beds in the pipeline, across 14 cities in China and Singapore. In China, Perennial Holdings owns and operates the country’s first private integrated healthcare ecosystem, which combines a unique medical platform centred on partnerships with doctors and one of the largest private eldercare platforms in the country. Its comprehensive medical care facilities encompass general, rehabilitation, specialist and nursing hospitals, while its eldercare facilities include independent living, assisted living, nursing homes and dementia care. In Singapore, the Company will operate the nation’s first private assisted living development and is set to launch the country’s firstof-its-kind private integrated rehabilitation and Traditional Chinese Medicine sanctuary. Perennial Holdings’ quality real estate portfolio spans over 84 million square feet in total gross floor area across China, Singapore, Malaysia and Indonesia. The Company focuses strategically on large-scale transit-oriented developments (“TODs”), serving as enablers of its healthcare portfolio, and landmark integrated developments. It has six TODs in China which are connected to high-speed railway (“HSR”) stations, of which five located in Tianjin, Chengdu, Kunming, Xi’an and Chongqing, are healthcare-centric, and one commercial-centric HSR TOD is in Hangzhou. 公司简介 鹏瑞利集团有限公司（以下简称“鹏瑞利集团”）总部位于新加坡，是一 家集医疗健康和房地产于一体的综合性集团公司。鹏瑞利集团作为医 疗健康服务持有、运营和管理者，拥有超过25,000张医疗及养老床位， 其中包括约16,000张已投入运营的床位及超过9,000张筹备中的床位， 布局于中国14个城市和新加坡。在中国，鹏瑞利集团拥有并运营全国 首个民营综合医疗生态体系，该生态系统结合了以与医生合作为核心 的独特医疗平台和中国最大的私营养老平台之一。其全面的医疗设施 涵盖综合医院、康复医院、专科医院和护理医院，而养老设施包括独立 生活、辅助生活、养老院及认知障碍护理等。在新加坡，鹏瑞利集团将 运营全国首个辅助生活私宅项目，并计划推出全国首个集康复与中医 理疗于一体的综合疗养中心。 鹏瑞利集团优质的房地产投资组合总建筑面积超过8,400万平方英尺， 覆盖中国、新加坡、马来西亚和印度尼西亚。公司战略性聚焦城市交通 枢纽大型综合项目（“TOD”），以此促进医疗健康业务发展，并打造地标 性综合项目。在中国，鹏瑞利集团拥有六大TOD项目，均毗邻高铁站。 其中，位于天津、成都、昆明、西安和重庆的五个项目以医疗健康为核 心，杭州项目则以商业为主。
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Key Highlights HEALTHCARE BUSINESS Owner, Developer and Operator of an Integrated Healthcare Platform; Integrated Approach with Medical Care, Eldercare, Rehabilitation and Wellness; One of the Largest Private Integrated Eldercare Continuums in China REAL ESTATE BUSINESS PRIME LANDMARK TODS AND INTEGRATED DEVELOPMENTS Three Tallest Buildings Commercial-Centric HSR TOD Hangzhou West Integrated Development Tallest Building in Hangzhou, China Commercial TODs Beijing Tongzhou Integrated Development Tallest Building in Beijing Tongzhou District, China The Skywaters Tallest Building and First Supertall (Over 300 metres) in Singapore LANDMARK CONSERVATION INTEGRATED DEVELOPMENT Unveiled Golden Mile Singapore Revitalised Heritage Icon with a New Build in Downtown Core HOSPITALITY Portfolio Comprising 6,500 Over room keys COMMENCED OPERATIONS Hospitality Cluster with 3- to 5-star hotels, including The Perennial, JdV by Hyatt Perennial Tianjin South HSR International Healthcare and Business City, China SUSTAINABILITY Adopted Fifth and Sixth UN SDGs Goals 8 (Decent Work and Economic Growth) and 12 (Responsible Consumption and Production) Contributed ~S$1 million towards corporate social responsibility initiatives Achieved 2nd year running EarthCheck Silver Certification for CHIJMES of which > 17million sq ft of dedicated healthcare space in China > 3,700 Medical Care, Eldercare and Healthcare Staff > 80 Medical Care and Eldercare Facilities across 14 cities in China, and in Singapore Comprising over 9,000 beds in committed pipeline 16,000 approximately operational beds Five Healthcare-centric High-Speed Railway ("HSR") Transit-Oriented Developments ("TODs") in Tianjin, Chengdu, Kunming, Xi'an and Chongqing Comprising Over in China and Singapore 25,000beds COMMENCED OPERATIONS World’s First-of-its-Kind Integrated Medical Care, Eldercare and Hospitality HSR TOD Perennial Tianjin South HSR International Healthcare and Business City, China China's First and the World's Sixth Alzheimer's Care Village Perennial Alzheimer’s Care Village Xi’an, China LAUNCHED Unique Doctor Partnership-Centred Co-Medical Space Model; China’s First Shared Medical Platform Concept Perennial General Hospital Tianjin, China AWARDED Licence For China’s First Wholly Foreign-owned Private Tertiary General Hospital Perennial General Hospital Tianjin, China Property Tender to Establish Singapore’s First Integrated Rehabilitation and TCM Sanctuary Jervois Wellness, Singapore ACQUIRED Fifth Healthcare-centric HSR TOD Perennial Chongqing East HSR International Healthcare and Business City, China MAIDEN FORAY Eldercare Business Presence in Beijing Perennial Jingxin Senior Care Home, Beijing Lucheng, China Over 15,000 Eldercare Home / Assisted Living Apartment / Nursing Home Beds ELDERCARE About 9,000 General / Rehabilitation / Specialist / Nursing Hospital Beds MEDICAL CARE 01 ANNUAL REPORT 2024
Contents OVERVIEW Corporate Profile Key Highlights 01 Chairman & CEO’s Statement (English) 04 Chairman & CEO’s Statement (Chinese) 08 Our Presence 12 Our Milestones 14 Our Business Model 16 Our Integrated Strategy 18 Board of Directors 20 Management Team 26 PERFORMANCE Shareholding Information 30 Business Overview 30 Business Structure 32 Financial Highlights 34 Financial Review 35 5-Year Financial Summary 37 BUSINESS REVIEW Healthcare Business China Perennial Tianjin South HSR International Healthcare and Business City 45 Chengdu East HSR Integrated Development 48 Perennial Kunming South HSR International Healthcare and Business City 51 Perennial Xi’an North HSR International Healthcare and Business City 53 Perennial Chongqing East HSR International Healthcare and Business City 55 Renshoutang 56 Perennial Alzheimer’s Care Village Xi’an 57 Singapore Parry Assisted Living Care 58 Jervois Wellness 59 Real Estate Business China Hangzhou West HSR Integrated Development 63 Beijing Tongzhou Integrated Development 65 Singapore The Skywaters 69 Golden Mile Singapore 70 Capitol Singapore 71 CHIJMES 72 Perennial Business City 73 Malaysia The Light City, Penang 77 Indonesia The Sanctuary Collection, Greater Jakarta 79 Portfolio at a Glance 80 SUSTAINABILITY Sustainability Report 98 Corporate Governance 137 Risk Management 147 FINANCIALS Statutory Accounts 153 APPENDIX Supplemental Information 230 Corporate Information
Perennial Holdings marked significant milestones in its journey to become a leading integrated healthcare and real estate company. It is pioneering healthcare cities in China, strategically positioned near major transport hubs in key metropolises, seamlessly combining world-class medical care, eldercare, hospitality and commercial excellence, transforming healthcare quality and accessibility for communities locally and across the region. These integrated healthcare cities build on Perennial Holdings’ strong foundation in integrated real estate, where the Company will continue to pursue transit-oriented developments as enablers of its healthcare business, and undertake landmark integrated commercial and conservation developments to harness opportunistic value. Perennial Holdings remains unwavering in its commitment to enhancing lives and creating lasting value for all stakeholders across its key markets of China and Singapore, as well as the high-growth Southeast Asian region. Celebrating Milestones, Pioneering Transformation OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 03 ANNUAL REPORT 2024
Executive Chairman & CEO’s Statement Dear Stakeholders, The global economy in FY2024 faced ongoing pressures from inflation, geopolitical conflicts and fluctuating interest rates. While Singapore achieved moderate growth, China, our other key market, experienced significant challenges, including weak consumer demand, a struggling real estate sector and widespread wage stagnation. Despite the unpredictable macroeconomic conditions, we remained steadfast in the execution of our businesses to achieve several key milestones and pioneered transformation, setting an inflexion point for our Company as we recalibrate our overall strategy towards a healthcare-led vision to be a leading integrated healthcare and real estate company. Today, on the healthcare front, we have established a leading platform which owns and operates China’s first private integrated healthcare ecosystem, combining a unique medical platform, focused on partnerships with doctors, with one of the largest private eldercare platforms in the country. Our comprehensive medical care facilities span general, rehabilitation, specialist and nursing hospitals, while our eldercare facilities span independent living, assisted living, nursing homes and dementia care. We also own China’s first wholly foreignowned private tertiary general hospital. Our Company’s combined medical care and eldercare portfolio comprises over 25,000 beds, of which about 16,000 are operational and with over 9,000 in the pipeline. On the real estate front, we are a dominant transit-oriented development (“TOD”) player in China, with six TODs adjacent to key high-speed railway (“HSR”) stations (“HSR TODs”) in the country. Five HSR TODs located in Chengdu, Tianjin, Kunming, Xi’an and Chongqing, are healthcare-centric, serving as enablers of our healthcare business, and one commercial-centric HSR TOD is in Hangzhou. In Singapore and Southeast Asia, our quality real estate portfolio comprises several prime landmark integrated developments. To-date, our diversified real estate portfolio spans a total gross floor area (“GFA”) of over 84 million square feet (“sq ft”). SUCCESSFUL TRANSFORMATION TOWARDS HEALTHCARE-DRIVEN STRATEGY, COMPLEMENTED BY REAL ESTATE Launch of 2nd Generation HealthcareCentric HSR TOD in Tianjin FY2024 marks a key milestone for our healthcare business with the launch of our second-generation healthcare-centric HSR TOD in Tianjin, which is adjacent to the Tianjin South HSR Station. Recognised as the world’s first-of-its-kind HSR TOD integrating medical care, eldercare and hospitality components, it is a distinctive showcase of how our healthcare business will take centre stage as the key growth driver going forward, supported by our real estate business which focuses on HSR TODs to scale our Company’s growth trajectory in China. Spanning 3.5 million sq ft and built at a total investment cost of S$1 billion, we have made significant strides in our healthcare business to own and operate all the medical care, eldercare and hospitality businesses within the landmark development, in addition to being an owner, developer and manager of the real estate. Established Comprehensive Medical Care Platform Positioned as an integrated healthcare city, we established a 1,000-bed medical cluster with three hospitals within the same building, comprising a general hospital with comprehensive medical disciplines, a rehabilitation hospital for post-surgery recovery and a joint venture (“JV”) brain hospital specialising in neurological surgeries, to provide a seamless care journey for patients. Connected to the medical cluster, we also established a 1,800-bed eldercare cluster, comprising eldercare homes for independent living, assisted living apartments for seniors with assisted daily living needs or dementia care, and a nursing hospital for high care needs, to provide seniors with a holistic model of care. Additionally, we created an over 960-room hospitality cluster, jointly managed with a renowned local hotel partner under multiple distinctive 3- to 5-star brands, including the 5-star ‘The Perennial Tianjin, JdV by Hyatt’. The four hotels, together with their 32,000 sq ft of meeting, incentive, conference and exhibition (“MICE”) facilities, complement the medical and eldercare clusters by supporting patients seeking treatments, loved ones visiting resident seniors as well as commercial and medical tourists. Specifically for the general hospital within the medical cluster, we established a unique asset-light co-medical space concept to assemble various centres of excellence formed via our strategic partnerships with renowned doctors and medical groups. These doctors and medical groups focus on providing medical consultations and treatments without heavy capital investments, such as renovations and medical equipment. Instead, they leverage the state-of-the-art shared medical facilities and services (“Shared Medical Platform”), including advanced operating theatres, cutting-edge diagnostic imaging equipment and an extensive clinical laboratory, provided and managed by us, a model commonly used in Singapore’s private hospitals. This Singaporemodelled Shared Medical Platform concept offers convenience and cost efficiency to doctors and medical groups, allowing them to grow and scale their practices across our healthcare-centric HSR projects. Enabled by our unique partnership models with doctors, our general hospital successfully attracted a diverse range of medical professionals, offering a comprehensive suite of medical disciplines, including orthopaedics, ophthalmology, otolaryngology, nephrology and immunology, cardiology, oncology and others. In addition, we launched an International Clinic to provide individualised medical care, including health maintenance and chronic disease management. First Wholly Foreign-owned Private Tertiary General Hospital in China In September 2024, the Chinese government announced that wholly foreign-owned hospitals would be allowed to operate in several key cities, including Beijing and Tianjin. Given our confidence in the growth potential of China’s healthcare sector and the readiness of our hospitals in Tianjin, we responded swiftly to the government’s open-door foreign policy. In December 2024, our general hospital received the distinction of being China’s first wholly foreign-owned private tertiary general hospital. The inaugural licence issued to us is a strong endorsement of the Chinese government’s trust and confidence in our Company’s execution and delivery capabilities. Overall, our four hospitals are well-positioned to provide not only quality care to the seniors residing in the eldercare cluster within the precinct, but also support the healthcare needs of the community in the district and the wider Beijing-Tianjin-Hebei region via the HSR network. The professional multi-disciplinary patientcentric care team from the hospitals also paves the way to draw more foreign patients seeking medical treatments in Tianjin, thereby raising China's medical industry’s international standing and driving the growth of Tianjin’s medical tourism industry. FIRST-GENERATION HEALTHCARECENTRIC HSR TOD IN CHENGDU First JV General Hospital Profitable in First Full Year of Operation FY2024 marked another key milestone for our healthcare business when our first JV general hospital, SuperiorMed Perennial Hospital, achieved profitability in its first full year of operations. The 350-bed multidisciplined hospital is located within Perennial International Health and Medical 04 PERENNIAL HOLDINGS PRIVATE LIMITED
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Hub, a one-stop medical and healthcare regional hub sited within our first-generation healthcare-centric HSR TOD in Chengdu. We had earlier acquired the hospital platform from one of our tenants operating within the hub. Subsequently, in FY2023, we collaborated with a local operator (60%) to establish the hospital, marking our first foray into the medical care owner and operator business. The strong operating result reflects the demand for quality private medical services driven by experienced management and is an excellent testament to our medical care execution capabilities. This year, building on the success of the hospital, we intend to repurpose a 25,500 sq ft space within the hub to operate a medical gym to offer specialised programmes targeted at health-conscious individuals and sports enthusiasts, further expanding our range of complementary healthcare business offerings. GROWING CONTINUUM OF ELDERCARE IN CHINA Our foray into the eldercare business started in 2016 with our strategic investment in Renshoutang in China. Emerging from the COVID-19 pandemic, Renshoutang’s overall occupancy and net profit after tax as at 31 December 2024 improved by approximately 74% and over 300%, respectively, when compared against their respective lowest points as at 31 December 2020. Over time, our eldercare business has grown significantly, with Renshoutang expanding the number of operational beds from 2,400 in 2016, when we invested, to over 12,000 to date, fueled by our hypergrowth assetlight strategy, which focuses on operating eldercare facilities at suitable premises without owning the real estate. Today, Renshoutang operates three distinct brands, each catering to a different market segment, ranging from the mass market to the affluent. Reputed for its private integrated eldercare services, its comprehensive suite of services includes eldercare, medical care, Traditional Chinese Medicine (“TCM”), nursing care and dementia care. In FY2024, three of Renshoutang’s facilities were certified ‘Smart Eldercare Institutions’ by the Shanghai Civil Affairs Bureau, further solidifying its reputation in providing technologically advanced eldercare and health management solutions. Renshoutang is now one of the largest private eldercare operators in China, with a portfolio of over 30 eldercare and nursing facilities. With a robust pipeline of committed projects and an expanding portfolio of beds, Renshoutang is also poised to become one of the largest and most influential eldercare service providers in the Yangtze River Delta region. Through the deep learnings gained from owning and operating Renshoutang, we applied these eldercare business capabilities to establish Perennial-branded eldercare facilities across the continuum of care at our healthcare-centric HSR TOD, starting with Tianjin, mentioned above. Seniors at the eldercare cluster at our Tianjin HSR TOD enjoy integrated medical care and eldercare services, including western and eastern medical treatments, complemented by a meticulously planned range of care facilities, including an advanced rehabilitation centre and hydrotherapy pool. We also provide them with a selection of high-quality accommodations with elderly-friendly smart features, leveraging our real estate and hospitality skillsets, as well as proprietary integrated health management technology and services. To provide seniors with an even more comprehensive range of care, we ventured into specialised dementia care with the establishment of Perennial Alzheimer’s Care Village in Xi’an, positioning it as China’s first and the world’s sixth Alzheimer’s care facility. The specially curated development has a built-up area of more than 400,000 sq ft, with a total of 700 beds across its eldercare complex, nursing hospital and rehabilitation hospital. It also features the International Geriatric Health Management Research Institute, which launched Northwest China’s first training base for Alzheimer’s care. The facility, which commenced operations in FY2024, empowers seniors to lead meaningful lives in a supportive environment, while setting a new benchmark in Alzheimer’s care and senior living in China and globally. In FY2024, we also made our maiden foray into the eldercare market in Beijing, China’s capital city, by successfully securing a 20-year management contract from the government and subsequently, forming a JV with a reputable local partner (49%) to operate the 156-bed Perennial Jingxin Senior Care Home, in line with our assetlight strategy. STRONG PIPELINE OF MEDICAL CARE AND ELDERCARE SERVICES IN CHINA Following the successful execution of our distinctive integrated healthcare city concept, comprising medical care, eldercare and hospitality clusters at our Tianjin HSR TOD, we will replicate this concept at our upcoming healthcare-centric HSR TODs in Kunming and Xi’an. In December 2024, the 577-bed assisted living apartments in Kunming commenced operations, marking the first opening milestone for the project, while development works continued to progress well at the Xi’an project. With our strong track record in leveraging our integrated medical care and eldercare value chain, underpinned by our real estate skillsets, ranging from land sourcing and development, to design and operations, coupled with our strong partnerships with doctors and medical groups, our pipeline of healthcare projects, particularly for largescale healthcare-centric HSR TODs, is set to expand, with our Perennial-branded and co-branded medical care and eldercare facilities growing in tandem. ACQUIRED FIFTH HEALTHCARECENTRIC HSR TOD In FY2024, we expanded our healthcarecentric HSR TODs portfolio to five, through the acquisition of a land plot adjacent to the Chongqing East HSR Station. The new site is expected to house a general hospital and medical suites. With a rapidly ageing population, the burgeoning silver and healthcare markets in China remain underserved. Catering to the growing demand for convenient and comfortable travel, the country is also rapidly expanding its HSR network, which has since surpassed 45,000 km1. These factors serve well for our growth strategy in healthcare, enabled by our focus on large-scale integrated healthcare-centric TODs close to some of the country’s largest HSR stations. REPLICATING INTEGRATED ELDERCARE AND MEDICAL CARE STRATEGY IN SINGAPORE Building on our successful ventures in China, we are bringing our high-quality medical care and eldercare expertise back to our home ground in Singapore. By replicating our integrated approach, we aim to address the needs of Singapore’s ageing population, where one in four citizens will be aged 65 or older by 20302. In FY2023, we successfully tendered for the country’s first private assisted living development. Construction is currently underway and the development, located at 28 Parry Avenue, is scheduled to open in 2026. Integrating eldercare with holistic medical care and wellness, Parry Assisted Living Care aims to set a best-in-class benchmark for quality eldercare in Singapore. Earlier this year, we grew our eldercare business footprint through our successful tender to lease a state property at 106 Jervois Road, in alignment with our assetlight strategy, to establish Jervois Wellness. Positioned as Singapore’s first-of-its-kind private integrated rehabilitation and TCM sanctuary, it is expected to offer preventive and post-care services to communitydwelling seniors as well as seniors who no longer require residential care at Parry Assisted Living Care. 1 China Daily, 9 October 2024 https://www.chinadaily.com.cn/a/202410/09/WS67062d9ca310f1265a1c6ae3.html 2 Ministry of Health https://www.moh.gov.sg/others/resources-and-statistics/action-plan-for-successful-ageing 05 ANNUAL REPORT 2024
Executive Chairman & CEO’s Statement SPEARHEADING LANDMARK DEVELOPMENTS ACROSS ASIA Our skillsets, deep experience and expansive network of partners in the real estate sector have laid a strong foundation for us to expand beyond the healthcare sector. Our diversified expertise enables us to develop iconic landmark developments and revitalise old or heritage buildings, ultimately creating value for stakeholders and communities. In China, our commercial-centric TODs connected to HSR or metro stations typically comprise a mix of complementary office, retail and hospitality components. Among our notable commercial portfolio is the Hangzhou West HSR Integrated Development, which encompasses premier offices, retail spaces and hotel clusters. It is also poised to become a prominent landmark, featuring the tallest building in the city. As at 31 December 2024, two residential towers achieved structural topping-out, while the remaining two tallest towers are scheduled to top out this year. Another key commercial-centric TOD is the Beijing Tongzhou Integrated Development, comprising office, residential and retail components, with progressive completion expected to begin this year. This development is also slated to be the tallest building in the Tongzhou district. In Singapore, two of our key integrated developments made good progress. At The Skywaters, set to be the tallest building in Singapore and the city state’s first supertall skyscraper of above 300 metres, development works are progressing steadily and are on track for completion in 2028. Its residences, Skywaters Residences, is also well-recognised as one of the top luxury residences in the country, with its exceptional quality in design, construction and location. In December 2024, The Golden Mile unveiled medical suites, retail units and offices, which provide businesses in Singapore with a rare opportunity to own prime offices with unparalleled views and flexible sizes. Earlier this year, Aurea, a new 45-storey residential tower connected to The Golden Mile, was unveiled, offering exclusive homes, including luxurious duplexes and triplex penthouses. Together, as Golden Mile Singapore, its commercial and residential units were recently launched for sale. The integrated development is expected to complete construction in 2029. These landmark integrated developments are a testament to our Company’s sterling reputation in revitalising Singapore's most treasured heritage icons into mixed-use hubs for thriving communities. Among our past successes, which continue to contribute to Singapore's vitality, are heritage icons Capitol Singapore and CHIJMES, both of which continued to sustain strong leasing interest, registering close to 100% occupancy as at 31 December 2024. Beyond our core markets of China and Singapore are the two growth Southeast Asian markets: Indonesia and Malaysia. In Malaysia, we are focused on the development of The Light City, a mixed-use integrated waterfront development in Penang. In FY2024, its Waterfront Convention Centre topped out and its first residential project, Mezzo, recorded impressive sales of over 90%. Launch preparations for Lightwater Residences, its second residential project, are currently underway. In Indonesia, we continued to develop The Sanctuary Collection, a luxurious landed residential development in Bogor Regency, Jakarta. Majority of the residences within Tanglin Parc, the first cluster, have been handed over to homeowners, while Newton Spring, the second cluster, is progressing towards full occupancy, with over half of its residences already handed over to homeowners. The third and most expansive cluster, Orchard Riviera, was launched in FY2024, with construction commencing in the same year. NEW STRATEGIC SHAREHOLDERS In FY2024, our Company welcomed Bangkok Bank Public Company Limited, one of Thailand’s largest banks and leading regional bank in Southeast Asia, as a shareholder. Previously, in FY2023, we welcomed Perpetual Capital VCC, an investment holding company principally backed by a sovereign wealth fund in the Southeast Asian region and managed by investment professionals with expertise and networks across Asia, as a shareholder. The investment in our Company by these reputable, strategic investors is a resounding endorsement of our vision, strategy and execution capabilities in transitioning to an integrated healthcare and real estate company. FINANCIAL PERFORMANCE AND CAPITAL MANAGEMENT In FY2024, the Company’s revenue was S$115.9 million, 42.3% lower than the S$200.9 million recorded in FY2023. Earnings before interest and tax for the same period fell 25.4% to S$187.1 million from S$250.8 million in FY2023. Overall, the Company’s profit after tax and minority interest (“PATMI”) for FY2024 was S$10.8 million, lower than the S$29.1 million in FY2023. The lower revenue in FY2024 was mainly due to the higher revenue recorded from the sales of Eden Residences Capitol in FY2023, resulting in a correspondingly lower PATMI in FY2024, but offset by higher far value gains from various assets in the year. As at 31 December 2024, the Company’s debt-to-equity ratio stood at 0.71 times, lower than the 0.74 times registered as at 31 December 2023, largely attributable to the repayment of bank facilities offset by an increase in the drawdown of loans to finance project developments. Taking into consideration the uncertain economic outlook for 2025, characterised by political instability and high interest rates, we will focus on practising financial prudence in managing and operating our businesses. ON-GOING COMMITMENT TO SUSTAINABILITY For FY2024, we continued with our voluntary commitment to publish a Sustainability Report (“SR”) prepared with reference to the Global Reporting Initiative Universal Standards 2021. The SR not only aligns with our track record in integrating medical care, eldercare, real estate and hospitality for the well-being of our community, but also ensures that long-term business sustainability remains a priority. For the year under review, we adopted two new United Nations (“UN”) Sustainable Development Goals (“SDGs”), which are SDG Goal 8 (Decent Work and Economic Growth) and SDG 12 (Responsible Consumption and Production). This is in addition to UN SDG 13 (Climate Action) and SDG 16 (Peace, Justice and Strong Institutions), SDG 5 (Gender Equality) and SDG 3 (Good Health and Well-being) adopted earlier. During the year, we established a strategic partnership with Keppel to implement Energy-as-a-Service solutions in our flagship developments in Chengdu, China. This initiative exemplifies our commitment to SDG 12 by retrofitting our properties with highefficiency energy systems, which will lead to significant energy savings and a reduction in carbon emissions. Our rigorous health and safety standards for contractors, which include the requirement for bizSAFE Level 3 certification, also highlight our commitment to ensuring safe and secure working environments, directly contributing to SDG 8. Overall, our sustainability efforts yielded significant results, including adopting energyefficient systems, achieving cost reductions, stimulating green job growth and attracting investments, all reinforcing our commitment 06 PERENNIAL HOLDINGS PRIVATE LIMITED
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX to sustainability and economic progress. Our eldercare homes fostered community and well-being through enrichment activities and quality medical services. We also invested heavily in our people’s development and wellness, providing training and organising events to ensure the well-being of our essential workforce. These actions reflect our comprehensive approach to stakeholder well-being. Our corporate social responsibility efforts focused on enhancing life and ensuring access to quality healthcare for families, children, the elderly and vulnerable groups. In FY2024, our corporate giving surpassed S$970,000, encompassing monetary and in-kind sponsorships to support beneficiaries in need of healthcare and broader societal welfare. In China, a highlight was the Charity Dinner at our Tianjin HSR TOD, which raised over RMB1.2 million for elderly welfare through an auction featuring art and calligraphy by renowned artists and talented senior residents from the eldercare community. As a leading company committed to becoming a global leader in integrated healthcare and real estate, we are continually driving sustainable growth and lives in our communities guided by our core values of teamwork, integrity, excellence and sustainability. CHARTING OUR GROWTH Going forward, we will focus on building on our position as a leading healthcare player which owns, manages and operates China’s first private integrated healthcare ecosystem, combining one of the most comprehensive medical platforms, centred on partnerships with doctors and medical groups, and one of the largest eldercare platforms to capitalise on the defensive healthcare sector with significant growth opportunities in the country. Over the last five years, revenue contribution from our healthcare business, which includes healthcare-centric HSR TODs, grew from 21% of the total annual revenue of the Group in FY20193 to 56%4 in FY2024. Moving forward, our healthcare business is poised to become an even larger revenue contributor to the Group and a major growth driver. Particularly in our key markets of China and Singapore, we are strategically positioned to capitalise on the ageing demographics. China’s ageing population is giving rise to one of the world’s largest healthcare and eldercare markets, presenting significant opportunities for us to introduce innovative and essential quality care that can enhance the quality of life for communities. To leverage on our first mover advantage in the healthcare space, we will actively pursue win-win partnerships to embrace doctors and medical groups across specialities to build up our extensive network of highly qualified medical care professionals who can scale alongside our growth trajectory. These partnerships will enable us to create a formidable integrated private healthcare ecosystem to ensure a seamless continuum of care from medical services to eldercare, while promoting organic growth in facilities and medical expertise. To deliver best-in-class patient-residentcentred care and attract good doctors, we will continue to invest in advanced medical technology and people as well as build medical care and eldercare capabilities through partnerships. The holistic elevated standards of care will not only benefit the locals but also drive medical tourism in the various cities where we operate in China. Our healthcare strategy will be complemented by our real estate strategy, which will focus on large-scale TODs or mixed-use integrated developments which are close to transportation hubs. Particularly in China, we will continue to pursue healthcare-centric HSR TODs positioned as integrated healthcare cities, comprising eldercare, medical and hospitality clusters, and ride on the expansive HSR network to serve the communities. Our strong real estate background will allow us to expediently identify, invest and turnaround existing buildings to support our asset-light healthcare growth strategy to drive our medical care and eldercare pipeline. Our hospitality business segment is also poised to expand alongside our healthcare-centric and commercialcentric HSR TODs, supporting both medical and commercial tourism. In Singapore and Southeast Asia, we will explore opportunistic projects with value creation opportunities and seek out suitable sites or platforms to grow our eldercare business. With immense opportunities in the pipeline from our integrated businesses, we will actively pursue our monetisation plans, either via a listing of real estate investment trusts or syndication of private funds, drive sales of our residential projects, and grow the revenue streams from our burgeoning healthcare, eldercare and medical businesses, to support our growth plans. Leveraging on our established integrated healthcare, real estate and hospitality platform, underpinned by our in-house capabilities, we will adopt an asset-light-asset-heavy strategy to chart our growth path and maximise synergies across our entire value chain. We will also focus on ramping up operations and driving the performance of our operational healthcare and real estate businesses, while closely monitoring the various projects under development. With our holistic strategy to maximise value across our diverse portfolio, we are wellpositioned to chart our long-term growth and sustainability as a resilient business. ACKNOWLEDGEMENTS On behalf of the Board of Directors, I extend my heartfelt gratitude to all who have supported us throughout these challenging economic times. Our shareholders, tenants, customers, bankers, business partners and media associates have provided invaluable support over the past year, for which we are deeply appreciative. Finally, I also wish to thank all staff for their continued hard work and dedication. Mr Pua Seck Guan Executive Chairman and Chief Executive Officer 10 April 2025 3 FY2019 is the last financial year prior to the delisting in FY2020. 4 For FY2024, it includes the proportionate share of revenue for Tianjin HSR TOD, Renshoutang and SuperiorMed. For FY2019, it also includes Aidigong which has since been divested. Going forward, we will focus on building on our position as a leading healthcare player which owns, manages and operates China’s first private integrated healthcare ecosystem, combining one of the most comprehensive medical platforms, centred on partnerships with doctors and medical groups, and one of the largest eldercare platforms to capitalise on the defensive healthcare sector with significant growth opportunities in the country. 07 ANNUAL REPORT 2024
执行董事长兼首席执行官致辞 尊敬的各位利益相关者： 2024财年，通胀、地缘政治冲突和利率波 动等因素导致全球经济持续面临压力。 在此环境下，新加坡经济仍取得了温和 增长，但中国作为我们的另一关键市场， 遭遇了重大挑战，包括消费需求疲软、房 地产市场低迷、工资普遍停滞。 尽管宏观经济环境充满不确定性，我们 依然坚定地推进业务，取得了多项具有 里程碑意义的重大成就，推动了公司转 型，并迎来了重要的转折点。在此过程中， 我们重新调整了整体战略，确立了以医 疗健康为主导的发展方向，致力于成为 领先的综合性医疗健康和房地产公司。 如今，在医疗健康领域，我们建立了一个 领先的平台，拥有并运营着中国首个民 营综合医疗健康生态系统，该系统融合 了与医生合作的独家医疗平台以及中国 最大的民营养老平台之一。我们已建成 全面的医疗设施网络，包括综合医院、康 复医院、专科医院和护理医院，而我们的 养老设施涵盖了独立生活、辅助生活、养 老院和失智照护等各类需求。此外，我们 还拥有中国首家外商独资的民营三级综 合医院。目前，我们的医疗和养老业务共 有超过2万5000张床位，其中约1万6000 张床位已投入运营，还有9000多张床位 正在筹备中。 在房地产领域，我们是中国的公共交通 导向型开发项目“( TOD”)的领军企业，拥 有六个毗邻主要高铁站的TOD项目。其 中，位于成都、天津、昆明、西安和重庆的 五个高铁TOD项目专注于医疗健康，推 动了我们的医疗健康业务发展；而杭州 的TOD项目则聚焦商业。在新加坡和东 南亚地区，我们的优质房地产资产包括 多个位于黄金地段的地标性综合项目。 如今，我们的多元化房地产项目的总建 筑面积已超过8400万平方英尺。 成功完成战略转型，以医疗健康为主导， 与房地产业务相辅相成 第二代以医疗健康为核心的天津高铁 TOD项目启动 2024财年，我们的医疗健康业务迎来了 重大里程碑，第二代以医疗健康为核心 的天津高铁TOD项目正式启动，该项目 紧邻天津南高铁站。作为全球首个集医 疗健康、养老护理和酒店于一体的高铁 TOD，它具有示范意义，彰显了医疗健康 业务在未来将成为我们的关键增长动 力，以高铁TOD为主的房地产业务能发 挥辅助作用，积极推动公司在中国市场 的发展。 我们的医疗健康业务取得了重大进展， 该地标性项目占地350万平方英尺，总投 资成本为10亿新元，我们不仅是房地产 的所有者、开发者和管理者，还拥有并经 营该项目的所有医疗、养老和酒店设施。 建立综合医疗健康平台 该项目的定位是综合性医疗健康商旅 城，已建成一个设有1000张床位的医疗 集群，包括位于同一座大厦内的三家医 院：一家涵盖各医学科室的综合医院、一 家专注于术后康复的康复医院和一家聚 焦神经外科的脑科合资医院，提供无缝 衔接的医护服务，为患者的康复保驾护 航。与医疗集群相连，我们还建立了一个 有1800张床位的养老集群，包括适合独 立生活的养老院，为适当需要日常护理 的老年人或失智老人提供的辅助生活公 寓，以及面向高护理需求群体的护理医 院，为老年人提供全面的护理服务。 此外，我们还建立了共有960多间客房 的酒店集群，与当地知名酒店品牌共同 管理，包括三星级到五星级品牌，如五星 级的天津鹏邸·凯悦尚选酒店。这四家酒 店，加上3.2万平方英尺的会议及会展设 施，将作为医疗和养老集群的补充，满足 寻医的患者、探望老年住户的亲友以及 商业和医疗游客的需求。 针对医疗集群中的综合医院，我们引入 了独特的轻资产共享医疗空间概念，通 过与著名医生和医疗团队达成战略合 作，搭建了汇聚众多一流医疗中心的平 台。这些医生和医疗团队将专注于提供 诊疗服务，不需要投资大量资金装修场 地或购置医疗设备。 同时，他们可以使用我们提供和管理的 一流共享医疗设施和服务（"共享医疗平 台"），包括先进的手术室、尖端的诊断成 像设备和各种临床实验室。作为新加坡 私立医院常用的模式，这种“共享医疗平 台”为医生和医疗团队提供了极大的便 利，降低了成本，让他们能借助鹏瑞利旗 下的以医疗健康为核心的高铁项目，实 现业务的稳健发展和增长。 通过与医生合作的独特模式，我们的综 合医院成功吸引到了各类医学人才，建 立了全面的医学科室，包括骨科、眼科、 耳鼻喉科、肾病学和免疫学、心脏病学、 肿瘤学等。此外，我们还推出了国际诊 所，提供个性化医疗服务，包括健康养护 和慢性病管理。 中国第一家外商独资的民营三级综合 医院 2024年9月，中国政府宣布放宽政策，允 许在北京和天津等关键城市开设外商独 资医院。我们对中国医疗健康行业的增 长潜力充满信心，天津各医院的筹备工 作已近完成，迅速对政府的最新开放政 策做出反应。2024年12月，我们的综合医 院成为中国首家获得外商独资民营三级 综合医院资质的医疗机构。这也彰显了 中国政府对本公司的执行和交付能力的 高度信任。 总体而言，我们的四家医院不仅能向养 老集群的老年住户提供优质的护理服 务，还能通过高铁网络覆盖周边地区，满 足整个京津冀地区的医疗需求。 医院旗下的专业、多学科、以患者为中心 的医护团队，也为吸引外国患者到天津 寻医奠定了基础。这不仅有助于提升中 国医疗行业的国际声誉，还能促进天津 医疗旅游产业的发展。 第一代以医疗健康为中心的成都高铁 TOD项目 首家合资综合医院在开业后的首个完整 年度实现盈利 2024财年，我们的医疗健康业务还实 现了另一个关键里程碑，第一家合资医 院——成都循上鹏瑞利医院在开业后的 首个完整年度实现了盈利。这家多学科 医院共有350张床位，坐落在成都鹏瑞利 国际医疗健康中心。这家一站式区域医 08 PERENNIAL HOLDINGS PRIVATE LIMITED
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 1 《中国日报》，2024年10月9日 https://www.chinadaily.com.cn/a/202410/09/WS67062d9ca310f1265a1c6ae3.html 2 新加坡卫生部 https://www.moh.gov.sg/others/resources-and-statistics/action-plan-for-successful-ageing 疗健康中心位于我们的第一代以医疗健 康为中心的成都高铁TOD项目内。 早前，我们收购了入驻该中心的一家医 院平台。随后在2023财年，我们与本地运 营机构（持股60%）达成战略合作，共同 成立了这家医院，标志着我们首次进入 医疗产业的所有者和运营商业务。医院 的经营成果斐然，说明市场对高品质医 疗服务有旺盛的需求以及管理者具有丰 富的经验，充分体现了我们出色的医疗 业务经营能力。 基于该医院的成功经验，我们计划在今 年对该中心内2.55万平方英尺的空间进 行改造，打造医疗健身中心，提供针对注 重健康的个人和运动爱好者的专业项 目，进一步拓展我们的医疗健康业务。 中国养老业务持续增长 我们的养老业务始于2016年对中国人寿 堂的战略投资。从新冠疫情中复苏后，截 至2024年12月31日，人寿堂的整体入住 率和税后净利较2020年12月31日的最低 点分别提高约74%和300%以上。 随着时间的推移，我们的养老业务显著 增长，人寿堂的运营床位数量已经从 2016年投资时的2400张增加到目前的 1.2万多张。这主要得益于我们的轻资产 超高速增长策略，专注于在适宜的地方 布局养老设施，但不实际持有房地产。 如今，人寿堂旗下有三个不同品牌，分别 服务于从大众市场到富裕阶层的不同 细分群体。作为闻名遐迩的私立综合养 老服务机构，人寿堂提供全面的各项服 务，包括养老、医疗、中医、护理和失智照 护。2024财年，人寿堂的三家设施被上海 市民政局认证为“智慧养老机构”，进一 步提升了人寿堂在利用先进技术赋能养 老和健康管理服务方面的美誉。 人寿堂现在是中国最大的私营养老机 构之一，拥有超过30家养老院和护理设 施。未来，人寿堂将有更多项目开业，床 位数量也将增加，该机构将成为长三角 地区最大和最有影响力的养老服务提供 商之一。 基于在拥有和运营人寿堂过程中积累的 经验，我们充分发挥养老业务实力，从上 文提到的天津TOD项目开始，在各地以 医疗健康为主的高铁TOD项目中建立了 鹏瑞利品牌养老设施。 天津高铁TOD项目养老集群为老年人提 供综合的医疗和养老服务，包括中西医 疗和精心配套的一系列护理设施，如设 备先进的康复中心和水疗池。我们还发 挥自身的房地产和酒店业务优势以及独 家综合健康管理技术和服务，提供一系 列配备老年人友好智能设施的优质住宿 项目。 为了给老年人提供更全面的护理，我们 在西安推出了专门的失智照护服务，建 立了西安鹏瑞利知智照护家园，是中国 首家、全球第六家阿尔茨海默症护理设 施。该项目的选址经精心挑选，占地面积 超过40万平方英尺，集养老、护理医院和 康复医院于一体，共有700张床位。它还 设有国际老年健康管理研究院，建成了 西北地区首个阿尔茨海默症护理培训基 地。西安鹏瑞利知智照护家园于2024财 年开始运营，让老年人能够在充满关怀 和支持的环境中过上有意义的生活，同 时在中国和全球树立了阿尔茨海默症护 理和老年生活的新标杆。 2024财年，我们还首次进军中国首都北 京的养老市场，根据我们的轻资产策略， 成功与政府签订20年管理合同，并随后 与当地知名合作伙伴（占股49%）成立合 资企业，负责运营156张床位的鹏瑞利婧 信养老院。 更多的中国医疗健康和养老服务项目即 将推出 在集医疗、养老和酒店集群于一体的天 津高铁TOD项目成功运营后，我们将把 独特的综合健康商旅城概念推广到昆明 和西安即将开业的以医疗健康为中心的 高铁TOD项目。2024年12月，设有577张 床位的昆明辅助生活公寓开始运营，这 是该项目首个对外运营的设施，同时西 安项目的开发工作也进展顺利。 凭借我们过去在提供医疗和养老服务方 面的出色表现，加上多年来深耕房地产 行业所积累的土地获取、开发、设计到运 营等专业能力，以及我们与医生和医疗 团队的密切关系，未来将推出更多的医 疗健康项目，特别是以医疗健康为中心 的大型高铁TOD项目，鹏瑞利品牌和联 名品牌的医疗健康及养老设施也将实现 同步增长。 收购第五个以医疗健康为中心的高铁 TOD项目 在2024财年，通过收购位于重庆东高铁 站附近的一块土地，我们将以医疗健康 为主的高铁TOD项目的数量增加到五 个。新地块预计将建成一所综合医院、一 家康复医院和医疗套房。 随着人口迅速老龄化，中国的银发经济 和医疗市场不断增长，供不应求。为了满 足对便捷舒适旅行的日益增长的需求， 中国的高铁网络也迅速扩大，目前总里 程已超过45,000公里1。这些因素均有利 于我们落实在中国高铁枢纽站附近建设 以医疗健康为中心的大型综合TOD项目 的战略。 在新加坡复制医养结合的业务战略 基于在中国市场的成功经验，我们将提 供高质量医疗健康和养老服务的专业优 势带回了家乡新加坡。通过复制医养结 合战略，我们致力于满足新加坡老龄化 人口的需求。到2030年，新加坡四分之一 的公民将达到或超过65岁2。 2023财年，我们成功中标新加坡第一 个辅助生活私宅项目。目前施工正在建 设中。该项目位于培立道28号，计划于 2026年对外运营。培立道辅助生活私宅 项目集养老和全面医疗健康服务于一 体，旨在成为新加坡高质量养老服务的 典范。 今年年初，我们根据轻资产策略，成功标 得泽维士路106号国有产业的租约，用以 建设Jervois Wellness，以扩大我们的养 老业务版图。公司将把这栋建筑打造成 新加坡首个私营综合康复和中医中心， 为居住在社区的年长人士和不再需要在 培立道辅助生活私宅接受护理的年长人 士提供预防和后期护理治疗。 09 ANNUAL REPORT 2024
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