Business Review Singapore Healthcare OVERVIEW Singapore, like many countries all over the world, faces the challenge of an ageing population. Additionally, the citystate, renowned for its high standard of living and excellent infrastructure, attracts many skilled professionals and families, including high-net-worth individuals, who are drawn to its opportunities and quality of life – and ultimately retire in the country. Perennial Holdings, a Singapore company with deep experience in integrated healthcare and eldercare in China, is committed to leveraging its track record as one of the largest private integrated eldercare operators in China and sharing its expertise and knowledge honed in China to customise quality integrated healthcare and eldercare solutions for Singapore’s ageing population. On 20 June 2023, Perennial Holdings won the tender for a site at Parry Avenue, which was launched by the Urban Redevelopment Authority (“URA”) in collaboration with the Ministry of Health (“MOH”), to develop Singapore’s first private assisted living development (“Parry Assisted Living Care”) at a tender price of S$71.988 million. This successful tender marks Perennial Holdings’ maiden entry into Singapore’s eldercare sector, enabling the Company to establish a unique housing-cum-care model development suited for locals to age in place. MARKET OUTLOOK Singapore is faced with an ageing population, as well as citizens with the world’s longest life expectancy at almost 85 years. It is projected that by 2030, there will be over 900,000 Singaporean seniors, with one in four aged 65 or older1. In 2015, the government launched a national blueprint for health, the Action Plan for Successful Ageing, to empower Singaporeans to proactively manage their health and achieve longer and healthier life expectancy. In the year, based on MOH’s 2023 Action Plan for Successful Ageing, around 100,000 seniors will require help with at least one activity of daily living (“ADL”)2, and through the 2023 Healthier SG initiative, the Singapore government is further emphasising its commitment to drive proactive preventive care that leverages technology to deliver appropriate, timely, and better care. These demographic shifts and government initiatives create substantial opportunities within the silver economy. The eldercare industry in Singapore currently offers three key services, namely, Home Care; Centre Based Care; and Residential Care. For Residential Care, there are public nursing homes, mainly run by voluntary welfare organisations, that prioritise patients with moderate to high levels of dependency. There are limited private nursing homes to serve seniors who are not eligible for MOH subsidy schemes but wish to live in exclusive assisted living and nursing home environments. Apart from nursing homes, there are community hospitals operated by the government to support patients in transitioning from acute to rehabilitative care, freeing up resources at public hospitals for patients with more urgent needs. They primarily admit subsidised patients discharged from public hospitals, leaving private patients with fewer choices. In 2021, the Housing and Development Board (“HDB”), MOH and the Ministry of National Development (“MND”) jointly launched a senior-friendly assisted living residential option known as Community Care Apartments. This option is targeted at the segment of seniors who cannot live independently but do not require the full services of a nursing home. Despite these options, there is still a segment of seniors known as the “missing middle” who have a desire for dignified ageing but are outside the realm of public healthcare and eldercare eligibility or are on the waiting list for an available space. This segment represents a vital part of Singapore’s population, so there is a need to cater to this segment with private assisted living options capable of delivering quality care and connectedness for seniors as they age. Perennial Holdings’ vision for the health of Singapore’s seniors is aligned with the government’s commitment to promote active ageing and proactive healthcare and eldercare. Outside the realm of the public sector, within the affluent demographic in Singapore, there are niche requirements in the private sector for local seniors who aspire to age gracefully in environments that combine comfort with comprehensive eldercare facilities and services. Having secured our inaugural healthcare project in Singapore, Perennial Holdings strives to establish a benchmark for service excellence with the nation’s first state-of-the-art, purpose-built private assisted living facility. STRATEGIC PRIORITY FY2024 For Singapore’s first private assisted living development, Perennial Parry Assisted Living Care, the main contractor has been appointed, and on-site demolition works have been completed. The focus in 2024 will be the commencement of the construction work. The project is expected to be completed by the end of 2025, with full operations commencing in 2026. Perennial Holdings will partner Wilmar International Limited (“Wilmar”) to provide food and nutrition services at Parry Avenue. The meals will be specially curated by Wilmar’s central kitchen and culinary institute to meet the residents’ nutritional needs and special dietary requests. Perennial Holdings will continue to explore collaborations with multiple strategic partners, including technology enablers and specialist healthcare providers. Looking ahead, Perennial Holdings will adopt a proactive management approach and seize business opportunities to deepen its presence in Singapore’s healthcare and eldercare sectors. 1 Singapore Ministry of Health article, dated 20 February 2020. 2 Singapore Ministry of Health article, dated 2023. 52 PERENNIAL HOLDINGS PRIVATE LIMITED
RkJQdWJsaXNoZXIy NTM2MDQ5