OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX the cities of Beijing, Tianjin and Hebei in North China. The ceremony was graced by various key government officials, including Mr Desmond Lee, Singapore’s Minister for National Development and Ministerin-Charge of Social Services Integration and Co-Chair of the Singapore- Tianjin Economic and Trade Council, Mr Lee Chuan Teck, Chief Executive Officer of Enterprise Singapore and representatives from Tianjin and Xiqing District. Within the Perennial Eldercare Community, the eldercare component of Tianjin HSR TOD, the Company launched three Perennial-branded eldercare facilities totalling over 1,800 beds to cater to seniors with different care needs. The facilities comprise Perennial Eldercare Home, a 286-bed home for healthy seniors, Perennial Assisted Living Apartment, a 1,227bed facility for seniors with assisted daily living needs and Perennial Nursing Hospital, a 299-bed facility for seniors who have high care needs. Perennial Eldercare Community, which aims to provide integrated transitional care for seniors, also houses a rehabilitation centre with a comprehensive range of equipment, a hydrotherapy pool and a clubhouse. The hydrotherapy pool features a movable elevated platform and ranks among one of the largest and most well-equipped facilities of its kind in China. Seniors are enabled to manage their chronic diseases through a combination of Western medicine and traditional Chinese medicine, while also gaining benefits from various rehabilitation programmes. In addition, Perennial Holdings’ proprietary WeCare Application allows seniors to actively monitor their vital statistics, such as blood pressure, heart rates, oxygen level and glucose readings and analyse these readings to facilitate early detection of health conditions. Within Perennial International Healthcare and Medical Hub, the medical care component of Perennial Tianjin, the Company launched Perennial-branded and Perennial-co-branded hospitals with a total of 1,000 beds. The hospitals include Perennial General Hospital, a 500-bed tertiary hospital with a unique co-medical space concept, where doctor groups or Perennial Holdings’ JV medical groups provide specialist services while enjoying the convenience of shared ancillary services, such as operating theatres, diagnostic imaging equipment and laboratory operated by Perennial Holdings. It also includes Perennial Rehabilitation Hospital, a 200-bed step-down care hospital focusing on rehabilitation. Additionally, it will comprise a 300-bed Eber Perennial Brain Hospital, a 40-60 JV between Perennial Holdings and Eber Shanghai, one of the top brain specialist medical groups in China. All three hospitals will feature state-of-the-art equipment and will be staffed by renowned doctors from diverse disciplines, aiming to establish them as centres of excellence for patient care. Through a cohesive approach that seamlessly connects and integrates eldercare services with the medical facilities, Tianjin HSR TOD will offer an integrated model that provides seniors with comprehensive and uninterrupted care, enhancing their overall well-being. Within the hospitality component of Perennial Tianjin, the Hotel JV will operate four hotels with a total of about 960 rooms under multiple distinctive brands. The 5-star hotel will be branded ‘The Perennial, JdV by Hyatt’, the first of such concept in Xiqing District. The 4-star+, 4-star and 3-star hotels will be branded Cheese by Minyoun Perennial Tianjin, lia! by Minyoun Perennial Tianjin and Living Minyoun Perennial Tianjin, respectively. Collectively, the four hotels will offer over 32,000 sq ft of meeting, incentive, conference and exhibition spaces, as well as four destination dining options serving various cuisines. Perennial Holdings will replicate this second-generation healthcare-centric HSR TOD model, comprising eldercare, medical care and hospitality components, at Kunming HSR TOD and Xi’an HSR TOD. Separately, development works at Kunming HSR TOD are progressing well. Measuring approximately 6 million sq ft and positioned to serve communities in the Yunan Province, its structural, facade and mechanical and electrical (“M&E”) works are well underway. It also commenced interior fit-out works for its hotel and completed works for some of its eldercare components, such as the Assisted Living Apartment. The showsuite for the apartments were also completed. At Xi’an HSR TOD, construction works on Plot 4, which is designated for commercial use, progressed well and the construction permit was secured in end-2023. Plot 5 is in the process of repositioning with plans submitted for approval to the relevant authorities. Perennial Holdings continues to drive synergy between its healthcare-centric TODs and eldercare businesses, including Renshoutang’s eldercare facilities and PACVX’s facility for residents with Alzheimer’s, to enrich the lives of those we serve and deliver value to our stakeholders. As at 31 December 2023, Renshoutang’s portfolio comprises over 30 eldercare and nursing facilities, predominantly in Shanghai, with a total of approximately 13,000 beds, of which nearly 12,000 are operational beds with close to 300 beds in the pipeline. Once COVID-19 restrictions were lifted in FY2023, it was a busy year at Renshoutang. Accreditation for medical insurance coverage was secured at three facilities, enabling residents to utilise their insurance coverage for fees and charges at Wenyang Nursing Home, Hengshan Nursing Home, and Jiading Nursing Home enhancing the homes’ competitiveness in the market. As a result, Wenyang Nursing Home achieved a high occupancy rate of 95% as at 31 December 2023. In the year, Renshoutang Suzhou Eldercare Home commenced operations with a 712-bed capacity, with its Nursing Home under preparation. The project is a one-stop care facility equipped with single rooms, double rooms, multiple rooms, suites and other types, offering tailored nursing care according 57 ANNUAL REPORT 2023
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