OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX branded hotels. With a portfolio exceeding 6,000 rooms within its TOD projects, the Company’s hospitality business continues to expand. Perennial Holdings, through the Hotel JV, aims to enhance the hospitality component of Perennial Tianjin with four distinct hotels offering a variety of concepts with a total of approximately 960 rooms. Together, these hotels present over 32,000 sq ft of versatile event spaces and four destination dining options, catering to diverse tastes and preferences, and promising unparalleled experiences for guests. Robust Integrated Strategy The strength and depth of the integration of real estate, healthcare, and hospitality components continually serve as the cornerstone of the Company’s robust strategy, driving it forward on a steady momentum and delivering opportunities for further growth and development. STRATEGIC PRIORITIES In FY2024, on the real estate front, Perennial Holdings will strengthen its occupancy rates for completed developments and continue to maintain a steady momentum forward for the construction works for the rest of its projects. On the healthcare front, Perennial Holdings will enhance its multi-hospital and healthcare and eldercare strategies within each healthcare-centric TOD. This will involve leveraging government policies, market trends, and opportunities arising from the growing silver economy, as well as addressing the rising demand for premium healthcare. Perennial Holdings will also continue to seek new investment opportunities in quality assets and healthcare businesses via acquisitions, joint ventures, and strategic partnerships. On the hospitality front, Perennial Holdings will gradually commence operations to ride on the upward trajectory of China’s domestic tourism with its 3, 4, 5-star hotels becoming operational progressively from 2024 onwards. At PIHMH Chengdu within Chengdu HSR TOD, the Company will continue to explore and improve the user experience and accessibility of medical services. It will also continue to proactively manage the medical centre, introduce new and renowned specialty medical groups, and shared medical services to optimise cost savings and efficiencies for tenants. For Tianjin HSR TOD’s eldercare component, the blocks for Independent Living and Assisted Living, Nursing Hospital and Dementia Care are on track to be completed and will open progressively in 2024. Similarly for its medical component, the three hospitals, General Hospital, Rehabilitation Hospital and Eber Perennial Brain Hospital will be officially opened within 2024. Kunming HSR TOD’s eldercare sales gallery is expected to open to the public in 2024. The Eldercare Home will commence operations in mid-2024, and one of the Assisted Living blocks will also open in the year. Within the medical component, the General Hospital and Rehabilitation Hospital are expected to be completed in late 2024. Within the hospitality component, the Hotel JV is expected to operate five hotels under multiple distinctive brands. The 5-star hotels will be branded ‘Minyoun Hotel’ and ‘The Perennial, JdV by Hyatt’, 4-star hotels will be branded ‘Hyatt Place’ and ‘lia! by Minyoun’, and a 3-star hotel will be branded ‘Living Minyoun’. Living Minyoun and Hyatt Place are expected to commence operations towards the end of 2024. For Xian HSR TOD, the Company targets to complete Plot 4’s facade and M&E works for SOHO, LOFT towers and retail podium, as well as the sales gallery for its commercial apartments in preparation for its sales launch in 2024. For Plot 5, the target is to obtain planning approval to commence works in 2024. Separately, Renshoutang, with its robust pipeline of committed projects and beds, is poised to become one of the largest eldercare service operators in the Yangtze River delta region as it also continues to work on increasing bed occupancy rates, as well as to create a healthfocused cafeteria within its eldercare facilities in Shanghai. PACVX’s Dementia Care Home and Nursing Hospital will officially open in 2024. PACVX will also continue to enhance its capabilities beyond its current strengths as a leading healthcare development for seniors with Alzheimer’s. This can benefit more seniors, thereby potentially increasing the intake of residents at PACVX. Hangzhou HSR TOD is expected to launch its residential component for sales in 2024. The development will complete works progressively, starting with the Cloud Gate, with its shopping mall and Grade A offices in phase one, followed by the skyscrapers and podiums in subsequent phases. At Beijing Tongzhou TOD, the development is expected to launch sales of its commercial apartments in 2024. For its retail and office components, leasing is expected to commence with a focus on securing anchor tenants. Perennial Qingyang Mall in Chengdu will undergo asset enhancement initiatives aimed at improving key tenant areas focusing on the lifestyle, dining, and specialist trades. These areas will undergo renovations, upgrades or other enhancements to bolster the mall’s appeal and competitiveness in the everevolving retail market. In summary, Perennial Holdings remains steadfast in its commitment to enhancing occupancy rates for completed developments and maintaining steady progress in construction across all projects. Additionally, the Company continually strives towards service excellence and improve experiences for our stakeholders. These endeavours underscore Perenial Holdings’ dedication to sustained growth, enriching the lives of those we serve and delivering value to all stakeholders. 59 ANNUAL REPORT 2023
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