Healthcare-Centric High Speed Railway (HSR) Transit-Oriented Developments (TODs) Commercial-Centric TODs Healthcare Developments The Skywaters, Singapore’s Tallest and First Supertall Building Hangzhou West HSR Integrated Development, with Hangzhou’s Tallest Building Perennial Alzheimer’s Care Village Xi’an, China’s First Alzheimer’s Care-Focused Development with the Largest Dementia Care Home Parry Assisted Living Care, Singapore’s First Private Assisted Living-cum-Care Model Development Perennial Kunming South HSR International Healthcare and Business City Perennial Tianjin South HSR International Healthcare and Business City PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2023 Driving Progress Forging Ahead
Corporate Profile Perennial Holdings Private Limited (“Perennial Holdings”) is an integrated real estate and healthcare company headquartered in Singapore. As a real estate owner, developer and manager, Perennial Holdings focuses strategically on large-scale transit-oriented developments (“TODs”) and has a presence in China, Singapore, Malaysia and Indonesia with a portfolio spanning approximately 80 million square feet in total gross floor area. As a healthcare services owner, operator and manager, Perennial Holdings focuses on hospitals and medical centres, healthcare hubs, and eldercare and senior housing. In China, it has a presence across 13 cities with about 22,000 beds, comprising over 13,000 operational beds and about 9,000 beds in the pipeline. In Singapore, it will operate the country’s first private assisted living development with over 300 beds. Perennial Holdings’ network of healthcare facilities includes general, rehabilitation and specialist hospitals, as well as assisted living apartments, eldercare and nursing homes, and its integrated eldercare services comprise medical, nursing, rehabilitation, dementia and home care. Perennial Holdings’ portfolio in China comprises five High Speed Railway (“HSR”) TODs which are situated adjacent to five of the country’s largest HSR stations. These include healthcare-centric HSR TODs with eldercare, medical care and hospitality components, namely Chengdu East HSR Integrated Development, Perennial International Healthcare and Business City (Tianjin South HSR Station), Perennial International Healthcare and Business City (Kunming South HSR Station) and Perennial International Healthcare and Business City (Xi’an North HSR Station), as well as one commercial-centric HSR TOD, being Hangzhou West HSR Integrated Development. Another landmark commercial TOD includes Beijing Tongzhou Integrated Development. In Singapore, Perennial Holdings’ portfolio comprises iconic properties, such as The Skywaters, Golden Mile Complex, Capitol Singapore, CHIJMES, Perennial Business City and Caldecott Hill, located in the prime city and suburban districts near transportation hubs. It is also the developer and operator of Parry Assisted Living Care, a new housingcum-care model development at Parry Avenue. 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 房地产和医疗健康于一体的综合性集团公司。作为房地产持有、开发和管理 者，鹏瑞利集团战略定位于大型交通导向型开发项目（以下简称“TOD”），投 资遍布于中国、新加坡、马来西亚和印度尼西亚，物业总建筑面积近740万平 方米。鹏瑞利集团作为医疗健康服务持有、运营和管理者，旗下有三大核心 业务板块，分别是医院和医疗中心、医疗健康综合体管理及综合养老服务。 在中国，业务遍及13个城市并拥有约22，000张床位，包括超过13，000张运 营床位和约9，000张在建床位。在新加坡，鹏瑞利集团将运营拥有300多个 床位的新加坡首个辅助生活私宅项目。鹏瑞利集团的医疗健康配套主要包 括综合平台医院、康复医院和其他专科医院；养老设施包括康养公寓、颐养 苑和护理院，其综合养老服务包括医疗服务、护理服务、康复服务、认知症照 护和家庭护理。 在中国，鹏瑞利集团拥有五个毗邻国内五大高铁站的城市交通枢纽TOD大 型综合项目，其中包括集养老、医疗健康和酒店集群为一体的高铁站TOD医 疗健康综合体，如成都东站综合项目、鹏瑞利国际健康商旅城（天津南站）、 鹏瑞利国际健康商旅城（昆明南站）、鹏瑞利国际健康商旅城（西安北站），以 及高铁站TOD商业综合项目 — 杭州西站综合项目。另外，还有以北京通州 为代表的TOD商业综合项目。 在新加坡，鹏瑞利集团拥有多个位于交通枢纽附近黄金地段的标志性优质 项目，包括天澜尊、黄金坊、首都新加坡、赞美广场、鹏瑞利商务城和加利谷 山地块。鹏瑞利集团亦是培立道辅助生活私宅项目的发展和运营商，其为培 立道的一个结合住宅和看护模式的私宅项目。 VISION To be a leading global integrated real estate and healthcare 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. 愿景 成为一家全球领先的综合性房地产和医疗健康公 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。
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Key Highlights EarthCheck Silver Certification CHIJMES REAL ESTATE HIGHLIGHTS FOCUS ON TRANSIT-ORIENTED DEVELOPMENTS (“TODS”) IN CHINA Other TODs comprising one of the tallest buildings in Beijing Tongzhou 5 High Speed Railway (“HSR”) TODs UPGRADED HEALTHCARE-CENTRIC HSR TODS First Generation: Celebrated 5th Anniversary Perennial International Healthcare and Medical Hub within Chengdu East HSR Integrated Development Second Generation: Launched and Unveiled Brands Perennial Tianjin South HSR International Healthcare and Business City Healthcare-centric HSR TODs comprising eldercare, medical care and hospitality components 4 Commercial-centric HSR TOD comprising the tallest building in Hangzhou 1 SUSTAINABILITY HIGHLIGHTS COMMITMENT TOWARDS SUSTAINABILITY HOSPITALITY HIGHLIGHTS UPCOMING HOSPITALITY PORTFOLIO Unveiled Multi-Brands including The Perennial, JdV by Hyatt, Cheese Minyoun, lia! by Minyoun and Living Minyoun Adopted Fourth UN SDG, Goal 3 (Good Health and Well-being) Committed to Sustainable Demolition Process The Skywaters reuse existing foundations; construction waste sent for recycling and smelting Building Construction Authority of Singapore’s Green Mark Super Low Energy Certification Perennial Business City Achieved HEALTHCARE HIGHLIGHTS GROWING HEALTHCARE PORTFOLIO Total About 22,000 Beds in China and Singapore sq ft GFA of dedicated healthcare space in China > 16million Eldercare, Medical Care and Healthcare Staff >3,000 > 60 Eldercare and Medical Care Facilities Across 13 Cities in China, and in Singapore including Perennial General / Rehabilitation / Specialist Hospitals Maiden Foray into Eldercare Business in Singapore Awarded Tender for Parry Assisted Living Care, Singapore's first private assisted living development Perennial Branded and Co-Branded Eldercare and Medical Care Facilities Over 13,000 Operational Beds About 9,000 Committed Beds in Pipeline About 3,500 Hospital Beds About 18,500 Eldercare Home/ Assisted Living Apartment/ Nursing Home Beds of which comprising Eden Residences Capitol Set new price benchmark for the Singapore development Forett at Bukit Timah Fully sold for the Singapore development The Sanctuary Collection Phase 1 of development in Greater Jakarta, Indonesia First Cluster – Fully Sold Second Cluster - Almost Fully Sold STRONG RESIDENTIAL SALES Achieved The Skywaters Singapore’s tallest and first supertall building completed demolition work Perennial Business City First Super Low Energy business park in Singapore’s Jurong District secured full temporary occupancy permit Drive Development Progress Total 8 TODs Portfolio of Over Room Keys 6,000 01 ANNUAL REPORT 2023
OVERVIEW Corporate Profile Key Highlights 01 Chairman & CEO’s Statement (English) 10 Chairman & CEO’s Statement (Chinese) 14 Our Presence 18 Our Milestones 20 Our Business Model 22 Our Integrated Strategy 24 Board of Directors/Board Observer 26 Management Team 30 PERFORMANCE Shareholding Information 36 Business Overview 36 Business Structure 38 Financial Highlights 40 Financial Review 41 5-Year Financial Summary 43 BUSINESS REVIEW Singapore 44 The Skywaters 47 Golden Mile Complex 48 Capitol Singapore 49 CHIJMES 50 Perennial Business City 51 Parry Assisted Care Living 53 China 54 Perennial Tianjin South HSR International Healthcare and Business City 60 Contents Perennial Kunming South HSR International Healthcare and Business City 62 Chengdu East HSR Integrated Development 64 Perennial Xi’an North HSR International Healthcare and Business City 67 Hangzhou West HSR Integrated Development 69 Beijing Tongzhou Integrated Development 71 Renshoutang 72 Perennial Alzheimer’s Care Village Xi’an 73 Malaysia 74 The Light City, Penang 75 Indonesia 76 The Sanctuary Collection, Greater Jakarta 77 Portfolio at a Glance Real Estate 78 Healthcare 86 Hospitality 90 SUSTAINABILITY Sustainability Report 92 Corporate Governance 129 Risk Management 139 FINANCIALS Statutory Accounts 145 APPENDIX Supplemental Information 222 Corporate Information
In FY2023, Perennial Holdings continued to drive progress on its transformative developments, in alignment with its vision to be a leading integrated real estate and healthcare company. The Group was able to harness its innovative capability and dexterity to navigate the rapidly changing landscape. Strengthened by disciplined investments, portfolio diversification, and new business development, it is well-positioned to redefine the real estate and healthcare landscape, unlock opportunities and forge a sustainable future. Driving Progress Forging Ahead OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 03 ANNUAL REPORT 2023
Perennial Holdings adopts a disciplined and diversified strategy to curate a diverse real estate portfolio comprising healthcare-centric and commercial-centric transit-oriented developments, serving as pivotal economic and social drivers for burgeoning communities. The Group’s strategically located developments and steady expansion in the healthcare domain to meet fundamental healthcare, eldercare and medical care needs of the communities it serves, underscores its strong growth momentum and robust development. Disciplined & Diversified 04 PERENNIAL HOLDINGS PRIVATE LIMITED
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Perennial Tianjin South HSR International Healthcare and Business City 05 ANNUAL REPORT 2023
Harnessing its innovative strengths, Perennial Holdings actively pursues opportunities in real estate, healthcare, and hospitality sectors. By leveraging synergies from its in-house capabilities and network of partners, the Group is able to capture growth opportunities unleashed by new market trends and optimise value creation, including establishing a strategic presence in Singapore's eldercare sector. Perennial Holdings is dedicated to harnessing its strengths and capabilities to deliver long-term growth and stable returns. Innovative & Synergistic PERENNIAL HOLDINGS PRIVATE LIMITED 06
Hangzhou West HSR Integrated Development 07 ANNUAL REPORT 2023
Perennial Holdings maintains an unwavering commitment to responsible and good governance practices. The Group’s conscientious and comprehensive adoption of sustainability and social responsibility is guided by its deep belief in creating positive impact that extends beyond regulatory compliance, to setting benchmarks for excellence and delivering value for stakeholders and the community. Sustainability & Governance 08 PERENNIAL HOLDINGS PRIVATE LIMITED
The Skywaters 09 ANNUAL REPORT 2023
Executive Chairman & CEO’s Statement Despite the tough macro environment, the Company remained dedicated to our vision of being a leading integrated real estate and healthcare company. By leveraging our focused integrated real estate and healthcare strategy, we were steadfast in our endeavours to drive progress and forge ahead with our execution. Dear Stakeholders, FY2023 continued to be a challenging year for the global economy, marked by geopolitical tensions, interest rate hikes, core inflationary pressures and lay-offs across various sectors. Against this backdrop, the operating environment for our businesses in the core markets of Singapore and China remained difficult. Singapore registered modest economic growth while China saw its third year of property downturn since the COVID-19 pandemic, with major developers filing for bankruptcy and facing liquidation petitions. Despite the tough macro environment, the Company remained dedicated to our vision of being a leading integrated real estate and healthcare company. By leveraging our focused integrated real estate and healthcare strategy, we were steadfast in our endeavours to drive progress and forge ahead with our execution. NEW STRATEGIC SHAREHOLDER In FY2023, Perennial Holdings marked a major milestone with the addition of Perpetual Capital VCC (“Perpetual”) as its shareholder. Perpetual is 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. Perpetual’s investment in Perennial Holdings is a strong endorsement of the Company’s vision, strategy and execution capabilities. FINANCIAL PERFORMANCE AND CAPITAL MANAGEMENT In FY2023, Perennial Holdings’ revenue was S$200.9 million, 24.6% higher than the S$161.3 million posted in FY2022. Earnings before interest and tax for the same period grew 81% to S$250.8 million from S$138.5 million in FY2022. Overall, Perennial Holdings’ profit after tax and minority interest for FY2023 was S$29.1 million, higher than the S$9.1 million in FY2022. As at 31 December 2023, Perennial Holdings’ debt-to-equity ratio stood at 0.74 times, lower than the 0.82 times registered as at 31 December 2022, largely attributable to the higher profit recorded, deconsolidation and repayment of borrowings and bank facilities. Taking into account the complexities and uncertainties in the global and domestic environments, we expect our financial performance in FY2024 to reflect a cautiously optimistic outlook. We will thus continue to adopt a proactive approach to capital management, while practising financial prudence in managing and operating our businesses. INTEGRATED REAL ESTATE AND HEALTHCARE BUSINESS REVIEW As at 31 December 2023, our real estate portfolio spanned approximately 80 million square feet (“sq ft”) in total gross floor area across four countries, including Singapore, China, Malaysia and Indonesia. Our healthcare portfolio comprises a total of about 22,000 beds, with more than 13,000 operational beds and a committed pipeline of close to 9,000 beds. In addition, our total asset value stood at S$8.3 billion, with development assets spanning approximately 80 million sq ft, indicating potential for expansion. Singapore The Singapore economy posted a 1.1% growth in 2023, down from the 3.8% expansion a year ago. Headline inflation was 4.7% in 2023, down from 6.1% in 2022. The inflation rate was impacted by the increase in the Goods and Services Tax rate from 7% to 8%. In the year, the Singapore government also raised Additional Buyer’s Stamp Duty rates, effective 27 April 2023, to proactively manage real estate investment demand and promote a sustainable property market. To counter these challenges, Perennial Holdings focused on driving the construction timeline of our development projects and enhancing the value of our operational properties through proactive asset management. We made significant headway at two of our large-scale integrated developments, 8 Shenton Way and Golden Mile Complex, which are undergoing major redevelopment works. At 8 Shenton Way, the demolition of the former office tower was completed to make way for the construction of Singapore’s tallest and first supertall building, defined as a structure above 300 metres. The iconic integrated development, towering 305 metres, is located in the Central Business District, and comprises residential, offices, hotel and retail components. It has been named The Skywaters, a reflection of its status as Singapore’s tallest building with unblocked views of the South China Sea. Its luxury residential component, Skywaters Residences, is gearing up for launch with the completion of its sales gallery, one of the largest locally constructed, on Bayfront Avenue. Additionally, an internationally renowned luxury hotel operator has also been appointed for The Skywaters’ hotel component, with the operator’s name to be announced in due course. With the appointment of the main contractor and the commencement of redevelopment works, the 63-storey landmark is slated for completion in 2028. At Golden Mile Complex, a renowned conservation landmark in Singapore, a team of conservation experts was appointed to ensure sensitive interventions in its redevelopment into a mixed-use integrated development comprising office, retail and residential components. Similar to The Skywaters, this historic building in the city commands panoramic sea and city views. The building’s provisional planning approval was secured in the year and special attention will be paid to retaining its key features and signature terraced profile. Meanwhile, Capitol Singapore and CHIJMES, two prime conservation properties within Singapore’s Civic District, refreshed their tenant mix to stay relevant to consumers’ evolving preferences. As at 31 December 2023, Capitol Singapore’s committed occupancy grew from 90% to 98% year-on-year ("YoY"), while CHIJMES continued to enjoy close to 100% committed occupancy. Capitol Singapore’s residential component, Eden Residences Capitol, also continued to set new sales price benchmarks with its sales prices in FY2023 exceeding their average over the past few years. Perennial Business City, the Company’s first business park project, completed its redevelopment works and obtained its full Temporary Occupation Permit (“TOP”) towards the end of FY2023. Separately, Perennial Holdings’ first pure-play residential project, Forett at Bukit Timah, was fully sold as at 31 December 2023 and its TOP is expected to be received in FY2024. 10 PERENNIAL HOLDINGS PRIVATE LIMITED
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX The key highlight for the year was when Perennial Holdings won the tender for a site at Parry Avenue, which was launched by the Urban Redevelopment Authority 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. Spanning a total gross floor area of approximately 195,000 sq ft, the new housing-cum-care model development will comprise a 200-unit Assisted Living Apartment, a 100-bed Nursing Home, a Wellness Clubhouse and a Geriatric Care Centre. Parry Assisted Living Care will also be integrated with a new community park of approximately 1.5 hectares. The park will be developed by Perennial Holdings and returned to the National Parks Board upon completion. The successful tender marks the Company’s maiden entry into Singapore’s eldercare sector. Singapore is faced with the challenge of a rapidly ageing population. Citizens aged 65 and above made up almost a fifth of the country’s population in 2023. By 2030, this proportion is projected to reach one in four citizens. According to MOH, about 100,000 seniors will require assistance with at least one daily living activity by 2030. As a Singapore company with deep experience in integrated eldercare and medical care in China, we are committed to leverage on our track record as one of the largest private integrated eldercare operators in China to establish a best-inclass development with quality care suited for seniors to age in place in Singapore. China In 2023, China experienced GDP growth of 5.2%, surpassing the 3.0% growth recorded in 2022. Despite the higher GDP growth, China’s property sector continued to face challenges. Property investments experienced a 9.6% Yoy decline, while property sales by floor area decreased 8.5% in 2023. However, stabilisation is anticipated in the property sector as new real estate policies, such as reduced downpayment ratios and mortgage interest rates aimed at bolstering the real estate market, come into effect. China has also remained steadfast in its construction efforts for an extensive HighSpeed Rail (“HSR”) network. By the end of 2023, China’s operational railways spanned over 155,500 kilometres (“km”), including 43,700 km of HSR. Investment in the railway network reached RMB640.7 billion, marking a YoY growth of 7.4%. In 2023, the average daily number of passenger trains reached 9,638, a YoY increase of 52%. There are plans to extend the HSR to 50,000 km by 2025 and 200,000 km by 2035. In the year, a major milestone was achieved when Perennial International Healthcare and Medical Hub Chengdu (“PIHMH Chengdu”) celebrated its fifth anniversary. PIHMH Chengdu, which comprises predominantly medical and healthcare-related tenants, is positioned as a regional healthcare hub. It is sited within Chengdu East HSR Integrated Development, our first-generation healthcarecentric HSR TOD, and enjoys connectivity to the Chengdu East HSR Station, one of the key HSR stations in China, which serves approximately 250,000 passengers daily. To further expand our healthcare business offerings, we entered into a 40-60 joint venture (“JV”) with Yingkang Medical (60%) to operate our first co-branded general hospital SuperiorMed Perennial Hospital within PIHMH Chengdu. Occupying over 51,500 square metres, SuperiorMed Perennial Hospital is a 350-bed general hospital with wide-ranging healthcare services and medical specialties and sub-specialties, including oncology, internal medicine, surgery, obstetrics and gynaecology, paediatrics, intensive care, emergency medicine, rehabilitation, stomatology and psychology. Another key milestone was achieved in the year when we officially introduced Perennial Tianjin South HSR International Healthcare and Business City (“Tianjin HSR TOD”) as our second-generation healthcare-centric HSR TOD, offering integrated eldercare, medical care and hospitality components. Spanning 3.5 million sq ft and developed at a total investment cost of approximately S$1 billion, Tianjin HSR TOD is adjacent to the Tianjin South HSR station, a key station positioned to serve the communities in the Jing-Jin-Ji megalopolis comprising the cities of Beijing, Tianjin and Hebei in North China. An official ceremony was held to unveil the various Perennial-branded eldercare facilities, as well as Perennial-branded and Perennial co-branded medical facilities within Tianjin HSR TOD. The eldercare component comprises three eldercare facilities with a While its railway network has been growing, China’s population registered a second year of decline to 1.4097 billion. The country’s population aged 60 and above was at about 297 million in 2023, or 21.1% of the overall population. This demographic is expected to increase to more than 400 million by 2035 and more than 500 million by 2050. To address the challenges of an ageing population, the Government announced plans in early 2024 to strengthen the silver economy to improve the livelihoods of seniors, including enhancing food and healthcare services and expediting the development of eldercare care institutions. Considering these megatrends and shifting demographics, we ensure the long-term alignment of our business portfolios to support the needs of the consumers and wider community as an integrated real estate and healthcare company. In the real estate sector, Perennial Holdings remains focused on solidifying its position as a leader in transit-oriented developments (“TODs”). This is exemplified by our portfolio of eight TODs, comprising five HSR TODs, of which four are healthcare-centric and one commercial-centric. The remaining three are commercial TODs strategically situated in close proximity or are seamlessly connected to major transportation hubs. The expansion plans for HSR augur well for our TODs, positioning them favourably to capitalise on the growing business opportunities that may arise from extended accessibility and an enlarged population catchment area. For our healthcare business, Perennial Holdings has established a strong and esteemed reputation across our three key business segments; Hospitals and Medical Centres, Healthcare Hubs, as well as Eldercare and Senior Housing. The key highlight for the year was when Perennial Holdings won the tender for a site at Parry Avenue, which was launched by the Urban Redevelopment Authority in collaboration with MOH, to develop Parry Assisted Living Care at a tender price of S$71.988 million... The successful tender marks the Company’s maiden entry into Singapore’s eldercare sector. Another key milestone was achieved in the year when we officially introduced Perennial Tianjin South HSR International Healthcare and Business City as our second-generation healthcare-centric HSR TOD, offering integrated eldercare, medical care and hospitality components. 11 ANNUAL REPORT 2023
Executive Chairman & CEO’s Statement Increasingly, we are also building up our hospitality business, and the close interconnection and synergy of the hospitality business with our two core businesses of real estate and healthcare will drive future growth. total of over 1,800 beds to cater to seniors with different care needs, and a rehabilitation centre. The facilities comprise Perennial Eldercare Home, a 286-bed home for healthy seniors, Perennial Assisted Living Apartment, a 1,227-bed facility for seniors with assisted daily living needs, and Perennial Nursing Hospital, a 299-bed facility for seniors who have high care needs. The medical care component comprises three 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 our JV medical groups provide specialty-medical services while enjoying the convenience of shared ancillary services operated by Perennial Holdings, such as operating theatres, diagnostic imaging equipment and laboratory. It also includes Perennial Rehabilitation Hospital, a 200-bed step-down care hospital focusing on rehabilitation. Additionally, it comprises a 300-bed Eber Perennial Brain Hospital, a 40-60 JV between Perennial Holdings (40%) and Eber Shanghai (60%), one of the top brain specialist medical groups in China. All three hospitals will feature stateof-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. Increasingly, we are also building up our hospitality business, and the close interconnection and synergy of the hospitality business with our two core businesses of real estate and healthcare will drive future growth. To immediately support the Tianjin HSR TOD eldercare and medical care ecosystem and in the longer-term develop the medical tourism industry for Tianjin city, we unveiled four hotel brands totalling about 960 rooms within the hospitality component of Tianjin HSR TOD targeted at different travellers’ profiles. The hotel brands will be operated by a Perennial Holdings (49%) and Minyoun Hospitality (51%) JV (“Hotel JV”). Minyoun Hospitality is an established hotel operator and manager in China. The 5-star hotel will be branded ‘The Perennial, JdV by Hyatt’, unveiling our own hotel brand. The 4-star+, 4-star and 3-star hotels will be branded ‘Cheese by Minyoun’, ‘lia! by Minyoun’, and ‘Living Minyoun’, respectively. Plans are currently underway to replicate this second-generation healthcare-centric HSR TOD model at Perennial Kunming South HSR International Healthcare and Business City (“Kunming HSR TOD”) and Perennial Xi’an North HSR International Healthcare and Business City (“Xi’an HSR TOD”). Construction at Kunming HSR TOD is at a more advanced stage, with the completion of its assisted living apartments and its show suite, while fitting-out has commenced for the hotel component. As the Eldercare and Senior Housing healthcare business segment is a key growth driver for our Company, we continue to drive synergy between our healthcarecentric HSR TOD and our eldercare businesses, including Renshoutang, our integrated eldercare business arm, and Perennial Alzheimer’s Care Village (“PACV”), a new Alzheimer’s care facility in Xi’an. As at 31 December 2023, Renshoutang’s portfolio comprised 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. Renshoutang is one of China’s largest private integrated eldercare operators offering eldercare, medical care, nursing care and dementia care services. Separately, PACV is positioned as China’s first Alzheimer’s care-focused integrated development comprising the country’s largest dementia care home with over 400 beds. In the year, Phase 1 redevelopment works were completed and PACV began its trial period of residency by welcoming the first resident in December. Beside a dementia care home, the development comprises a nursing hospital, a rehabilitation hospital and an international eldercare research institute. The facility is expected to house close to 700 beds when fully operational. As at 31 December 2023, our healthcare network comprises about 18,500 Eldercare Home, Assisted Living Apartment and Nursing Home beds, as well as about 3,500 Hospital beds. We are committed to expanding our presence in China by leveraging on the favourable policies and expanding HSR network to meet the growing integrated eldercare and medical care demand of its ageing population. On the commercial TODs front, construction works are progressing well at Hangzhou West HSR Integrated Development (“Hangzhou HSR TOD”) and Beijing Tongzhou Integrated Development (“Beijing Tongzhou TOD”). Hangzhou HSR TOD, connected to the Hangzhou West HSR Station, will comprise the tallest building (68 storeys) in Hangzhou upon its completion. Development works are progressing well and the distinctive Cloud Gate architectural feature has been completed, while the construction of the sales gallery for the residential component is presently underway. The Hangzhou West HSR Station was one of three key transportation hubs which offered an Asian Games-themed journey for Hangzhou residents and international visitors for the 19th Asian Games held in Hangzhou in September 2023. Beijing Tongzhou TOD, an iconic landmark fronting the famous Beijing-Hangzhou Grand Canal which will comprise one of the tallest buildings (52 storeys) in Tongzhou District, achieved progressive structural top-out and the sales gallery for the commercial apartments was completed in preparation for its sales launch. OTHER MARKETS In 2023, despite the challenging global environment, Perennial Holdings’ key growth in Southeast Asian markets, Malaysia and Indonesia, has shown an improvement in economic growth momentum anchored by resilient domestic demand. In Malaysia, there was substantial progress in Phase One of The Light City. This phase comprises the Penang Waterfront Convention Centre, recognised as the largest convention centre in Penang, along with its retail component, the Waterfront Shoppes, and residential, hotel and office segments. As at 31 December 2023, more than 70% of the first residential phase, Mezzo, has been sold despite upward price adjustments during the year. The hotel management agreement has also been signed with Minyoun Hospitality to operate a 4-star and 5-star hotel to cater to the waterfront destination’s different travellers’ profiles. In Indonesia’s Greater Jakarta area, The Sanctuary Collection’s Phase 1 residential clusters of Tanglin Parc and Newton Springs were well-received by home buyers. For Tanglin Parc, which was fully sold, about 85% of the units have been handed over to homeowners. Newton Springs, which is almost fully sold, commenced the handover of units to homeowners towards the end of the year. With the strong reception by the market, the third residential cluster, Orchard Riviera, is expected to be launched in the first half of 2024. Amidst easing domestic inflation and a steady growth outlook, countered by foreign exchange fluctuations, we will continue to be prudent while seeking expansion opportunities to deepen our presence in Malaysia and Indonesia. COMMITMENT TO SUSTAINABILITY Perennial Holdings continued with our voluntary commitment to publish our Sustainability Report (“SR”) prepared in reference to the revised Global Reporting Initiative Universal Standards 2021 as part of our Annual Report in FY2023. 12 PERENNIAL HOLDINGS PRIVATE LIMITED
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX The Company also continued its trajectory of progress by adopting its fourth UN SDG, Goal 3 (Good Health and Well-being) in FY2023, following the adoption of UN SDG Goal 13 (Climate Action) and Goal 16 (Peace, Justice, and Strong Institutions) in 2020, and UN SDG, Goal 5 (Gender Equality) in 2022. The role of healthcare is significant in the Company's operational framework, given that it owns, develops and manages healthcare assets, as well as owns, manages and operates healthcare businesses. By prioritising Good Health and Well-being, Perennial Holdings aims to enhance the quality of life for its stakeholders and contribute positively to broader societal and environmental objectives. For FY2023, we are pleased to state that nearly all our sustainability targets have been met. Perennial Business City, which attained Singapore’s Building and Construction Authority (“BCA”) Green Mark Platinum Super Low Energy 2017 certification, has been incorporated into this year’s SR reporting scope after securing its full TOP. The inclusion of Perennial Business City into the SR provides a business park dimension to the reporting and underscores the diversified portfolio of our real estate business. In Singapore, Perennial Holdings’ goal is to achieve BCA Green Building Certification for all our local development projects upon completion, thereby reaffirming our dedication to environmental stewardship. A critical operational imperative involves embedding sustainable practices throughout the developmental process. For instance, in the construction process of The Skywaters, demolition waste was managed responsibly while existing foundations and infrastructure were reused. At Golden Mile Complex, the conservation building’s key features and signature terraced profile will be sensitively restored and seamlessly blended in with the new build. These sustainable development practices underscore our commitment to sustainability and enhance social well-being and cohesion in the community. CHIJMES, an operational asset of historical and cultural significance in Singapore, is home to two of the nation's gazetted national monuments, CHIJMES Hall and Caldwell House. In FY2023, CHIJMES achieved the prestigious EarthCheck Silver Certification for sustainable destination and tourism organisations, highlighting our dedication to safeguarding the environment. For the operational assets in Singapore and China, Perennial Holdings continued with proactive measures aimed at reducing waste and carbon emissions, including the ongoing retrofitting drive towards using energy-efficient alternatives for existing or outdated fixtures. On the corporate social responsibility front, we focused on driving outreach and engagement with our communities in various ways. In Singapore, we utilised the spaces within our real estate assets to nurture community spirit, strengthen social connections and enhance overall social well-being. During Christmas, Capitol Singapore collaborated with Voices of Singapore for their members to showcase their talents on the Capitol Singapore Singing Tree at the property’s outdoor plaza. The joyous carolling sessions by the children and seniors captured many hearts with their heartwarming performances. In China, we leveraged our expertise in the healthcare sector to enhance community wellbeing and ensure the resilience and vitality of our communities throughout the year. At PIHMH Chengdu, healthcare awareness campaigns were organised for our healthcare professionals, patients and their families on topics such as Alzheimer’s disease, while home visits were conducted by the healthcare team of Tianjin HSR TOD for elderly living alone in the community in Tianjin. Additionally, at our eldercare facilities, community clinics offered regular check-ups and health education sessions to underserved individuals in the neighbourhoods. In FY2023, Perennial Holdings’ staff dedicated more than 1,265 volunteer hours to serving communities in Singapore and China. For instance, our Singapore employees uplifted the spirits of seniors at Vanguard Senior Care (Senja Centre) by sharing quality time with them in an afternoon filled with interaction and arts and crafts activities during the Mid-Autumn Festival period. Such staff volunteerism benefits the communities being served and contributes to the holistic development and satisfaction of employees. Perennial Holdings is dedicated to enhancing our governance structure, promoting sustainable business practices, and driving value creation. As part of our sustainability strategy, we have established a culture of strong corporate governance, ensuring high levels of discipline, conduct and ethical standards. DRIVING PROGRESS AS WE FORGE AHEAD IN FY2024 Against the challenging macro-economic backdrop, we will continue to forge ahead with our integrated real estate and healthcare strategy. In 2024, the residential components at developments in four markets are expected to be launched for sale. These are Skywaters Residences and Golden Mile Complex in Singapore, Beijing Tongzhou TOD and Hangzhou TOD in China, Lightwater Residences in Penang, Malaysia, and Orchard Rivieria in Greater Jakarta, Indonesia. Within the year, the eldercare, medical care and hospitality components within Tianjin HSR TOD and Kunming HSR TOD, as well as PACV will progressively commence operations, thereby generating additional income streams for the Company. For development projects, we will continue to closely monitor progress, while driving performance of our operational assets to enhance operating income. In Singapore, we will proactively explore opportunistic projects with value-creation opportunities and seek out suitable sites or platforms to grow our eldercare business. In China, we will continue to leverage on the expanding HSR network to grow our healthcare-centric and commercial-centric HSR TOD portfolio. Additionally, we will actively explore collaborations with reputable medical and physician groups to enhance the depth and breadth of our healthcare offerings. We will also continue to enhance the integration and synergy of our real estate, medical care, healthcare, eldercare and hospitality businesses and capabilities, while actively exploring opportunities to replicate our integrated platform in Southeast Asia. To bolster our longer-term growth plans, we will actively explore monetisation of assets and funds syndication to capture the opportunities in the real estate, eldercare, medical care and hospitality sectors. ACKNOWLEDGEMENTS On behalf of our Board of Directors, I would like to express my gratitude to all those who have supported us despite the difficult economic circumstances. My heartfelt thanks to our shareholders, tenants, customers, bankers, business partners and media friends for their unwavering support over the past year. I also thank all Perennians for their hard work and dedication. Mr Pua Seck Guan Executive Chairman and Chief Executive Officer 29 March 2024 We will also continue to enhance the integration and synergy of our real estate, medical care, healthcare, eldercare and hospitality businesses and capabilities, while actively exploring opportunities to replicate our integrated platform in Southeast Asia. 13 ANNUAL REPORT 2023
执行董事长兼首席执行官致辞 尽管宏观形势十分严峻，但公司仍致力于实现打造全球领先综合性房地 产和医疗健康公司的愿景。我们继续全力专注于发展房地产和医疗健康 综合业务的战略，推动公司稳步增长。 尊敬的各位利益相关者： 2023财年，全球经济仍面临重重挑战，地 缘政治局势紧张，利率上升，核心通胀压 力上扬，各行各业都在裁员。 在此背景下，我们在新加坡和中国两大 核心市场的业务仍然在困难的经营环境 中继续发展。新加坡经济仅取得小幅增 长，而中国的房地产行业经历了新冠疫 情以来的连续第三年下滑，多家大型开 发商申请破产或面临清算。 尽管宏观形势十分严峻，但公司仍致力 于实现打造全球领先综合性房地产和医 疗健康公司的愿景。我们继续全力专注 于发展房地产和医疗健康综合业务的战 略，推动公司稳步增长。 引入新的战略股东 2023财年，鹏瑞利集团迎来了一个重 要的里程碑，我们引入Perpetual Capital VCC（简称“Perpetual”）作为 集团的股东。Perpetual是一家投资控股 公司，主要由东南亚地区的一家主权财 富基金支持，并由拥有丰富的亚洲市场 专业知识和庞大业务网络的投资专业人 士进行管理。Perpetual 对鹏瑞利集团的 投资是对公司愿景、战略和执行能力的 充分认可。 财务业绩和资本管理 2023财年，鹏瑞利集团实现营收2亿90万 新元，比2022财年的1亿6130万新元高 24.6%。同期，息税前利润达2亿5080万 新元，比2022财年的1亿3850万新元高 81%。总体而言，鹏瑞利集团2023财年扣 除税款和少数股东权益的利润为2910万 新元，高于2022财年的910万新元。 截至2023年12月31日，鹏瑞利集团的债务 股本比为0.74倍，低于截至2022年12月31 日的0.82倍，主要原因在于利润增加、报表 分拆以及部分借款和银行贷款的偿付。 考虑到全球和国内环境的复杂性和不确 定性，我们2024财年的财务业绩预计将 反映出谨慎乐观的市场前景。因此，我们 将继续积极主动地管理资本，同时审慎 对待业务管理和运营，保持财务稳健性。 房地产和医疗健康综合业务回顾 截至2023年12月31日，我们的房地产项 目组合横跨四个国家，包括新加坡、中国、 马来西亚和印度尼西亚，总楼面面积约 8000万平方英尺，医疗健康项目组合的 床位总数约2.2万张，其中已投入使用的 床位超过1.3万张，后续将有近9000张床 位陆续投入使用。此外，我们的资产总值 达83亿新元，开发中的资产超过8000万 平方英尺，意味着未来还有增长潜力。 新加坡 2023年，新加坡经济增长率为1.1%，低 于2022年的3.8%。2023年的总体通胀率 为4.7%，低于2022年的6.1%。商品和服 务税税率从7%提高到8%，对通胀率造 成了影响。年内，新加坡政府还上调了额 外买家印花税，自2023年4月27日起生 效，以抑制房地产投资需求，促进房地产 市场的可持续发展。为了应对这些挑战， 鹏瑞利集团专注于推动开发项目的建设 进度，并通过积极管理资产，提升运营中 物业的价值。 我们的两个大型综合项目，即正在大规 模重新开发的珊顿道8号和黄金坊，都取 得了重大进展。 珊顿道 8 号原本的办公大楼已经拆除完 毕，即将在原址兴建新加坡第一高楼，也 是新加坡第一座超高层建筑（高度300 米以上的建筑）。这一标志性综合发展项 目位于中央商务区，高305米，集住宅、办 公、酒店和零售于一体。作为新加坡第一 高楼，可以一览无余地欣赏到南中国海 的美景，因此命名为“天澜尊”。该项目的 豪华住宅名为“天澜云邸”。随着位于海 湾舫道的售楼部（规模最大的实地售楼 部）竣工，天澜云邸即将隆重推出。此外， 天澜尊的酒店项目已经委托给一家国际 知名的豪华酒店运营商管理，其名称将 在适当的时候公布。随着主承包商确定、 重建工程开工，这座63层高的地标性建 筑预计将于 2028 年竣工。 黄金坊是新加坡著名的历史保护建筑， 在将其改建为集办公、零售和住宅于一 体的综合项目过程中，我们聘请了一个 保护专家团队，确保黄金坊的历史特色 得到保留。与天澜尊类似，这座位于市中 心、历史悠久的建筑可饱览壮观的海景 和城市风光。该项目的临时规划已于今 年获批，我们将特别注意保留黄金坊的 主要特色和标志性的梯田外观。 同时，首都新加坡和赞美广场这两个位 于新加坡市政区黄金地段的历史建筑更 新了租户组合，以适应消费者不断变化 的喜好。截至2023年12月31日，首都新加 坡的承诺租用率同比从90%升至98%，而 赞美广场的承诺租用率仍保持在近100% 的水平。作为首都新加坡的住宅部分，首 都御府（Eden Residences Capitol）继续 树立新的销售价格标杆，2023财年的销 售价格高于过去几年的均价。 作为公司首个商业园项目，鹏瑞利商务 城已于2023财年底完成重新开发，并获 得了正式的临时入伙证。另外，鹏瑞利集 团的首个纯住宅项目，即位于武吉知马 的福瑞轩已于2023年12月31日售罄，预 计将于2024财年获得临时入伙证。 年内的另一项重要成就是鹏瑞利集团成 功竞标到培立道地块。该地块由市区重建 局与卫生部联合招标，旨在开发新加坡首 个辅助生活私宅项目 - 培立道辅助生活 私宅项目，投标价格为7198.8万新元。 这个集住宅和护理于一体的新项目总建 筑面积约为19.5万平方英尺，建成后，将 14 PERENNIAL HOLDINGS PRIVATE LIMITED
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 2023年的另一个重要的里程 碑是，我们正式推出了鹏瑞利 国际健康商旅城（天津南站）。 这是我们第二代以医疗健康 为核心的高铁TOD项目，集养 老、医疗和酒店于一体。 包含200套辅助生活公寓、一家提供100 张床位的养老院、一个健康会所和一个 乐龄护理中心。培立道辅助生活私宅项 目附近还将新建一个占地约 1.5 公顷的 社区公园。该公园将由鹏瑞利集团负责 开发，建成后将交还给国家公园管理局 进行管理。 此次成功中标，标志着公司首次进军新 加坡养老护理行业。新加坡面临着人口 迅速老龄化的挑战。2023年，65岁及以 上人口几乎占全国人口的五分之一。到 2030年，预计将达到四分之一。根据卫 生部的数据，到2030年，至少在一项日 常起居活动中需要协助的老年人总数约 有10万。 作为一家在中国医养结合领域拥有丰富 经验的新加坡公司，凭借我们作为中国 最大民营综合养老护理公司之一所积累 的出色业绩，我们将在新加坡打造顶尖 的辅助生活私宅，为乐龄人士提供居家 养老的优质护理服务。 中国 2023年，中国国内生产总值增长5.2%， 高于2022年的3.0%。尽管GDP增速有 所加快，但中国的房地产行业仍面临困 境。2023年，房地产投资同比下降9.6%， 新房销售面积同比下降8.5%。然而，随着 降低首付比例和抵押贷款利率等旨在提 振房地产市场的政策陆续实施，预计房 地产行业将趋于稳定。 中国也一直在坚定不移地推进高铁网络 建设。截至2023年底，中国铁路营业里 程超过15.55万公里，其中高铁里程4万 3700公里。铁路网投资总额为6407亿元 人民币，同比增长 7.4%。2023 年，日均发 送旅客列车9638列，同比增长52%。中国 计划到2025年，高铁总里程将增至5万公 里，到2035年增至20万公里。 在铁路网不断发展的同时，中国人口却 连续第二年减少，降至14.097亿。2023 年，中国 60岁及以上人口约为 2.97亿，占 总人口的21.1%。为应对人口老龄化带 来的挑战，政府于2024年初宣布大力发 展银发经济，以增进老年人福祉，包括采 取措施加强食品和医疗健康服务，加快 建设老年护理机构等。 考虑到上述宏观趋势和人口结构的变化， 作为一家综合性房地产和医疗健康公司， 我们将确保公司的长期业务组合顺应时 代潮流，以满足消费者和更多群体的需求。 在房地产领域，鹏瑞利集团继续专注于 公共交通导向型开发项目“( TOD”)，巩固 公司的业界领先地位。我们共有8个TOD 项目，包括5个高铁TOD项目，其中的4个 以医疗健康为核心，1个以商业为核心。 其余3个都是商业TOD项目，地理位置优 越，毗邻主要交通枢纽，或与之无缝连 接。中国的高铁扩建计划对我们的TOD 项目而言是重大利好，随着交通愈发便 利，人口覆盖范围扩大，将为这些TOD项 目持续带来蓬勃的商机。 在医疗健康领域，鹏瑞利集团主要有三 大核心业务板块：医院和医疗中心、综合 医疗健康中心以及养老护理和老年公 寓，迄今已积累了良好的声誉。 年内，成都鹏瑞利国际医疗健康中心迎 来了五周年纪念，这是一个重要的里程 碑。成都鹏瑞利国际医疗健康中心的定 位是区域医疗健康中心，租户多为医疗 和保健相关机构。该中心位于成都东站 综合项目，是我们第一代以医疗健康为 中心的高铁TOD项目，与成都东站相连。 作为中国高铁枢纽站点之一，成都东站 的日均客流量约为 25万人次。 为进一步拓展医疗健康业务，我们与盈 康科技合作，成立了一家持股比例为 40-60的合资企业（后者持股60%），负责 运营位于成都鹏瑞利国际医疗健康中心 的鹏瑞利首家联合品牌综合医院 — 循上 鹏瑞利医院。循上鹏瑞利医院占地面积 超过5万1500平方米，是一家拥有350张 床位的综合性医院，提供各种医疗健康 服务，设有肿瘤科、内科、外科、妇产科、儿 科、重症监护、急诊科、康复科、口腔科和 心理科等专科和亚专科。 2023年的另一个重要的里程碑是，我们 正式推出了鹏瑞利国际健康商旅城（天 津南站）。这是我们第二代以医疗健康 为核心的高铁TOD项目，集养老、医疗 和酒店于一体。鹏瑞利国际健康商旅城 （天津南站）占地350万平方英尺，总投 资约10亿新元，毗邻天津南站，是服务 华北地区京津冀都市圈的重要高铁枢 纽。 鹏瑞利国际健康商旅城（天津南站）内的 各家鹏瑞利品牌养老设施以及鹏瑞利品 牌和联合品牌医院已经举行了正式揭幕 仪式。养老部分共有三家功能各异的养 老设施，总床位数超过1800张，可满足不 同护理需求的老年人，此外还有一家康 复中心。这些养老设施包括鹏瑞利康养 公寓，设有床位286个，为健康老人提供 服务；鹏瑞利颐养苑，设有床位1227个， 为有日常生活辅助需求的老年人提供服 务；鹏瑞利颐康护理院，设有床位299个， 为有更高需求的老人提供全面护理服务。 医疗健康方面，该项目入驻了三家医院， 共设有1000张病床。其中，鹏瑞利综合 医院是一家有500张床位的三级医院， 采用独特的共享医疗空间模式，由医生 团队或我们的合资医疗集团提供专科 医疗服务，共享鹏瑞利集团运营的相关 医疗配套设施和服务，如手术室、诊断 成像设备和实验室。鹏瑞利康复医院 是一家有200张床位的二级康复医院； 此外，天津壹博鹏瑞利脑科医院由鹏 瑞利集团（持股40%）和上海壹博医院 （持股60%）合资成立，提供300个床位。 年内的另一项重要成就是鹏 瑞利集团成功竞标到培立道 地块。该地块由市区重建局与 卫生部联合招标，旨在开发新 加坡首个辅助生活私宅项目 - 培立道辅助生活私宅项目，投 标价格为 7198.8万新元... 此 次成功中标，标志着公司首次 进军新加坡养老护理行业。 15 ANNUAL REPORT 2023
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