40 PERENNIAL HOLDINGS PRIVATE LIMITED Perennial General Hospital, Tianjin Singapore remains one of the world’s strongest economies, attracting a growing influx of ultra-high-net-worth individuals who choose to make the country their home. The medical tourism industry continues to be a key pillar of the economy, particularly in critical and complex care12, drawing significant demand across Southeast Asia. With its extensive experience and strong track record in China, Perennial Holdings is well-positioned to contribute significantly to integrated Western and TCM treatments and therapies. As an established integrated healthcare and real estate company, the Company will continue to identify business opportunities to develop high-quality infrastructure and services. It remains committed to innovation and advancing the delivery of healthcare and eldercare in Singapore, meeting the rising demand within the silver economy. MARKET REVIEW In 2024, Perennial Holdings achieved significant progress across its healthcare business. It charted many new milestones across its healthcare-centric HSR TODs and eldercare businesses in China, as well as new healthcare developments in Singapore. Healthcare Business and Healthcarecentric HSR TODs • Perennial Tianjin South High Speed Railway International Healthcare and Business City Following its successful Chengdu healthcare-centric HSR TOD, Perennial Holdings established its second generation in Tianjin, the Perennial Tianjin South HSR International Healthcare and Business City (“Perennial Tianjin”). Here, Perennial Holdings deepened its involvement in asset ownership to also own, manage and operate all the medical care, eldercare and hospitality businesses within the development. Perennial Tianjin has the distinction of being the world’s first large-scale HSR TOD of its kind and features the first wholly foreign-owned private tertiary general hospital in China. The eldercare component within Perennial Tianjin, Tianjin Perennial Eldercare Community, commenced operations in June, with over 50% of its 1,800 beds in operations. These facilities include the Perennial Eldercare Home, a 286-bed facility for healthy seniors; the Perennial Assisted Living Apartment, a 1,227-bed facility for seniors requiring assistance with daily activities; and the Perennial Nursing Hospital, a 299-bed facility for seniors with high care needs. Notably, the Perennial Nursing Hospital has been successfully enrolled in the National Medical Insurance scheme, allowing residents to access government subsidies and ensuring the affordability of medical services. Later in the year, Perennial Tianjin’s hospitality cluster was also opened. Through a 49-51 JV with Minyoun Hospitality, an established hotel manager and operator in China, four distinct hotels have been established, offering a variety of concepts and a total of approximately 960 rooms. They comprise the 5-star ‘The Perennial Tianjin, JdV by Hyatt’, 4-star+ ‘Cheese by Minyoun’, 4-star ‘Lia! by Minyoun’ and 3-star 12 The Straits Times article, dated 25 March 2024 Healthcare Business Review China and Singapore
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