OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX to sustainability and economic progress. Our eldercare homes fostered community and well-being through enrichment activities and quality medical services. We also invested heavily in our people’s development and wellness, providing training and organising events to ensure the well-being of our essential workforce. These actions reflect our comprehensive approach to stakeholder well-being. Our corporate social responsibility efforts focused on enhancing life and ensuring access to quality healthcare for families, children, the elderly and vulnerable groups. In FY2024, our corporate giving surpassed S$970,000, encompassing monetary and in-kind sponsorships to support beneficiaries in need of healthcare and broader societal welfare. In China, a highlight was the Charity Dinner at our Tianjin HSR TOD, which raised over RMB1.2 million for elderly welfare through an auction featuring art and calligraphy by renowned artists and talented senior residents from the eldercare community. As a leading company committed to becoming a global leader in integrated healthcare and real estate, we are continually driving sustainable growth and lives in our communities guided by our core values of teamwork, integrity, excellence and sustainability. CHARTING OUR GROWTH Going forward, we will focus on building on our position as a leading healthcare player which owns, manages and operates China’s first private integrated healthcare ecosystem, combining one of the most comprehensive medical platforms, centred on partnerships with doctors and medical groups, and one of the largest eldercare platforms to capitalise on the defensive healthcare sector with significant growth opportunities in the country. Over the last five years, revenue contribution from our healthcare business, which includes healthcare-centric HSR TODs, grew from 21% of the total annual revenue of the Group in FY20193 to 56%4 in FY2024. Moving forward, our healthcare business is poised to become an even larger revenue contributor to the Group and a major growth driver. Particularly in our key markets of China and Singapore, we are strategically positioned to capitalise on the ageing demographics. China’s ageing population is giving rise to one of the world’s largest healthcare and eldercare markets, presenting significant opportunities for us to introduce innovative and essential quality care that can enhance the quality of life for communities. To leverage on our first mover advantage in the healthcare space, we will actively pursue win-win partnerships to embrace doctors and medical groups across specialities to build up our extensive network of highly qualified medical care professionals who can scale alongside our growth trajectory. These partnerships will enable us to create a formidable integrated private healthcare ecosystem to ensure a seamless continuum of care from medical services to eldercare, while promoting organic growth in facilities and medical expertise. To deliver best-in-class patient-residentcentred care and attract good doctors, we will continue to invest in advanced medical technology and people as well as build medical care and eldercare capabilities through partnerships. The holistic elevated standards of care will not only benefit the locals but also drive medical tourism in the various cities where we operate in China. Our healthcare strategy will be complemented by our real estate strategy, which will focus on large-scale TODs or mixed-use integrated developments which are close to transportation hubs. Particularly in China, we will continue to pursue healthcare-centric HSR TODs positioned as integrated healthcare cities, comprising eldercare, medical and hospitality clusters, and ride on the expansive HSR network to serve the communities. Our strong real estate background will allow us to expediently identify, invest and turnaround existing buildings to support our asset-light healthcare growth strategy to drive our medical care and eldercare pipeline. Our hospitality business segment is also poised to expand alongside our healthcare-centric and commercialcentric HSR TODs, supporting both medical and commercial tourism. In Singapore and Southeast Asia, we will explore opportunistic projects with value creation opportunities and seek out suitable sites or platforms to grow our eldercare business. With immense opportunities in the pipeline from our integrated businesses, we will actively pursue our monetisation plans, either via a listing of real estate investment trusts or syndication of private funds, drive sales of our residential projects, and grow the revenue streams from our burgeoning healthcare, eldercare and medical businesses, to support our growth plans. Leveraging on our established integrated healthcare, real estate and hospitality platform, underpinned by our in-house capabilities, we will adopt an asset-light-asset-heavy strategy to chart our growth path and maximise synergies across our entire value chain. We will also focus on ramping up operations and driving the performance of our operational healthcare and real estate businesses, while closely monitoring the various projects under development. With our holistic strategy to maximise value across our diverse portfolio, we are wellpositioned to chart our long-term growth and sustainability as a resilient business. ACKNOWLEDGEMENTS On behalf of the Board of Directors, I extend my heartfelt gratitude to all who have supported us throughout these challenging economic times. Our shareholders, tenants, customers, bankers, business partners and media associates have provided invaluable support over the past year, for which we are deeply appreciative. Finally, I also wish to thank all staff for their continued hard work and dedication. Mr Pua Seck Guan Executive Chairman and Chief Executive Officer 10 April 2025 3 FY2019 is the last financial year prior to the delisting in FY2020. 4 For FY2024, it includes the proportionate share of revenue for Tianjin HSR TOD, Renshoutang and SuperiorMed. For FY2019, it also includes Aidigong which has since been divested. Going forward, we will focus on building on our position as a leading healthcare player which owns, manages and operates China’s first private integrated healthcare ecosystem, combining one of the most comprehensive medical platforms, centred on partnerships with doctors and medical groups, and one of the largest eldercare platforms to capitalise on the defensive healthcare sector with significant growth opportunities in the country. 07 ANNUAL REPORT 2024
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