OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Our Milestones HEALTHCARE BUSINESS JOURNEY Strengthened Singapore Integrated Development Portfolio Syndicated consortium of investors to acquire 8 Shenton Way (“8SW”) for S$1.17 billion and acquired a 31.2% equity interest. Maiden Foray into Malaysia with Integrated Development Formed Joint Venture (“JV”) with IJM Land Berhad to acquire and develop an over MYR3 billion waterfront integrated development in Penang. Augmented Singapore Integrated Development Portfolio Acquired remaining 50% interest in Capitol Singapore to wholly own the over S$1 billion integrated development. Maiden Foray into Indonesia Formed JV to develop The Sanctuary Collection at Greater Jakarta. Perennial Holdings holds an effective 40% interest in the JV. Active Capital Recycling Strategy and Strategic Portfolio Reconfiguration • Led consortium to divest 50% interest in 8SW to subsidiary of Alibaba Group Holding Limited for S$1.68 billion. Took over remaining 50% stake with the same consortium and formed JV with the subsidiary to redevelop 8SW. • Fully divested 30% stake in 111 Somerset for S$155.1 million. • Divested entire 20% stake in Zhuhai Hengqin Integrated Development for a share swap of an additional 12.9% stake in Beijing Tongzhou Integrated Development Phase 2, increasing Perennial Holdings' effective stake from 23.3% to 36.2%. Maiden Foray into Business Park Space Acquired and redeveloped Big Box for S$118 million into Perennial Business City, in Jurong Lake district, Singapore. Enlarged TOD Portfolio in China Led consortium to invest in Perennial Hangzhou Cloud Gate Centre, at land tender price of RMB2.9 billion. Strengthened Singapore Integrated Development Footprint • Acquired Golden Mile Complex for S$700 million through a JV, marking Singapore’s first collective sale of a largescale strata-titled conserved building. • The Skywaters unveiled as Singapore’s tallest and one of Asia’s most sustainable skyscrapers. Deepened Presence in Indonesia Acquired over five million sq ft of additional land to expand The Sanctuary Collection. Maiden Foray into Hospitality Business in China Unveiled 3- to 5-star hotel brands at Perennial Healthcare City Tianjin, operated under JV with Minyoun Hospitality. Integrated Development's Milestone in Singapore Unveiled plans for Golden Mile Singapore, comprising the conserved The Golden Mile and Aurea. Strengthened China Healthcare Business • Introduced one of China’s first specialist medical centre concepts at PIHMH Chengdu. • Became largest shareholder of Shanghai Renshoutang Eldercare Group Co., Ltd. (“Renshoutang”). Ventured into China Healthcare Business Introduced Perennial International Healthcare and Medical Hub (“PIHMH”) Chengdu within Perennial Healthcare City Chengdu. Bolstered China Healthcare Business • PIHMH Chengdu commenced operations as first-of-its-kind and first version of our healthcare-centric High Speed Railway (“HSR”) Transit-Oriented Developments (“TODs”). • Led consortium to establish US$1.2 billion JV to invest in HSR healthcare and commercial developments. • JV invests in Tianjin and Kunming healthcarecentric HSR TODs at land tender price of RMB718 million and RMB341.5 million, respectively. Strengthened Focus on Healthcare-centric HSR TOD in China Increased interest in Plot 4 of the Perennial Healthcare City Xi'an. Deepening China eldercare Offerings Established Perennial Alzheimer’s Care Village Xi’an (“PACVX”), the first-of-its-kind in China. Enhanced Commitment to China’s Healthcare Sector • PACVX commenced operations as China’s first and the world’s sixth Alzheimer’s care village. • Perennial Healthcare City Tianjin, world’s firstof-its-kind healthcarecentric HSR TOD, officially opened eldercare and hospitality clusters. • Perennial General Hospital Tianjin became China’s first wholly foreign-owned private Class 3 tertiary general hospital. Strengthened Healthcare Offerings in China Formed JV with subsidiary of Haier Group, to operate SuperiorMed Perennial Hospital at PIHMH Chengdu, our first JV general hospital. Maiden Foray into Eldercare Business in Singapore Awarded Parry Avenue site at tender price of about S$72 million to develop Singapore’s first private assisted living development. Forged New Integrated Healthcarefocused Identity Changed name from Perennial Real Estate Holdings Pte Ltd to Perennial Holdings Private Limited. Welcomed Top Hospitality Brand to Singapore Unveiled the first Aman Singapore, comprising a hotel and branded residences within The Skywaters. 2014 2015 2016 2018 2020 2021 2022 2023 2024 2025 Strengthened Healthcare Footprint in Singapore and China • Perennial Healthcare CityTianjin’s medical cluster, comprising general, rehabilitation and neurology hospitals, commenced operations. • Announced establishment of Perennial Healthcare City adjacent to Chongqing East HSR Station • Announced intent to establish of Southern China’s first wholly foreign-owned private Class 3 tertiary general hospital and a specialist hospital adjacent to the Guangzhou Baiyun HSR station. • Announced intent to establish Shanghai’s first wholly foreign-owned private Class 3 tertiary general hospital. • Announced intent to establish Hainan Free Trade Port’s first wholly foreign-owned Class 3 rehabilitation hospital in Sanya. • Unveiled Perennial Living, Singapore’s first private assisted living development. • Awarded tender to establish Perennial Wellness (Jervois Road), Singapore’s premier integrated medical, rehabilitation and Traditional Chinese Medicine centre. INTEGRATED BUSINESS JOURNEY Commencement of Business Commenced business on 28 October as a real estate company with a presence in Singapore and China. Listed on Singapore Exchange on 26 December. Privatisation of Company Privatised at S$0.95 per share and delisted from Singapore Exchange on 14 September. New Strategic Shareholder Welcomed Perpetual Capital VCC, 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, as a shareholder. New Strategic Shareholder Welcomed Bangkok Bank Public Company Limited (“Bangkok Bank”), one of Thailand’s largest banks and a leading regional bank in Southeast Asia, with a presence in nine ASEAN countries, as well as in major financial centres including China, Japan, United Kingdom and the United States, as a shareholder. Unveiled Refreshed Brand Identity for Group and Business Verticals Transitioned to refreshed identity, which reflects recalibration towards a healthcareled, real estate-enabled strategy. 2019 REAL ESTATE BUSINESS JOURNEY Divestment to Unlock Value Divested entire 20% stakes in Aidigong, a maternal and child health business in China for RMB200 million, which was acquired for RMB 135.4 million in 2016. Reconstituted Singapore Portfolio Divested entire 1.5% interest in 112 Katong and 23% interest in its asset manager, Katong AMC Pte Ltd. Divestment to Unlock Value Led consortium of investors to fully divest stake in Chinatown Point for S$520 million. Divestment to Unlock Value • Fully divested 50% stake in House of Tan Yeok Nee as part of active capital recycling strategy. • Arranged for minority shareholders in 8SW to divest 21% effective stake to Chip Eng Seng Corporation, SingHaiyi Group Pte. Ltd. and Haiyi Holdings Pte. Ltd. based on agreed asset value of S$1.68 billion. Divestment to Unlock Value Divested over 30% stake in CHIJMES based on valuation of S$380 million. Strengthened Shareholder Base and Diversified Funding Pool • Perpetual Capital VCC increased its stake in Perennial Holdings. • Bangkok Bank increased its stake in Perennial Holdings. • Raised medium-term notes of S$300 million to enlarge funding pool. 15 14 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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