OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Our Integrated Strategy HEALTHCARE BUSINESS REAL ESTATE BUSINESS HOSPITALITY Own, develop, design and manage strategically-located large-scale integrated healthcare-centric developments co-located with HSR stations or in close proximity with transport hubs. Anchored by healthcare and complemeted by hospitality and commercial components, these developments are positioned as "Perennial Healthcare Cities" in China Focus on existing healthcare projects, scale and complete greenfield developments, along with new asset-light facilities awarded by the government, and actively manage and operate the healthcare portfolio Invest in, forge and continue leveraging strategic partnerships with reputable local and international healthcare and medical service providers Own, develop and manage prime landmark developments, as well as assets which can be repositioned or redeveloped, which are close to transportation hubs with value creation opportunities to unlock and maximise embedded value. These include integrated developments, positioned as "Perennial Integrated Cities" in China, that may comprise residential, office, retail and hospitality components near transport hubs Adopt a balanced approach combining strata sales and long-term hold strategy to optimise fund flows while maximising value from long-term operations Invest in or establish strategic partnerships with renowned local and international hotel operators to drive the growth of its hospitality business CHINA CHINA AND SINGAPORE CHINA CHINA AND SINGAPORE CHINA, SINGAPORE, MALAYSIA AND INDONESIA CHINA AND MALAYSIA • Target large-scale mixed-use greenfield and brownfield development projects strategically positioned in first-tier and second-tier provincial capitals and in close proximity to transportation hubs • Introduce medical care, eldercare and hospitality components within Perennial Healthcare Cities to create synergy between various components, ensure full continuum of care services and enhance the value of the entire integrated development • Leverage shareholders’ extensive networks, resources and expertise in the high-growth and emerging markets • Plan, design and implement service lines and specialities that foster a multidisciplinary therapeutic environment for our patients and residents • Optimise service adjacencies, integration and synergies within each of our healthcare facilities to allow physicians and care providers seamless access to critical resources so as to provide the best clinical outcome and care for the patient • Manage shared ancillary and support services to reduce operating costs for physicians and free up their clinical time for patient care • Partner with reputable and local and foreign healthcare or medical-related operators with extensive local and international networks and strong operating track records with the aim of providing a holistic range of medical and healthcare services • Leverage integrated private medical care and eldercare platform on the partnershipheavy model to scale the business and expand its network • Selectively acquire completed operational assets which will augment the stream of recurring income and provide further income stability • Focus on acquiring urban renewal or rejuvenation projects • Adopt a strata-sale or en bloc sale strategy for parts of the development for capital recycling purposes and to optimise the return on equity, with the remaining parts to be held for the long term • Tap into additional sources of capital, recycle capital and reduce external financing requirements • Retain an interest in long-term assets to enjoy the benefits of potential uplift in asset valuations, as well as recurring future income from these operational assets • Optimise capital structure through a combination of onshore and offshore funding • Partner and/or appoint well-established local and foreign hotel operators with impeccable services, dedication to excellence, extensive local and international networks and strong operating track records • Introduce multi-branded hotels within Perennial Healthcare Cities, Perennial Integrated Cities and other integrated developments to cater to diverse groups of guests CHINA • Perennial Healthcare City Tianjin > See Page 47 • Perennial Healthcare City Chengdu > See Page 50 • Perennial Healthcare City Kunming > See Page 52 • Perennial Healthcare City Xi’an > See Page 54 • Perennial Healthcare City Chongqing > See Page 55 • Baiyun Mega Health City > See Page 56 CHINA • Perennial Alzheimer’s Care Village Xi’an > See Page 59 • Perennial Healthcare Community Guangzhou Huangpu > See Page 44 • Perennial Jingxin Senior Care Home Beijing Lucheng > See Page 44 SINGAPORE • Perennial Living > See Page 60 • Perennial Wellness (Jervois Road) > See Page 61 CHINA • Perennial Specialist Centre Chengdu > See Page 50 • SuperiorMed Perennial Hospital in Chengdu > See Page 50 • Investment in Shanghai Renshoutang Eldercare Group Co., Ltd. > See Page 58 • Unique Doctors Partnership Model in Tianjin > See Page 47 • Unique Doctors Partnership Model in Baiyun > See Page 57 SINGAPORE • The Skywaters > See Page 71 • Golden Mile Singapore > See Page 72 • Perennial Business City > See Page 75 CHINA • Perennial Hangzhou Cloud Gate Centre > See Page 65 CHINA • Perennial Hangzhou Cloud Gate Centre > See Page 65 • Beijing Tongzhou Integrated Development > See Page 67 SINGAPORE • The Skywaters > See Page 71 • Golden Mile Singapore > See Page 72 MALAYSIA • The Light City, Penang > See Page 79 INDONESIA • The Sanctuary Collection, Greater Jakarta > See Page 81 CHINA • Hotels within Perennial Healthcare City Tianjin > See Page 48 • Hotels within Perennial Healthcare City Kunming > See Page 52 • Hotels within Perennial Hangzhou Cloud Gate Centre > See Page 65 MALAYSIA • The Light City, Penang > See Page 79 STRATEGIC PRIORITIES STRATEGY IMPLEMENTATION STRATEGIC HIGHLIGHTS Perennial Holdings’ holistic strategy aims to maximise value across its diverse portfolio, encompassing healthcare, real estate and hospitality. With its real estate business serving as a key enabler for its healthcare sector and healthcare-centric high-speed railway (“HSR”) transit-oriented developments, aligning these three segments fosters long-term growth and sustainability, thereby creating a more resilient business. The Company is guided by its overarching acquisition and investment principles: 1. Strategic Location for Healthcare Synergy 2. Disciplined Healthcare-focused Acquisitions and Investments 3. Proactive Value Creation in Healthcare-Real Estate Ecosystem 4. Active Asset Management in Healthcare-Real Estate Integration 5. Optimal Cashflow Management for Healthcare-Real Estate Ventures 6. Prudent Capital Management for Sustainable Healthcare-Real Estate Growth 19 18 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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