Business Review China and Singapore Healthcare Business OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX sophisticated customer demands. The Company is continually strengthening its robust ecosystem to drive synergies across its integrated model of medical care, eldercare, rehabilitation and wellness at its healthcare-focused HSR TOD projects and specialised eldercare operations, as well as an expanding hospitality portfolio. Overall, Perennial Holdings is poised to deliver a comprehensive suite of offerings that meet the evolving needs of seniors keen on enhanced well-being, improved living standards and greater opportunities for engagement. Singapore The nation is seeing the number of Singaporeans aged 80 and above surge by approximately 60% between 2015 and 2025, while the proportion of Singaporeans aged 65 and above is projected to be about 24% by 203014. In particular, a rapidly ageing population leads to a higher rate of comorbid conditions in the region, such as diabetes, cardiopulmonary diseases and dementia15. To meet burgeoning needs, the government has committed S$3.5 billion to support seniors to age better at home and in the community throughout the decade, starting in 2023, through the “Age Well SG” programme16. This programme aims to improve seniors' physical living environments, encourage active ageing and strengthen community support for seniors with care needs17. For optimal patient care, Singapore’s Ministry of Health (“MOH”) is also working to create an integrative care model18 where the strengths of both Western medicine and TCM can be leveraged. Recognising the public’s understanding of how both medical approaches can fulfil their healthcare needs, MOH launched the TCM Integrative Sandbox initiative to test and evaluate evidencebased TCM treatments19. Tan Tock Seng Hospital and Nanyang Technological University have launched a collaboration called “Prevention and Recovery through Integrative Medicine”20 to improve patient care. This initiative focuses on aligning clinical and academic efforts, providing cross-training for TCM and Western medical students and advancing research in evidence-based practices in integrative medicine. Private healthcare service providers have also been expanding their offerings to meet increasing demand for TCM in the market, as the number of practitioners and use cases for TCM grow. Meanwhile, the nation remains one of the world’s strongest economies and one of the most attractive countries to ultrahigh-net-worth individuals. As one of the leading centres for private banking and wealth management in the world and especially in Asia, Singapore’s Assets Under Management grew by 12% yearon-year as at end-2024, amounting to S$6.07 trillion, from S$5.4 trillion the previous year21. The Singapore economy is expected to remain resilient, though growth may ease slightly in 202622. Against this backdrop, Singapore will continue to face demand for high-quality medical and eldercare services, with differentiated offerings to meet evolving needs. Perennial Holdings is harnessing its years of successes and excellent track record as one of China’s largest private eldercare and medical platforms spanning over 29,000 beds across 17 cities, to redefine new standards of private eldercare in Singapore. The Company is proactively integrating Western and TCM treatments and therapies to elevate the well-being of seniors. As an established integrated healthcare and real estate company, Perennial Holdings remains committed to innovation and to advancing healthcare and eldercare in Singapore, meeting rising demand in the silver economy. MARKET REVIEW Healthcare Cities / Healthcarecentric HSR TODs • Perennial Healthcare City Tianjin Perennial Healthcare City Tianjin comprises an eldercare component, a medical cluster featuring China’s first wholly foreign-owned private Class 3 tertiary tertiary general hospital, and a hospitality cluster. With the distinction of being the world’s first large-scale HSR TOD of its kind, Perennial Healthcare City Tianjin achieved a robust ramp-up in its first full year of operation, demonstrating strong initial traction and a healthy growth trajectory. The eldercare component, Perennial Eldercare Community Tianjin, has progressively launched all services, spanning independent living, assisted living, memory care and full nursing care. This includes Perennial Nursing Hospital Tianjin and Perennial Living Tianjin, an independent living development that also provides specialised dementia care services. As at December 2025, Perennial Eldercare Community Tianjin has commenced operations for 1,100 beds of its over-1,700- bed capacity and achieved an average occupancy of 40%. Concurrently, Perennial Eldercare Community Tianjin has also partnered with close to 20 insurance companies to offer professional eldercare services to the wider BeijingTianjin-Hebei region. The medical care component, Perennial Medical City Tianjin, comprises three hospitals, namely the 500-bed Perennial General Hospital Tianjin, China’s first wholly foreignowned private Class 3 tertiary general hospital; the 200-bed Perennial Rehabilitation Hospital, a secondary rehabilitation hospital; and a 300-bed tertiary specialist hospital. The three hospitals commenced operations in February 2025 and successfully enrolled in the National Medical Insurance Scheme in May 2025. Within Perennial General Hospital Tianjin, the Company continues to build a balanced portfolio of specialised medical clinic with renowned practitioners and doctor groups. These include Yujia Orthopaedics Group; Wan Feng Doctor Groups for cardiology; XiZe for otolaryngology, urology and health screenings; Liu Jingwei Doctor Group for dermatology and Zemei Doctor Group for stomatology. Several centres of excellence were also established, including the Zhang Jianzhong Foot and Ankle Medical Centre; the Professor Zhang Jin Sports Medicine Studio; the Professor Yu Shengji Bone Tumour Studio and an innovative oncology diagnosis and treatment centre in collaboration with GE Healthcare. Initiated by the Tianjin Municipal Health Commission, Perennial General Hospital Tianjin also established speciality alliances with seven Tianjin Class A tertiary hospitals, facilitating close collaboration in clinical development and patient referrals among the hospitals. The hospital also successfully performed Tianjin’s first Mako robotic arm-assisted joint surgery. Under Perennial Medical City Tianjin, direct payment services were established with more than 20 commercial insurance companies to tap into international and corporate client markets. As of December 2025, the hospitals have treated patients from more than 20 countries, including Australia, India, Italy, Mongolia, Pakistan, Singapore and South Korea. Under a Memorandum of Understanding, Singapore Health Services (“SingHealth”) conducted training sessions at the hospitals, sharing best practices on nursing standards, rehabilitation development and talent cultivation with our medical teams. To further elevate standards of care, there are plans to continue this training as a regular annual programme. Perennial Medical City Tianjin has also successfully hosted medical delegations from countries such as Pakistan and Mongolia. Perennial General Hospital Tianjin also debuted at the China International Fair for Trade in Services, as the nation’s first wholly foreign-owned Class 3 tertiary general hospital. Perennial Medical City Tianjin and Perennial Eldercare Community Tianjin have achieved several prestigious accolades for their excellence, quality and professional capabilities. The medical city secured the “2025 China Healthcare Exemplary Project” by the China Economic Information Service and third place in the fifth “Innovative Medical Artificial Intelligence Competition” by Ailibi. Meanwhile, the eldercare community was recognised with the “Healthcare Award” by Global Business Engine. Perennial Healthcare City Tianjin’s hospitality cluster has also recorded stellar results in 2025. 781 guest rooms within the cluster’s three hotel brands, namely ‘The Perennial Tianjin, JdV by Hyatt’, ‘Lia! by Minyoun’ and ‘LIVING MINYOUN’ are operational and the hotel cluster achieved Earnings Before Interest, Taxes, Amortisation and Rent ("EBITAR") breakeven within a year of operation. Targeted at residents and visitors who enjoy the finer things in life, The Churchill Cigar & Whiskey Lounge, made its grand debut in 2025. Managed by a team from Singapore's acclaimed Quaich Bar, recognised as a “Great Whisky Bar of the World”, this lounge offers a curated selection of premium whiskeys and cigars, catering to affluent professionals networking in luxurious surroundings. A premium spa offering is also set to open soon, adding to the range of leisure experiences for guests. Equipped with over 32,000 square feet ("sq ft") of space for multi-functional Meetings, Incentives, Conventions and Exhibitions (“MICE”), the hospitality cluster successfully hosted 230 large-scale conferences with more than 120,000 guests over the year. In recognition of exceptional service quality and comprehensive facilities, the hotel cluster was praised as the “Selected Conference Hotel of the Year” by the China Culture & Tourism Starlight Awards. The cluster is among the best-selling hotels in the vicinity of the Tianjin South HSR Station. The healthcare city’s retail component, Perennial MallTianjin, is gaining traction with popular brands as occupancy rates rise. Committed tenants to date include Rongxing Roast Duck, McDonald’s, Tim Hortons, Moutai and Gui FaXiang, providing diverse food and beverage (“F&B”) venues and retail options for residents, patients, tourists, as well as residents and tenants in the surrounding commercial and residential communities. 14 The StraitsTimes, Sep 2025 (https://www.straitstimes.com/singapore/number-of-singaporeans-aged-80-and-older-jumped-60-per-cent-in-the-past-decade) 15 Social Health Protection Network, Jul 2025 (https://p4h.world/en/news/evolving-healthcare-in-southern-and-southeast-asia/) 16 Age Well SG (https://www.agewellsg.gov.sg/about/) 17 Age Well SG (https://www.agewellsg.gov.sg/about/) 18 National Neuroscience Institute, Jul 2025 (https://www.nni.com.sg/news/announcements/moh-studying-18-proposals-to-integrate-tcm-into-public-healthcar) 19 Ministry of Health Singapore, Jul 2025 (https://www.nni.com.sg/news/announcements/moh-studying-18-proposals-to-integrate-tcm-into-public-healthcar) 20 National Cancer Centre Singapore, Oct 2025 (https://www.nccs.com.sg/news/patient-care/ttsh-to-train-tcm-students-from-ntu-on-patient--integrative-care) 21 Monetary Authority of Singapore, 2024 (https://www.mas.gov.sg/-/media/mas-media-library/publications/singapore-asset-management-survey/ asset-management-survey-report-2024.pdf) 22 The Business Times, Jan 2026 (https://www.businesstimes.com.sg/singapore/economy-policy/singapores-economic-growth-stay-resilient-2026-aitailwinds-pace-moderate-mas) 40 PERENNIAL HOLDINGS PRIVATE LIMITED 41 ANNUAL REPORT 2025 Perennial Living, Singapore
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