OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX • Perennial Healthcare City Chengdu Perennial Healthcare City Chengdu, Perennial Holdings’ first-generation healthcare-centric HSR TOD, is connected to the Chengdu East HSR station and encompasses a myriad of mid-to-high-end medical institutions. These include its joint venture Class 2 secondary SuperiorMed Perennial General Hospital, a rehabilitation hospital, a specialist hospital, a medical cosmetology centre, a health screening facility, specialised clinics and a maternal and infant health centre. The HSR TOD also provides a variety of F&B options, sports facilities and ancillary services. Perennial Healthcare City Chengdu embarked on asset enhancement initiatives throughout 2025. Works completed included upgrading the air conditioning system, enhancing the landscape and installing carpark flooring. Furthermore, 14,240 sq ft of additional retail area has since been created to enhance property income and the upgrading of a ride-hailing pickup area in Basement Two is in the planning stage. On the leasing front, Perennial Healthcare City Chengdu continues to diversify its tenant mix by bringing in complementary reputable F&B offerings, including McDonald’s and Country Style Cooking. Situated within the healthcare city, Perennial Specialist Centre Chengdu (“PSCC”), operated by Perennial Holdings, is widely known as one of the pioneering specialist clinic concepts in China. Together with its licensed “Online Platform Hospital” service, PSCC continues to enjoy high occupancy rates and attract quality medical practitioners, including the newly committed TCM clinic Gu Zheng Bao He, which recently took up a 6,900 sq ft unit in PSCC. Perennial Healthcare City Chengdu also comprises other upcoming plots. Plot C will house two proposed towers, at 280 and 150 metres in height, which are currently undergoing planning approval. They will incorporate a hotel, offices, residential apartments and a retail podium. Developments planned for Plot D2 are nearing completion. They include a medical podium and six towers accommodating office and Small Offices/Home Offices (“SOHO”) spaces, an eldercare centre, long-term lease apartments and hospitals. • Perennial Healthcare City Kunming Perennial Healthcare City Kunming integrates medical care, eldercare and hospitality components, alongside complementary retail and wellness services. The healthcare city achieved several key opening milestones in 2025. Following the opening of the 577-bed Perennial Assisted Living Kunming in December 2024, the 316-bed Perennial Nursing Hospital Kunming was opened in July 2025 and subsequently enrolled in the National Medical Insurance Scheme in December 2025. In October 2025, the the 502-bed Class 3 tertiary Perennial Rehabilitation Hospital Kunming was opened to complement the professional medical services offered within the healthcare city’s eldercare community and was successfully enrolled in the National Insurance Scheme in January 2026. On the hospitality front, the 342-room 3-star ‘LIVING MINYOUN’ and the 315-room 4-star ‘Hyatt Place’ were opened in July and August 2025, respectively. Over 156,722 sq ft of event spaces were also opened in November 2025. Construction for the remaining components is underway and Perennial Healthcare City Kunming will see more openings in 2026. • Perennial Healthcare City Xi’an Spanning over 10.1 million sq ft in total GFA, Perennial Healthcare City Xi’an encompasses three distinct land parcels, Plot 3, Plot 4 and Plot 5, each planned to accommodate medical, eldercare, residential, office and hospitality components, complemented by retail and wellness services. Within Plot 4, designated for hospitality, residential, SOHO and retail use, Towers 2, 3 and 4 reached structural topping-out. The remaining two towers sited at the plot are expected to reach structural topping-out in 2Q 2026. In swift response to the lifting of residential sales restrictions in Xi’an, the project has since redesigned some 3- and 4- star hotel components into serviced apartments. Concurrently, planning approval is in progress for Plot 3, adjacent to Plot 4 and designated for medical and eldercare components. Perennial Healthcare City Chongqing Perennial Healthcare City Chongqing will be developed through two phases. The first phase comprises a tertiary general hospital and a secondary rehabilitation hospital. Subsequent phases are expected to comprise eldercare, serviced residences, hospitality and commercial components. Construction has since commenced for the first phase. Detailed designs to cater to specialised medical requirements are underway to optimise future operational workflows. An official launch ceremony of the development was held in December 2025 as part of the 10th anniversary of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (“CCI”) and the 35th anniversary of the establishment of diplomatic relations between Singapore and China. The event was graced by key government officials, including Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry of Singapore, and senior officials from Chongqing municipal government, underscoring the strategic importance of the project as a demonstration of the deepening diplomatic and economic ties between the two nations. • Baiyun Mega Health City Baiyun Mega Health City marks Perennial Holdings’ first HSR TOD in the Guangdong-Hong KongMacao Greater Bay Area. Located adjacent to Guangzhou Baiyun HSR station, Guangzhou’s largest HSR transportation hub, the healthcare city is envisioned as a medical and wellness precinct that integrates various components to deliver holistic well-being to residents and visitors. The first phase of the Baiyun Mega Health City will consist of an integrated medical complex featuring South China’s first wholly foreignowned Class 3 tertiary general hospital, specialist hospitals and premium medical suites. As an expansion of Perennial Holdings’ assetlight strategy, the Company in May 2025, entered into an agreement with Guangzhou Metro Group Co. Ltd to lease approximately 1.1 million sq ft of space and invest approximately RMB 665 million to establish the integrated medical complex within the Southeast Tower of the existing Yuesheng Plaza The signing ceremony was witnessed by government officials, including Mr Lai Zhihong, Vice Mayor of Guangzhou Municipal People’s Government, Ms Cindy Wee, ConsulGeneral of the Singapore ConsulGeneral in Guangzhou, and guests from various sectors. Retrofitting works for the medical complex have commenced and are targeted for completion and opening in early 2027. The entire Baiyun Mega Health City is expected to span over 1.18 square kilometres and will be conceptualised under the strategic partnership agreement between Perennial Holdings and the Guangzhou Baiyun District Government. To be developed at an estimated total investment cost of RMB5 billion, Perennial Holdings will work closely with the Guangzhou Baiyun District Government to jointly attract investments and high-quality local and international medical resources and institutions, as well as promote resource sharing to accelerate the successful implementation of the landmark precinct. • Perennial Healthcare City Sanya Perennial Healthcare City Sanya is a premium healthcare and wellness facility integrating medical, rehabilitation, wellness and health management services. In December 2025, Perennial Holdings obtained a permit from the Hainan Provincial Health Commission to establish a Class 3 rehabilitation hospital. The 301-bed hospital will be China’s first wholly foreign-owned private Class 3 rehabilitation hospital in the Hainan Free Trade Port. • Perennial Healthcare City Nanjing A healthcare city will be established in Nanjing Jiangbei, which will sit atop a key metro station. The first phase will comprise the first wholly foreign-owned private Class 3 tertiary rehabilitation hospital in Jiangsu Province with 300 beds, and a 300bed nursing hospital. Eldercare Business Perennial Holdings continues to pioneer a seamless care continuum, purposefully aligning its eldercare services to amplify synergies with its medical care business. • Renshoutang Established in 1993, Renshoutang is a pioneering integrated eldercare service provider in China and is among the largest private eldercare operators in Shanghai. As at 31 December 2025, Renshoutang’s portfolio comprises over 40 eldercare and nursing facilities, primarily located in Shanghai, totalling over 13,000 operating beds and 2,000 beds in the pipeline. This includes Renshoutang’s first facility in Shanghai’s Hongkou district launched in 2025, which has since achieved close to full occupancy. Renshoutang also expanded its presence in Wuhan by opening its second facility in the Wuchang district. Across the year, five Renshoutang’s facilities, namely the Shanghai Xijiao Xiehe Eldercare Home, the Shanghai Baoshan Yixian Eldercare Home, the Renshoutang Ningjia Eldercare Home, the Shanghai Minhang Huacao Eldercare Home and the Shanghai Fengxian Yixian Eldercare Home, were certified smart eldercare institutions by the Shanghai Civil Affairs Bureau. In addition, Director Feng Ming of Shanghai Xijiao Xiehe Elderly Care Home was awarded the national title of “Role-model for Respecting, Caring for and Assisting the Elderly”. • PACVX Perennial Alzheimer’s Care Village Xi’an (“PACVX”) is China’s first dedicated Alzheimer’s care village and the sixth such facility worldwide. In 2025, PACVX continued to drive occupancy through strategic collaborations with insurance companies, including New China Life Insurance and China Taiping Life Insurance Co., Ltd. PACVX also hosted various conferences and training courses. These include the prestigious academic meeting of the Academy of Practice, Training and Exchange for Integrated Dementia Care, and the Exploration and Practice Training of Innovative Model of Integrating Medical Care and Elderly Care Services for Alzheimer’s Disease. Business Review China and Singapore Healthcare Business 42 PERENNIAL HOLDINGS PRIVATE LIMITED 43 ANNUAL REPORT 2025 Perennial Alzheimer's Care Village Xi'an
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