OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Executive Chairman & CEO’s Statement Tongzhou Integrated Development, works are progressing well in two phases, where phase one, The SkySail, has achieved structural topping-out across all three plots. In Singapore, The Skywaters – set to be the country’s tallest and first supertall building – is advancing steadily towards completion in 2028. Its residences, Skywaters Residences, epitomises the pinnacle of luxury living, redefining sophistication and exclusivity for residents, while firmly establishing Singapore among other global cultural and prestigious centres such as New York, London and Tokyo. Reflecting this world-class stature, the integrated development will host Aman Singapore, marking the ultra-luxury group’s inaugural entry into the country and further cementing The Skywaters on the global map. Aman Singapore will comprise the Aman hotel, branded residences, and the exclusive Aman Club. Following the announcement, the sale of the first Aman Residence at S$6,501 per sq ft set a new record for a 99-year leasehold property in Singapore. Sales have also commenced for the residential, office and medical strata units at Golden Mile Singapore, a landmark mixed-use redevelopment of the iconic Golden Mile Complex. The project comprises Aurea, a 45-storey residential tower, and The Golden Mile, a 22-storey commercial complex. Main construction works remain on track for completion in 2029. Golden Mile Singapore builds on Perennial Holdings’ strong track record of revitalising heritage assets, following the successful transformations of Capitol Singapore and CHIJMES, both of which have achieved near-full occupancy. After a several years of hard work, the successful delivery of such complex, landmark skyscrapers and conservation developments is a testament to our integrated real estate capabilities to undertake large-scale mixed-use projects, and our ability to bring to life, work-liveplay architectural concepts that will redefine urban skylines and cityscapes. In Malaysia, The Light City integrates retail, hotels, offices, residences and the Penang Waterfront Convention Centre (“PWCC”). Spanning nearly 280,000 sq ft, PWCC is the largest convention centre in Penang and has already hosted major events and conferences, with more than 30,000 delegates expected in its inaugural year. The Light City will also introduce Malaysia’s first five-star JdV by Hyatt hotel. In Indonesia, The Sanctuary Collection continues to make strong progress. Following the successful handover of the first two clusters in Phase 1 (Orchard Riviera), the third and most expansive cluster has commenced handover to homeowners. STRATEGIC SHAREHOLDERS INCREASED STAKES Over the last two years, we welcomed two new strategic shareholders, both of which have increased their stakes twice in our Company. Since coming in with a 5.03% stake in FY2023, Perpetual Capital VCC (“Perpetual Capital”) has raised its stake to 11.06% as at 31 December 2025. Perpetual Capital is an investment holding company backed principally by a sovereign wealth fund in Southeast Asia and managed by professionals with deep expertise and networks across the region. Bangkok Bank Public Company Limited (“Bangkok Bank”), which became a shareholder in FY2024 with a 4.38% stake, has also raised its stake to 8.69% as at 31 December 2025. Bangkok Bank is one of Thailand’s largest banks and a leading regional financial institution, with a presence in nine ASEAN countries and major global financial centres including China, Japan, the United Kingdom and the United States. The increased investments by these distinguished strategic partners further validate our vision, strategy and execution capabilities, reinforcing our standing as an international integrated healthcare and real estate company. FINANCIAL PERFORMANCE REFLECTS INVESTMENT PHASE For FY2025, Perennial Holdings recorded revenue of S$179.0 million, a 54.4% yearon-year increase, driven by higher contributions from Eden Residences Capitol sales and the ramp-up of our new healthcare business. Revenue from our healthcare business rose to S$37.5 million in FY2025, up from S$17.2 million in FY2024, as new facilities progressively commenced operations and continued to ramp up. After considering the effect of lease accounting (IFRS 16), our healthcare business recorded a positive S$15.2 million Earnings Before Interest, Taxes, Depreciation and Amortisation in FY2025 on a proportionate consolidation basis. Our Company reported a Loss After Tax and Minority Interest of S$139.0 million, reflecting the absence of fair value uplift and financing costs associated with ongoing project developments and new investments, particularly in our healthcare business. To strengthen our funding capacity, we restarted our medium-term notes programme, raising S$300 million during the year to enhance operational flexibility. As at 31 December 2025, our net debtequity ratio stood at 0.83 times, up from 0.71 times a year earlier, primarily due to increased loan drawdowns to finance project development and healthcare businesses. FY2025’s performance reflects our current phase of accelerated investment and asset ramp-up. As our healthcare assets stabilise and mature, we expect operating performance to strengthen, supported by recurring income streams from our expanding healthcare platform. Against a backdrop of global geopolitical tensions, we will be strongly focused on monetisation and asset recycling this year and the next, including a potential China Real Estate Investment Trust listing. We have identified various commercial and healthcare assets for monetisation. We will continue to secure high-calibre partners for our healthcare business and practice financial prudence and operational excellence. Altogether, these efforts will reinforce our foundation for long-term sustainable profitability. SUSTAINABILITY Our commitment to sustainability remains steadfast. In FY2025, we continued our voluntary practice of publishing a Sustainability Report in accordance with the Global Reporting Initiative Universal Standards 2021, underscoring our track record of integrating healthcare, eldercare, real estate and hospitality to enhance community well-being while ensuring longterm business resilience. We further aligned our operations with the United Nations Sustainable Development Goals (“SDGs”), expanding our framework to include SDG 4 (Quality Education) and SDG 7 (Affordable and Clean Energy), bringing our total to eight SDGs. These complement our ongoing commitments to SDG 3 (Good Health and Well-Being), SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 12 (Responsible Consumption and Production), SDG 13 (Climate Action) and SDG 16 (Peace, Justice and Strong Institutions). This evolution reflects our unique position as an integrated owner-operator in healthcare and real estate, embedding global sustainability priorities into every facet of our business. Through our strategic partnership with Keppel’s Energy-as-a-Service solutions, energy-efficient upgrades at Perennial Healthcare City Tianjin, Perennial International Healthcare and Medical Hub Chengdu and Perennial Qingyang Mall resulted in total savings of 2.79 million kilowatt-hour. This partnership has since expanded to include Perennial Jihua Mall, Foshan. We remain committed to the health, safety and well-being of stakeholders, achieving nearly four million accident-free hours across our development assets in FY2025. In Singapore, we continue to uphold high contractor compliance standards, requiring bizSAFE Level 3 certification for our properties. Our corporate giving, strategic partnerships and employee volunteerism further strengthen social resilience. A highlight was our S$50,000 Gold Partnership contribution to the JurongHealth Fund–Ng Teng Fong General Hospital Benefit Dinner 2025, supporting vulnerable patients and expanding community health outreach. In 2025, Perennial Holdings deepened our commitment to Singapore’s healthy ageing agenda through a partnership with Vanguard Healthcare Pte. Ltd. (“Vanguard”). This included the customisation of our proprietary Perennial WeCare Application and deployment of connected blood pressure machines to seniors across Vanguard’s Senior Care Centres, Active Ageing Centres and Harmony Village @ Bukit Batok, Singapore’s first Community Care Apartments. To date, 500 devices have been distributed to Vanguard’s seniors. Our S$1.5 million commitment, comprising technology, devices and manpower resources enables seniors in monitoring their health, accessing care support and engaging with their communities. Both organisations also worked together to encourage adoption of these digital health solutions through health education and training sessions. Through this initiative, Perennial Holdings is able to empower seniors to live independently, actively and safely, while advancing Singapore’s vision of ageing with dignity in place. Across our healthcare developments in China, employees and medical professionals actively participated in outreach initiatives to improve public health awareness and accessibility. In Singapore, our assets served as vibrant hubs for community engagement through collaborations with the National Heritage Board, The Salvation Army and the Singapore Red Cross, celebrating local culture and supporting vital social causes. Anchored in a robust governance framework and our core values of teamwork, integrity, excellence and sustainability, Perennial Holdings maintained full compliance with all applicable regulations in Singapore and China in FY2025. Looking ahead, we remain dedicated to driving sustainable growth and enhancing lives across our communities. By embedding global sustainability priorities into our long-term strategy, we ensure that every milestone delivers meaningful and lasting impact for all stakeholders. CLARITY IN THE ROAD AHEAD Looking ahead, Perennial Holdings’ healthcare and real estate strategy is anchored on a clear and disciplined path to growth. Our approach is built on these key pillars: Scaling our integrated healthcare platform; Leveraging our first-mover advantage in the vast Chinese healthcare market; Execution across the value chain to drive earnings; and Strengthening strategic healthcare partnerships. We will continue to harness our demonstrated ownership, development and management capabilities to become a developer and asset managerof-choice. China’s 15th Five-Year Plan, unveiled in March 2026, signals a transformative shift toward a tech-enabled, ‘'health-first’ eldercare ecosystem. By prioritising homemonitoring technologies, expanded nursing coverage and holistic well-being, the plan aims to address the challenges posed by the ageing population, paving the way for the evolution of the silver economy and creating numerous opportunities within that space. In addition, China’s HSR network enters a landmark phase of connectivity in 2026, with over 2,000 kilometres of new lines slated for completion. Notably, the Shanghai-Chongqing-Chengdu flagship corridor is nearing a breakthrough with the Chongming-Taicang underwater tunnel, ultimately halving travel time between these economic hubs. Furthermore, as construction intensifies on the ChongqingKunming line and with plans to link Hainan to the mainland advance, Perennial Holdings' various healthcare-centric HSR TODs and healthcare cities in these major cities are uniquely positioned to leverage this world-class infrastructure, delivering integrated care to an increasingly mobile and interconnected population. We will continue to cultivate and build up partnerships with leading doctors and medical groups in China to solidify our healthcare leadership. Through our innovative shared medical platform model implemented across our hospitals, we will continue to tap on our network of highly qualified professionals to strengthen our care offerings, while enabling them to scale in tandem with our expansion, as we have already done so in our operational healthcare assets. Leveraging these win-win partnerships, we aim to raise medical care standards nationwide, ultimately benefiting the local Chinese and cementing China’s status as a premier medical tourism destination. As we expand and grow our integrated healthcare and real estate platform, attracting high-quality talent and partners is essential to reinforcing our core competencies and ensuring operational excellence across our diverse portfolio. By bringing together a world-class team to scale our robust development and operations, we are well-poised for our next phase of growth. In Singapore, the government has committed S$3.5 billion to support ageingin-place and seniors' care needs. Within this encouraging environment, our new medical and eldercare ventures in Singapore are also poised to capitalise on emerging high-value opportunities in the defensive healthcare market. Beyond healthcare, our robust real estate strategy and end-to-end value chain expertise, supported by a dedicated management team and an extensive shareholder network, remain key strengths. To date, we possess a diverse multi-asset class portfolio and iconic integrated real estate developments, such as The Skywaters, Hangzhou Cloud Gate Centre and Beijing Tongzhou Integrated Development, which have or are soon commencing sales. This renowned portfolio has established us as premier developers and managers in Singapore and key Chinese cities. In addition, our integrated real estate skillsets and healthcare design and development capabilities have enabled us to secure and undertake brownfield projects to convert them into integrated healthcare assets, empowering us to scale our medical and eldercare portfolio, while minimising capital requirements. Alongside development and construction, we are entrusted with managing and operating these healthcare assets, having proven the effectiveness of our unique integrated medical and eldercare platform model. Our multidisciplinary expertise, encompassing medical, eldercare, hospitality, office and retail, places us as the partner of choice for asset revitalisation, both in healthcare and pure real estate. The next phase of our evolution focuses on aligning ourselves as strategic asset managers-ofchoice. We are committed to partnering with various owners to unlock latent value and drive the operational turnaround of underperforming real estate through our proven integrated healthcare and commercial models. Turning the focus to our current operational assets, we will remain steadfast in ramping up and optimising the performance of our integrated healthcare and real estate platforms, while maintaining disciplined oversight of our development pipeline. As an innovator committed to reimagining possibilities (创想新境), Perennial Holdings will continue to build a synergistic valuecreating ecosystem across healthcare, real estate and hospitality – delivering sustainable growth, while enhancing the well-being of the communities we serve. ACKNOWLEDGEMENTS On behalf of the Board of Directors, I extend our sincere appreciation to shareholders, partners, bankers and associates for their continued trust and support. We also express our gratitude to management and staff for their dedication and contributions throughout the year. Perennial Holdings remains committed to advancing its strategic vision and achieving new milestones in the years ahead. Mr Pua Seck Guan Executive Chairman and Chief Executive Officer 13 April 2026 Looking ahead… Our approach is built on these key pillars: Scaling our integrated healthcare platform; Leveraging our first-mover advantage in the vast Chinese healthcare market; Execution across the value chain to drive earnings; and Strengthening strategic healthcare partnerships. We will continue to harness our demonstrated ownership, development and management capabilities to become a developer and asset manager-of-choice. 07 06 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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