Through its indirect owned subsidiary PRE 20, Perennial Holdings has been awarded the tender for an assisted-living private development site on Parry Avenue — which was announced by URA in conjunction together with the Ministry of Health — with a price that was $71.99 million.
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The first assisted living private development site launched from the state. The Concept along with a Price Revenue Tender method was used to ensure that the winner’s project was in line with the government’s privatized assisted living vision. Edmund Tie’s director of research and consultancy, Lam Chern Woon, says that the announcement for the assisted living site will be a huge leap towards the next level of development to the elderly living sector in Singapore. The housing-cum-care model that the company plans to construct will consist of an assisted living unit of 200 units project as well as a nursing home with 100 beds as well as a wellness center as well as a senior center. The development will also include the creation of a brand fresh 1.5ha neighborhood park.
In a statement issued by the URA agency, it said that the concept proposals submitted by all four companies were in line with the criteria for evaluation in the beginning. Perennial offered two concept ideas as well as the other tenders included United Medicare Development and a joint concept tender from Evia Real Estate Allium Healthcare Holdings, Yuan Ching Development, and YK Realty.
The site is located in the Rosyth Estate, which is located near Serangoon North Neighbourhood Centre and Heartland Mall. The tender was granted to the Perennial bid that had the highest price offered. This bid is 10.4% higher than the third highest bid. The second-highest bid was also made by Perennial with a bid that was 0.1% lower than its highest offer. Lam believes this is indicative of Perennial’s determination to get the advantage of being the first to construct an impressive project in the market for private senior living. Perennial is betting on its history of healthcare-related businesses in China that concentrate on integrated medical and eldercare healthcare facilities. Perennial has more than 60 senior care and medical facilities spread across the 16 major cities of China and oversees nearly 22,000 beds.
Lam states that Perennial’s successful concept is an integrated model of care that focuses on residents’ programs that include socialisation, care and services. It was also keen to provide connections with the surrounding community to reduce the feeling of isolation of the senior living community.
“We are thrilled to win an award for Parry Avenue, which marks Perennial Holdings’ maiden healthcare project in Singapore,” says Perennial Holdings Chairman and CEO Pua Guan Seck. The developer will come up with an innovative eldercare and community-based care model “suited to the needs of locals who want to age in place and within their community”.
The development comes nearly an entire year after assisted-living developments or seniors-friendly housing and the provision of care services was introduced. These homes offer a solution to seniors seeking help but would prefer not to live in nursing home care. Each resident will enjoy an airy, well-lit living space, with privacy. There are one- to two bedrooms, which range from 366 sq ft up to 666 sq feet, and with private lifts, the ability to access balconies terraces, and lush green communal areas.
Perennial will also collaborate in partnership with its sponsors, Wilmar International, to offer residents of the newly constructed assisted-living community with food catering services by using Wilmar’s central kitchen as well as its culinary institute.
Edmund Tie’s Lam states that the public has been overwhelmingly positive to the two first assisted living facilities for the public -the Community Care Apartments (CCA) in Harmony Village @ Bukit Batok and Queensway Canopy — and the planned development of a number of CCA pipeline CCA projects, in conjunction with the approval of the private assisted living site located at Parry Avenue, will contribute to generating more awareness and enthusiasm in the market, as well as care providers and the older generation. The director says: “This is a much-needed catalyst, as the demands of Singapore’s population aging will continue to increase over the next few years There is a lot of opportunity for growth in the growing seniors living industry.”