Yahoo Finance Perennial Holdings wins public tender of private assisted living development at Parry Ave
Perennial says that the new housing-cum-care model development that it plans to build will comprise a 200-unit assisted living apartment project and a 100-bed nursing home. (Picture: Perennial)
SINGAPORE (EDGEPROP) - Through its indirect wholly-owned subsidiary PRE 20, Perennial Holdings has won the tender for a private assisted-living development site at Parry Avenue — which was launched by URA in collaboration with the Ministry of Health — with a winning bid of $71.99 million.
This is the first private assisted-living development site released by the government. A Concept and Price Revenue Tender approach was adopted to ensure the winning project aligned with the government’s private assisted living development vision. Edmund Tie's head of research and consulting, Lam Chern Woon, says the award of the assisted living site marks a giant step towards the next stage of maturity for the senior living market in Singapore. The new housing-cum-care model development that it plans to build will comprise a 200-unit assisted living apartment project, a 100-bed nursing home, a wellness clubhouse, and a senior care centre. It will also integrate a new 1.5ha community park.
In a statement by the URA, the agency said all four submitted concept proposals satisfied the initial evaluation criteria. Perennial submitted two concept proposals, and the other tenders were United Medicare Development and a joint concept tender by Evia Real Estate, Allium Healthcare Holdings, Yuan Ching Development, and YK Realty.
The site is in the Rosyth Estate near Serangoon North Neighbourhood Centre and Heartland Mall. The tender was awarded to the Perennial bid with the highest tendered price. The winning bid was about 10.4% higher than the third-highest bid. The second highest bid was also placed by Perennial, which was just 0.1% lower than its top bid. Lam says this reflects the company's earnest intent to gain the first-mover advantage to build a sizeable project in the private senior living market. Perennial is banking on its track record of healthcare businesses in China which focus on integrated eldercare and medical care facilities. It has more than 60 eldercare and medical facilities across 16 cities in China and manages more than 22,000 beds.
Perennial was the only tenderer to submit two different concept proposals. Shown is a map of the development site via EdgeProp's Landlens tool. (Map: EdgeProp)
Lam adds that Perennial’s winning concept provides an integrated care model for residents revolving around programmes, socialisation and care services, but it was also mindful to ensure touch points with the wider community to prevent the isolation of the senior living community.
“We are delighted to have won the tender for Parry Avenue, which marks Perennial Holdings’ maiden healthcare project in Singapore,” says Perennial Holdings CEO and chairman Pua Seck Guan. He adds that the developer will create an innovative eldercare and community care model "suited for locals to age-in-place and in the community”.
An artist's impression of the assisted living apartment unit. (Picture: Perennial)
The project comes more than a year after public assisted-living developments or integrating senior-friendly housing with care services were introduced. These apartments offer an alternative for seniors who seek assistance but prefer to avoid nursing home living. Every resident will have a well-lit, naturally ventilated living space with privacy. They can have one- to two-bedrooms, ranging from 366 sq ft to 666 sq ft, with private lifts and access to balconies, sky terraces and lush green communal areas.
Perennial will also partner with its sponsor, Wilmar International, to provide the residents of the new assisted-living development with food catering services through Wilmar’s central kitchen and culinary institute.
Edmund Tie's Lam says the positive response to the first two public assisted living projects — Community Care Apartments (CCA) in Harmony Village @ Bukit Batok and Queensway Canopy — as well as an intended slew of future pipeline CCA projects, coupled with the award of the private sector assisted living site at Parry Avenue, will help to create greater awareness and interest among market players, care providers and the silver generation. He adds: "This is a much-needed catalyst as the needs of Singapore's ageing population will continue to mount in the coming years, and there is much scope for development in the nascent senior living market."
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