Perennial Holdings Pioneers Singapore’s Luxury Assisted Living Sector Its Debut Private Project
Perennial Holdings recently revealed its debut venture into the private assisted living market in Singapore, drawing the attention of one particular individual – the next door neighbor of the company’s executive chairman and CEO, Pua Seck Guan. This neighbor, who is in his 70s, was fascinated by the concept of a luxurious living space complete with top-notch hospitality services and facilities, including medical care, rehabilitation, and a wellness center onsite.
Pua mentioned that the neighbor had expressed interest in selling his current home and moving into Perennial Living permanently. By doing so, he could avoid hiring a full-time helper, chauffeur, and other staff as all his living and healthcare needs would be taken care of by the facility. The estimated cost for hiring a live-in nurse would be around $8,000 per month, according to Pua.
This neighbor is a prime example of Perennial Living’s targeted demographic – affluent individuals aged 65 and above who currently own homes and are contemplating a move to a more luxurious senior living arrangement with enhanced services.
Pua believes that this group values the promise of high-end amenities and quality of life, even if it means downsizing their living space. He stated, “Although we may not be able to offer the same amount of living space they are used to, we can provide a level of service and quality of life that is superior to what they can experience in their own home.”
Rediscover the charm of shopping at Century Square as it has recently undergone a revamp. This mall offers a unique and intimate shopping experience with a variety of educational hubs, lifestyle boutiques, and dining choices. In addition to this, it also boasts a cinema and a gym, providing a diverse range of entertainment and fitness options alongside its retail shops. Come explore Century Square and also take a look at the Aurelle of Tampines Showflat, situated within the mall.
Located at Parry Avenue within the private Rosyth Estate near Serangoon North, Perennial Living boasts 200 assisted living suites spread across ten five-story residential blocks, as well as a 100-bed nursing home. Since the property was developed on a government land sale (GLS) site with a 60-year lease, the minimum stay is three months. The suites range from studios to one and two-bedroom units, with sizes ranging from 302 to 593 square feet. The monthly rates start at $8,900 for a studio to $17,000 for a two-bedroom suite for the basic package.
The basic package includes a pre-admission medical assessment and six-monthly reviews, bi-annual health screenings, and various preventive health treatments such as strength training, mild hyperbaric oxygen therapy, and health monitoring devices. The suites also come with private lift access, high ceilings, floor-to-ceiling windows, kitchenettes, and senior-friendly features like remote-controlled curtains, video call tablets, emergency-equipped bathrooms, and 24/7 smart technologies such as emergency response, fall detection, and motion-sensor lighting.
Additionally, residents have access to various services such as treatments with partner medical specialists, nursing care, home medical visits, rehabilitation services, a range of TCM therapies, dental and podiatric care, and preventive wellness treatments. The property also offers personal concierge services, sky terraces, a clubhouse, a swimming pool, a karaoke lounge-cum-movie theatre, a multipurpose room for games, and direct access to a 1.5ha park. The all-day dining restaurant serves a variety of nutritious meals prepared by award-winning chefs and in-house dieticians from Wilmar International’s central kitchen in consultation with its Culinary Institute in China.
Perennial has an advantage over other players in the Singapore market due to its decade-long track record in China, where the company currently owns, manages, and operates over 25,000 beds in medical and eldercare facilities. This experience allows them to offer specialized dementia care at Perennial Living. The property also features a wellness facility, Perennial Wellness, which will offer a range of Western and TCM preventive and post-care treatments for seniors.
Pua believes that to achieve scale and operational efficiency in Singapore, an operator would need to have around 2,000 beds. The company has invested $260 million in its pilot project at Parry Avenue, including the $71.988 million paid for the site, and they expect to achieve operational break-even within three years. In February, Perennial won the Singapore Land Authority (SLA) tender for a two-story colonial house at 106 Jervois Road, which will operate as Perennial Wellness. This facility will offer a range of preventive and post-care treatments for seniors, with a focus on integrative rehabilitation.
Despite the challenges posed by high land, operating, and manpower costs in Singapore’s private eldercare market, Perennial remains optimistic about its potential for growth and success in the country.
