Perennial Holdings wins public tender of private assisted living development at Parry Ave

to PerennialPerennial Holdings, through its indirect wholly-owned subsidiary PRE 20, has won the tender for a private assisted-living development site at Parry Avenue for a bid of $71.99 million. This marks the first private assisted-living development site released by the government. Perennial submitted two concept proposals, with the other tenders being United Medicare Development, and a joint concept tender by Evia Real Estate, Allium Healthcare Holdings, Yuan Ching Development, and YK Realty.

The land parcel at the Rosyth Estate is close to neighbourhood amenities such as Serangoon North Neighbourhood Centre and Heartland Mall. Executive Chairman and CEO of Perennial Holdings, Pua Seck Guan, said of their victory “We are delighted to have won the tender for Parry Avenue which marks Perennial Holdings’ maiden healthcare project in Singapore. We will create an innovative model of eldercare and community care suited for locals to age-in-place and in the community.”

Perennial is banking on its successful track record of healthcare businesses in China which focus on integrated eldercare and medical care facilities, managing more than 22,000 beds. Lam Chern Woon, head of research and consulting at Edmund Tie, praised Perennial’s winning concept, noting that it provides for an integrated care model for residents as well as touch points with the wider community.

The Myst Bukit Panjang is also close to the famous Bukit Timah Nature Reserve and is just a stone’s throw away from West Coast Park and the Jurong Lake District. Residents of this luxury condominium can thus enjoy both the city living as well as nature’s beauty.

The new housing-cum-care model development that Perennial plans to build will comprise 200 units of assisted living apartments, a 100-bed nursing home, a wellness clubhouse, and a geriatric care centre. It will also integrate a new 1.5-ha community park. Furthermore, the developer has partnered with its sponsor, Wilmar International, to provide the residents with ‘delicious and nutritious meals’. These meals will be catered by Wilmar’s Central Kitchen and Culinary Institute, which has already been executed in Perennial’s eldercare facilities in China.

Overall, the award of the Parry Avenue tender reflects Perennial’s “earnest intent to gain the first-mover advantage to build a sizeable project in the private senior living market”, as stated by Lam. A press release by URA revealed that all four submitted concept proposals satisfied the initial evaluation criteria, with Perennial’s bid coming in 0.1% lower. It is hoped that the project will be able to change the local perspective towards eldercare and ageing-in-place. Perennial’s success in winning the tender presents a giant step towards the next stage of maturity for the senior living market in Singapore.