Perennial Holdings Pioneers Singapore’s Luxury Assisted Living Sector Its Debut Private Project
Perennial Holdings recently unveiled its first private assisted living project in Singapore, and one of the first enquiries came from a neighbour of the company’s executive chairman and CEO, Pua Seck Guan. This neighbour, who is in his 70s, was interested in the luxury accommodations with five-star hospitality services and facilities, including medical care, rehabilitation, and a wellness centre within the premises. Pua revealed that the neighbour is considering selling his home and moving permanently into Perennial Living, which would eliminate the need for a full-time helper, chauffeur, and other staff. The estimated cost for hiring a live-in nurse is about $8,000 per month, making Perennial Living an attractive option.
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According to Pua, the target audience for Perennial Living is upper-middle-class and affluent individuals, particularly those aged 65 and above, who are looking to transition to luxurious senior living with enhanced services. Pua believes that this group values the promise of high-end amenities and quality of life, even if the living space is smaller than what they are used to. The property, located at Parry Avenue within the private Rosyth Estate, has 200 assisted living suites across 10 five-storey residential blocks and a 100-bed nursing home.
As the property is developed on a 60-year lease GLS site and is zoned for residential use, the minimum stay is three months. Suites range from studios, one- and two-bedroom suites, with sizes from 302 to 593 sq ft. Monthly rates start from $8,900 for a studio to $17,000 for a two-bedroom suite, under the basic package. This package includes pre-admission medical assessment and six-monthly reviews, consultations with Western or TCM specialists, health screenings, and preventive health treatments. The suites come with private lift access, high ceilings, floor-to-ceiling windows, kitchenettes, and senior-friendly features. Safety features such as facial recognition security, in-unit CCTV for next-of-kin access, and emergency response technologies provide peace of mind for residents.
Perennial Living also offers additional services such as treatments with partner medical specialists, nursing care, home medical visits, integrated rehabilitation, TCM therapies, dental and podiatric care, and preventive wellness treatments. Residents can also enjoy personal concierge services, sky terraces, a clubhouse, swimming pool, a karaoke lounge-cum-movie theatre, and direct access to a 1.5ha park. The all-day dining restaurant serves nutritious meals crafted by award-winning chefs and dieticians from Wilmar International.
Perennial has a strong track record in China, where it owns and operates over 25,000 beds in medical and eldercare facilities. With 16,000 operational beds and over 9,000 beds in the pipeline across 14 cities, Perennial is able to offer specialized dementia care at Perennial Living in Singapore. The assisted living development also features a second wellness facility, Perennial Wellness, which offers a comprehensive suite of Western and TCM preventive and post-care treatments for seniors.
Pua notes that the private eldercare market in Singapore is still at a nascent stage, and high land, operating, and manpower costs make it challenging to achieve scale and operational efficiency. To achieve this, an operator would need approximately 2,000 beds. Perennial has invested $260 million in its pilot Perennial Living at Parry Avenue, and Pua expects to achieve operational breakeven within three years.