Singapore Companies Expand Business in Tianjin, China
Perennial Holdings Leads the Way in Healthcare and Elderly Care
Singapore companies are making significant strides in expanding their business ventures in Tianjin, China, focusing on lucrative opportunities in the growing silver economy, particularly in eldercare and medical facilities. One notable development is the $1 billion integrated project led by Singapore property developer Perennial Holdings, which recently unveiled four new hotels on Sept 25. These hotels, ranging from three- to five-star, not only cater to travelers but also support the burgeoning medical tourism industry within the development’s healthcare facilities.
Perennial International Healthcare and Business City Tianjin
The impressive 3.5 million sq ft project, known as Perennial International Healthcare and Business City Tianjin, boasts three hospitals offering over 1,000 beds collectively and three eldercare facilities, including an eldercare home. Strategically located next to the Tianjin South high-speed railway station, this development caters to residents from Beijing, Tianjin, and Hebei in northern China. It stands out as one of the pioneering projects in China that leverages major transit nodes like high-speed railway stations to provide integrated eldercare, medical care, and hospitality services.
Official Launch and Endorsement
National Development Minister Desmond Lee, during his visit to Beijing and Tianjin from Sept 24 to 28, honored the official launch of Perennial’s project. He commended the project as a prime example of Singapore companies’ interest in Tianjin and highlighted the collaborative efforts to unlock new business opportunities that address global challenges such as aging and climate change.
Tiong Seng Silvercare’s Inaugural Venture
In addition to Perennial Holdings, Singapore property developer Tiong Seng Silvercare also made a significant impact with the launch of the Watermark lifestyle center in Tianjin. This lifestyle center, aligning with Singapore’s active aging concept, offers health and recreational amenities to local residents. As Tiong Seng’s first endeavor in the silver economy sector, the firm aims to establish expertise in Tianjin before expanding to other Chinese cities and potentially Singapore.
Seizing Opportunities in China’s Aging Population
Despite a downward trend in overall foreign direct investment in China, some foreign investors are capitalizing on the country’s aging population and declining birth rates. China’s elderly population is steadily growing, with estimates projecting over 400 million elderly individuals by 2035. The silver economy in China is thriving, with an estimated value of 7 trillion yuan in 2024, equivalent to 6% of the country’s GDP.
Future Expansion and Focus on Senior Healthcare
Perennial Holdings’ executive chairman and chief executive, Mr. Pua Seck Guan, emphasized the company’s commitment to meeting the rising demand for senior healthcare in China. Plans are underway to replicate the integrated model in upcoming projects in cities like Kunming, Xi’an, and Chengdu. The goal is to provide a superior environment and service that surpasses what elderly individuals can receive at home.
Testimonials from Residents
Residents like Ms. Chen Xiangzi, who moved to Tianjin from Baoding, Hebei, have witnessed a noticeable increase in elderly-friendly facilities in the region. Living in Tiong Seng’s residential development near the Watermark lifestyle center, Ms. Chen expressed satisfaction with the amenities, stating that it is an ideal place for retirement.
In conclusion, the expansion of Singapore companies in Tianjin, China, signifies a strategic move to tap into the lucrative silver economy and address the growing demand for eldercare and medical services. By leveraging innovative concepts and integrated developments, these companies are not only meeting the needs of an aging population but also creating sustainable business opportunities for the future.