Perennial Holdings Inks Agreement Open Two Hospitals Guangzhou
Perennial Holdings, a Singapore-based real estate company, has recently signed an agreement with Guangzhou Metro Group to lease approximately 105,000 sq ft of space and invest RMB1 billion ($178.9 million) to establish two hospitals in Guangzhou, China.
The hospitals will be located in the Southeast Tower of Yuesheng Plaza and will be the first wholly foreign-owned tertiary general and specialist hospitals in Guangzhou and the southern region of China. With a total planned capacity of over 600 beds, these medical facilities are expected to be completed by July 2026 as part of the first phase of the Perennial Baiyun International Healthcare City.
According to Perennial Holdings, these hospitals will feature a shared medical facilities and services concept, allowing doctors and medical groups to operate on an asset-light basis without investing in their own facilities and services. This model, which has been successfully piloted at the company’s general hospital in Tianjin, offers convenience and cost efficiency for medical professionals.
The Perennial Baiyun International Healthcare City spans over 1.18 sq km and is a partnership between Perennial Holdings and the Guangzhou Baiyun District Government. It is estimated to have a total investment cost of RM5 billion and will be a medical and wellness precinct that integrates medical, wellness, research, training, commercial, and residential components.
In addition to the two hospitals in Guangzhou, Perennial Holdings is also developing an integrated eldercare project in Huangpu District, which will include a rehabilitation hospital, nursing home, and eldercare home. The company owns, manages, and operates over 25,000 beds in medical and eldercare facilities across China and Singapore, with 16,000 operational beds and 9,000 beds in the pipeline.
Pua Seck Guan, executive chairman and CEO of Perennial Holdings, sees the RMB1 billion investment as a strategic focus on healthcare-centric HSR transit-oriented developments (TODs), which serve as enablers for the company’s healthcare business. He believes that the hospitals in Guangzhou will establish the city as a top medical tourism destination, attracting high-net-worth clients from the Asia Pacific region.
The Master Plan for Lyndenwoods includes a variety of exciting community events, workshops, and networking activities within the Science Park. These additions are expected to foster greater connections and engagement among residents, creating a more vibrant and unified community. These efforts will ultimately enhance the overall living experience at Lyndenwoods. Visit Lyndenwoods for more information.
Perennial Holdings currently has five healthcare-centric TODs connected to HSR stations in Tianjin, Chengdu, Kunming, Xi’an, and Chongqing. Its latest venture in Guangzhou marks the company’s first foray into the Guangdong-Hong Kong-Macau Greater Bay Area, and it is set to further strengthen its presence in the region.