Perennial Holdings Inks Agreement Open Two Hospitals Guangzhou
Perennial Holdings, a Singapore-based company, has entered into a partnership with Guangzhou Metro Group to lease 105,000 square feet of space and invest RMB1 billion ($178.9 million) to create two hospitals in Guangzhou.
The hospitals will be located in the Southeast Tower of Yuesheng Plaza, and will be the first wholly foreign-owned tertiary general hospital and specialist hospital in Guangzhou and Southern China. The facilities will have a total planned capacity of over 600 beds.
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According to Perennial Holdings, the hospitals will adopt a shared medical facilities and services model, allowing doctors and medical groups to operate without investing in their own facilities. Instead, they will use facilities provided and managed by Perennial Holdings. This concept, which was successfully implemented at Perennial Holdings’ general hospital in Tianjin, offers convenience and cost efficiency to doctors and medical groups.
The two hospitals in Guangzhou are set to be completed by July 2026, as the first phase of the Perennial Baiyun International Healthcare City. This healthcare city, spanning 1.18 square kilometers, is a partnership between Perennial Holdings and the Guangzhou Baiyun District Government, with an estimated total investment cost of RM5 billion. It will be a medical and wellness precinct integrating various components such as medical, wellness, research, training, commercial and residential.
Pua Seck Guan, executive chairman and CEO of Perennial Holdings, says, “The RMB1 billion investment aligns with our strategic focus on healthcare-centric HSR transit-oriented developments (TODs), which serve as enablers of our healthcare business, and marks our maiden healthcare business foray into the Guangdong-Hong Kong-Macau Greater Bay Area.” Pua also believes that the hospitals will establish Guangzhou as a top medical tourism destination, attracting high-net-worth clients from the Asia Pacific region.
In addition, Perennial Holdings is developing an integrated eldercare project in Guangzhou’s Huangpu District, which will include a rehabilitation hospital, nursing home, and eldercare home.
Currently, the company has five healthcare-centric TODs connected to HSR stations in Tianjin, Chengdu, Kunming, Xi’an, and Chongqing. It also owns, manages, and operates over 25,000 beds in medical and eldercare facilities, with 16,000 operational beds and 9,000 beds in the pipeline, across China and Singapore.