SINGAPORE, 20 June 2023 – Mr Lam Chern Woon (蓝振文), Head of Research and Consulting at EDMUND TIE comments on URA’s announcement on the ward of Parry Avenue for private assisted living development.
URA awarded today the tender for the Parry Avenue assisted living site to Pre 20 Pte. Ltd. Perennial submitted two bids for the Parry Ave tender. It previously also submitted the sole bid for a proposed dementia village at Gibraltar Crescent.
The award of the assisted living site marks a giant step towards the next stage of maturity for the senior living market in Singapore. All four concept bids for the site were deemed acceptable by the authorities, which suggests that there is no lack of expertise and creativity by market players to grow in this niche segment.
The tender was awarded to the Perennial bid with the highest tendered price. The winning bid was about 10.4% higher than the third highest bid, suggesting that players are roughly in sync on the underwriting assumptions for the project. The second highest bid was also placed by Perennial, which was just 0.1% lower than its top bid, reflecting its earnest intent to gain the first-mover advantage to build a sizeable project in the private senior living market.
What was noteworthy about the winning bid was that the concept not only provided for an integrated care model for residents revolving around programmes, socialisation and care services, it was also mindful to ensure touch points with the wider community to prevent the isolation of the senior living community.
The positive response to the first two public assisted living projects – Community Care Apartments (CCA) – in Harmony Village @ Bukit Batok and Queensway Canopy – as well as an intended slew of future pipeline CCA projects, coupled with the award of the private sector assisted living site at Parry Avenue will help to create greater awareness and interest among market players, care providers and the silver generation. This is a much needed catalyst as the needs of Singapore’s ageing population will continue to mount in coming years, and there is much scope for development in the nascent senior living market.
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