Keppel Land to acquire first senior living facility in Nanjing, China

KEPPEL Land is acquiring a 19,846 square metre senior living facility in Nanjing, China from Hong Kong-based real estate company China Overseas Land & Investment Limited, the company’s first foray into the Chinese senior living market.

Set to open in the second half of next year, the facility aims to be an assisted-living community with care capabilities and about 400 beds, the company said in a bourse filing on Wednesday (Dec 21). Keppel Land did not disclose the purchase price.

The senior living facility will be located in the Qixia District in Nanjing, where close to 20 per cent of the population is above 60 years old as at end-2021.

Said Keppel Land chief executive Louis Lim: “We have identified senior living as one of the growth engines of Keppel Land’s strategy to be an asset-light provider of innovative and sustainable urban space solutions.

“The Nanjing assisted-living community will be a showpiece of the expertise that Keppel has been building up and serve as a launchpad for our expansion into other senior living markets in China and beyond.”

Separately, Keppel Land has also signed two Memoranda of Understanding (MOUs) to advance its expansion in Nanjing.

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One MOU is an agreement with the People’s Government of Qixia District to provide high-quality senior care services in the district, while the other was signed with China Overseas (Nanjing) to collaborate in areas such as urban renewal, senior living and asset development, operation and management in Nanjing.

Shares of Keppel closed S$0.07 or 1 per cent higher at S$7.29 on Wednesday.