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Perennial unit wins contract for eldercare health facility in Fengxian
SHANGHAI RST Chinese Medicine Co (Renshoutang), which is 49.9 per cent owned by Perennial Real Estate Holdings, was awarded the contract to operate an integrated eldercare, medical care and rehabilitation care facility in Fengxian District, Shanghai.
Expected to open in Q3 2018, the 768-bed Fengxian Second Welfare Home is expected to be the first and largest facility of its kind in Shanghai's Fengxian District.
It will also be the first government-built-privately-operated facility there. Located at No 89, Wanghe Road, it is situated in a densely populated suburb, about two kilometres from the Fengxian Government's office and well-served by the Shanghai Outer Ring Expressway.
Spanning a total gross floor area of 34,000 square metres, the facility comprises three six-storey blocks. Catering to the mass market, the Fengxian Second Welfare Home is expected to provide a holistic suite of amenities and services to its elderly occupants, ranging from library, tea and calligraphy rooms, function rooms and food halls, to customised menus to meet various dietary requirements and green open spaces for exercise and gardening. The facility will also be equipped with advanced medical facilities, equipment and digital technology to support the medical and rehabilitation needs of residents.
Under the contract, Renshoutang will be responsible for the enhancement, fitting-out and operation of the facility for a period of five years. It will be able to leverage the expertise of its largest single shareholder Perennial Real Estate Holdings, with its established healthcare business services focused on China in the areas of hospitals and medical centres, eldercare and senior housing, and supporting specialties in diagnostic imaging, plastic surgery and aesthetics as well as maternal and child health management. The Fengxian District First Welfare Home was built and currently operated by the Fengxian Government.
Renshoutang is currently the largest private integrated eldercare operator in Shanghai with a dominant presence in Changning District. In Shanghai, its total operating portfolio consists of 12 facilities with 2,767 eldercare beds as well as four pharmacies with attached Traditional Chinese Medicine clinics.
Fengxian Second Welfare Home will be Renshoutang's second project in the Fengxian District. Earlier, Renshoutang acquired a 70,200 sq m site in the same district which will be upgraded and developed into the Renshoutang Fengxian Eldercare and Retirement Home housing a total of 2,500 beds. The facility will provide integrated eldercare, medical care and rehabilitation care and is expected to commence operations in 2020.
Renshoutang has a committed pipeline of 5,110 beds across six new upcoming facilities in Shanghai, of which two facilities with a collective capacity of 1,618 beds are expected to commence operations in 2018.