Assisted living in Singapore: Companies face steep costs, but innovation is still possible

[SINGAPORE] Assisted living facilities – which enable elderly folk to live semi-independently with elderly-friendly amenities and care services – are a tough business in land-scarce Singapore. But there is still room for more private operators to pilot new models and innovate.

Healthcare and real estate company Perennial Holdings is investing in this space. In 2023, it secured a S$72 million tender to build an assisted-living development in Parry Avenue, with residents expected to move in by the first quarter of 2026. The project will comprise 200 assisted-living apartments, a nursing home with 100 beds, a wellness clubhouse and a geriatric care centre.

It is “very, very difficult to make money” with steep land and labour costs, Perennial chief executive Pua Seck Guan conceded in a recent interview with The Business Times. But the company decided that it would still be worth showcasing such a concept in its home market. Perennial has already built numerous assisted living facilities in China, including a 43,000 square-metre Alzheimer’s care village in Xi’an, and wants to apply its learnings here.