New assisted living site a giant step to advance senior living market: experts

The four concept bids for the site show expertise, creativity to grow this segment.

The planned new assisted living site in Parry Avenue marks a “giant step” towards the next stage of maturity for the senior living market in Singapore, according to analysts.

The Urban Redevelopment Authority (URA) recently awarded the tender for the assisted living site to Perennial Holdings, for a tendered price of $71.98m.

All four concept bids accepted, however, were deemed market acceptable by authorities. This suggests that there is no lack of expertise and creativity by market players to grow this segment, said Lam Chern Woon, head of research and consulting, EDMUND TIE.

Huttons senior director Lee Sze Teck also noted that the four bids shows that there are viable business proposals for private assisted living at different costs. 

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“This will give the authorities and the market confidence, and the concept may be extended to more sites in the future for our ageing population,” Lee said.

The Parry Avenue tender, along with the positive response to the first two public assisted living projects – Community Care Apartments (CCA) in Harmony Village @ Bukit Batok and Queensway Canopy – will help to create greater awareness and interest among market players, care providers and the silver generation, EDMUND TIE’s Lam said.

“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,” Lam said, commenting on the Parry Avenue tender.