4 tender submissions by 3 developers received for the first pilot private assisted living development purpose build for seniors at Parry Avenue in Singapore. The site has a 60 year lease and a criteria that at least 60 percent of the maximum gross floor area (GFA) must be used for assisted living. Congratulations to the four tender submissions – Pre 20 – A subsidiary of Perennial Holding with 2 bids with different concept proposals, Allium Healthcare and United Medical Development.
This is the biggest private assisted-living project in Singapore launched in collaboration with the Ministry of Health (MOH), the Urban Redevelopment Authority (URA) at Parry Avenue for sale by public tender, Bid closed yesterday 21 March 2023,The pilot development will expand the range of housing-cum-care options to better cater to seniors’ diverse lifestyles, preferences, and housing needs.
Site attributes: The 12,912.1 m2 land parcel is located within Rosyth Estate. The site offers a conducive environment for seniors to live independently within an established residential neighbourhood. The development will include a neighbourhood park and is located near dining and shopping amenities, such as Serangoon North Neighbourhood Centre and Heartland Mall. A Concept & Price Revenue tender will be adopted to evaluate the tender submissions, to ensure that the selected concept proposal is aligned with the vision for the private assisted living development.
Criteria: Under this system, tenderers are required to submit their concept proposals and tender prices separately. The concept proposals will first be evaluated against a set of criteria specified in the tender, which includes suitability and innovativeness of the proposed model of care, as well as quality of the proposed care programmes and services. Only concept proposals that are shortlisted will proceed to the second stage of evaluation, which will be based on price only. The site will then be awarded to the tenderer with the highest bid price among the shortlisted concept proposals.
According to the 4th Asia Pacific Silver Economy Business Opportunities Report by Ageing Asia 2020-2025, Singapore has a population of over 5.7 million, with around 1.2 million or 20.9% of the population aged 60 and over as of 2020, 1.5 million by 2025, 1.8 million by 2030 and 2.3 million by 2040.
The market potential of the silver sector in Singapore is projected at US$72.4 billion by 2025.
“This is a fantastic addition to the future of ageing in Singapore, with a projected 1.5 million seniors representing a market potential of US$72.4 billion by 2025. This private project is targeting seniors aged over 65, who want an alternative option to living in a nursing home. This complements Singapore’s current landscape of nursing homes, government built senior apartments and the upcoming public sector assisted living launches (Community Care Apartments), accompanied by our Active Ageing initiatives to support ageing-in-place. Across multiple price points, across catering to seniors with all abilities and creating a wide variety of initiatives to support Singapore’s population to #livewellagewell.”