Perennial Real Estate Holdings versus Raffles Medical

The story of Perennial Real Estate Holdings is certainly intriguing. Having made its way into SGX stock market in 2014 after staging a massive $1.56 billion reverse takeover of St James Holdings (the famous nightclub operator), Perennial counts Wilmar International and Osim founder, Ron Sim as major shareholders (combined 35%). Recently, it announced a US$1.2 billion Joint Venture Vehicle with First Close of US$500 million to Invest in HSR Healthcare Integrated Mixed-use Developments in China.

The entry of Perennial Real Estate Holdings into China’s healthcare put it on a collision path against Raffles Medical, which announced that it is building two hospitals in China. Although the two healthcare players are from Singapore, their business models and backgrounds are fundamentally different. In this context, I will share my insights in this article.

Background of Perennial Real Estate

Although Perennial claims to be an integrated real estate and healthcare company, the business focus is predominantly in property development and management of mixed-use projects. In Singapore, Perennial has invested in and manages prime iconic properties located in the Civic District, Central Business District and Orchard Road precinct, such as CHIJMES, Capitol Singapore, AXA Tower, TripleOne Somerset, House of Tan Yeok Nee and Chinatown Point.

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