KEPPEL Land has officially opened its first senior-living facility in Asia, a project in Nanjing, China that kicks off the company’s expansion plans for the region.
The Nanjing facility is Keppel’s flagship project for Sindora Living, the asset manager’s senior-living brand and operating platform for Asia, said Louis Lim, chief executive of real estate at Keppel on Friday (May 31).
The China development will serve as a “launchpad” for Keppel’s expansion into other senior-living markets in the region, said Lim, where fast-growing ageing populations have generated soaring demand for “quality senior-care services”.
In China, for instance, 21.1 per cent of the country’s total population – or around 297 million people – were aged 60 and above in 2023. Meanwhile, data from the National Bureau of Statistics of China indicated that there were a total of 41,000 registered senior-living institutions, providing about 8.2 million beds last year.
“Further afield, the number of seniors in China is expected to reach about 400 million in 2035, driving the need for even more quality eldercare facilities,” said Keppel.
Spanning 19,846 square metres, the purpose-built senior-living facility, Sindora Living Nanjing Qixia, was acquired
by Keppel in December 2022 and fitted out as a premier assisted-living community with care capabilities and around 400 beds.
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Besides providing assisted-living services, it also offers daycare and homecare services for nearby residents in Nanjing’s Qixia district.
“Sindora Living Nanjing Qixia leverages Keppel’s capabilities in integrating technologies such as an intelligent integrated platform for chronic-disease management, and harnessing data to provide personalised life plans and holistic care for the residents,” said the company.
Outside Asia, Keppel owns a 50 per cent stake in Watermark Retirement Communities, an American senior-housing operator with around 70 senior-living communities across the country. It was acquired in 2018 for around S$77.3 million.
