Singapore-listed Perennial Real Estate Holdings is tying up with a top traditional Chinese medicine (TCM) hospital in China to set up its first treatment facility in Singapore.
The property and healthcare firm said on Saturday that it has, through its joint-venture company Perennial TCM Management, entered into a strategic partnership agreement with Beijing Hospital of TCM. The pair will jointly set up Ming Yi Guan at the House of Tan Yeok Nee within the Orchard Road precinct - set to be Singapore's largest premier TCM treatment facility when it opens at the end of this month.
Ming Yi Guan will be Perennial's first healthcare business here. It will also be Beijing Hospital of TCM's first treatment facility outside China, and in South-east Asia. Under the partnership, Beijing Hospital of TCM will second a team of senior Chinese TCM physicians to Ming Yi Guan on rotation while Ming Yi Guan will be managed by Perennial TCM Management, said Perennial in a statement.
Both Perennial TCM Management and the House of Tan Yeok Nee, a gazetted National Monument, are equally owned by Perennial through its wholly-owned units, and Charles Quay International.
Ming Yi Guan will provide TCM services in the areas of chronic illnesses, oncology, subfertility, gynaecology, dermatology, pain management and health enhancement.
"As consumers in Singapore and South-east Asia increasingly embrace TCM as a form of complementary medicine to Western medicine, Ming Yi Guan is well-positioned to deliver an unparalleled level of treatment and service in an exclusive environment," Mr Liak Teng Lit, group chief operating officer of Perennial and chief executive of Perennial Healthcare, said. "In addition, the collaboration would facilitate the exchange of knowledge and skill sets between the Chinese and local physicians, thereby raising the bar for TCM standards and expertise in Singapore."
The signing of the partnership was attended by IE Singapore chairman Seah Moon Ming, Mr Wang Xiaoming, deputy secretary general of Beijing Municipality, as well as other representatives of the Beijing Municipal Administration of Hospitals, among others.
Shares of Perennial closed 1.1 per cent, or one cent, higher at 91 cents last Friday, before the announcement was made.