Singapore, 21 December 2022 – Keppel Land Limited (Keppel Land) announced today that it has entered into an agreement with China Overseas Land and Investment Limited (COLI) via its wholly-owned subsidiary to acquire a newly completed senior care facility owned by COLI in Qixia District, Nanjing. Boasting a total gross floor area of 19,846 square meters, the project will be renovated and operated by Keppel Land China, and developed into a high-end care-focused senior care facility with approximately 400 beds. The project is scheduled for official opening in the second half of 2023.

Furthermore, Keppel Land also signed two Memorandums of Understanding (MoUs) at the 16th Session of the Singapore-Jiangsu Cooperation Council (SJCC) held on the same day, to further support its deepened business expansion in Nanjing. Under the first MoU, Keppel Land will collaborate with the People's Government of Qixia District, Nanjing Municipality to provide high-quality senior care services for Qixia District, including but not limited to care-focused senior care facilities, community-based senior care services and home care services. Under the second MoU, Keppel Land China and COLI Nanjing will pursue cooperation in the areas of urban renewal, senior care, as well as asset development, operation and management.

Care-focused Senior Care Facility in Nanjing

Mr. Lim Joo Yi, Chief Executive Officer of Keppel Land, stated: "Keppel Land aims to be an asset-light provider of innovative and sustainable urban space solutions, and senior care services are one of the key growth engines in our strategy. We are delighted to launch our first senior care project in Nanjing, supporting the growing demand for high-quality care services and senior care facilities amid China’s aging process."

China has the world’s largest elderly population. As of the end of 2021, approximately 267 million people in China were aged 60 and above. Issued by the State Council in February 2022, the 14th Five-Year Plan for the Development of National Aging Undertakings and the Senior Care Service System sets clear requirements for steadily advancing institutional senior care services, guiding the participation of private institutions, and further promoting the integration of medical and elderly care services. Nanjing is one of the largest cities in the Yangtze River Delta and also one of the most prosperous cities in China. As of the end of 2021, Nanjing had a permanent population of approximately 9.42 million, of which nearly 20% were aged 60 and above.

Mr. Lim Joo Yi added: "The care-focused senior care facility in Nanjing will fully demonstrate our professional expertise, and will also serve as the starting point for Keppel’s development of senior care business in China and other countries and regions. We are committed to creating a space that empowers the elderly to live an active, fulfilling and meaningful life in their own way. At the same time, we will provide leading customized care services, and introduce green and smart technologies to enhance the residential and living experience of the elderly."

Keppel’s senior care project in Nanjing is situated in Yanziji New Town, Qixia District, an area boasting beautiful scenery and a profound cultural heritage, and is approximately 6 kilometers from the Nanjing city center. As of the end of 2021, the permanent population of Qixia District was nearly 1 million.

In line with Keppel’s commitment to sustainable development, the Nanjing project will be developed into a low-carbon, energy-efficient and eco-friendly senior care facility. Not only will the project provide comprehensive institutional care services, but it will also offer senior day care and home care services to residents in the surrounding communities.

Boasting a prime location with convenient transportation, the project is within a 2-kilometer radius of a cluster of supporting facilities for community medical care, entertainment and retail. These include Wanshou Hospital, the under-planning Yanziji Branch of Jiangsu Provincial People’s Hospital, Yanziji New Town Sports Park, Muyan Riverside Scenic Belt, China Merchants Garden City and China Resources Shopping Mall

The above-mentioned transaction is not expected to have any material impact on Keppel Corporation Limited’s earnings per share (EPS) or net tangible assets per share (NTA per share) for the current financial year.