Tiong Seng Opens First Senior-Care Facility in Tianjin to Tap on China’s Growing Silver Economy

• Tiong Seng Silvercare launches first Watermark Lifestyle Centre in Tianjin, focusing on elderly care services as part of China’s growing Silver Economy
• The centre aligns with Singapore’s Active Ageing Centre concept, offering health and recreational services to elderly residents
• This marks Tiong Seng’s first foray into senior care in China, with plans for further expansion in Singapore and other Chinese cities
• China’s Silver Economy is projected to reach 7 trillion yuan (S$1.28 trillion) in 2024, presenting substantial growth opportunities

SINGAPORE –
Media OutReach Newswire – 16 October 2024 – Mainboard-listed construction group and property developer,
Tiong Seng Holdings Limited (長成控股) (“Tiong Seng”, “the Company”, or together with its subsidiaries, “the Group”), is pleased to announce the official opening of its flagship Watermark Tiong Seng Lifestyle Centre in Tianjin, China, through its wholly foreign-owned entity in Tianjin, Tiong Seng Silvercare, as part of the Group’s efforts to leverage on robust growth opportunities in China’s Silver Economy.

The launch was officiated by
Minister Desmond Lee, Singapore’s Minister for National Development and Minister-in-charge of Social Services Integration, who visited Beijing and Tianjin from 24 to 28 September 2024 for the Singapore-Tianjin Economic and Trade Council (“STETC”) meeting. The opening ceremony was attended by distinguished guests, including Chinese representatives, strategic partners, and key officials from the Ministry of National Development (“MND”) and Enterprise Singapore (“ESG”).

This marks Tiong Seng’s first foray into
China’s Silver Economy, a strategic expansion that capitalises on the Group’s expertise in the built environment sector to address accelerating demand for assisted living and care facilities.

With this inaugural project in Tianjin, Tiong Seng aims to build up its expertise in senior care and actively explore further opportunities in both China and Singapore. While this initial project focuses on enabling ageing at home with a comprehensive suite of services, the Group is also studying and exploring other models of senior living and care, including the American Continuous Care Retirement Community (“CCRC”) and various types of institutional elderly care.

As both Singapore and China grapple with rapidly ageing demographics – elderly populations are expected to grow to 25% by 2030 – the respective governments are actively responding to the needs of their seniors. In 2023, nearly 297 million people in China were aged 60¹ and above, a number set to exceed 400 million by 2035².

In Singapore, national initiatives such as Age Well SG and Healthier SG promote active ageing and create supportive environments for the elderly. Similarly, China has introduced 26 key measures to address the challenges posed by its ageing population, with the Silver Economy recognised as a critical growth sector.

Tiong Seng Silvercare’s Strategic Expansion

Against this backdrop, Tiong Seng Silvercare (“TSSC”) was established in 2024 as the Group’s vehicle for developing senior-living facilities in China.

Project Location：Guangang Forest Park, Binhai New District

The
Watermark Tiong Seng Lifestyle Centre in Tianjin, a 4,700-square-metre facility, commenced operations on September 25, 2024. Inspired by the concept behind Singapore’s Active Ageing Centres, it provides recreational and fitness amenities, nutritious dining choices, access to medical services network and a range of community activities. The Centre is dedicated to fostering an inclusive environment by offering diverse health, wellness, and recreational services, and will host a variety of events and programmes aimed at enhancing the physical, mental, and spiritual well-being of residents.

¹
China Unveils Extensive ‘Silver Economy’ Plan to Adapt to Aging Population

²
Economic Watch: China’s silver economy unlocks potential in sync with growing global need for elderly care