The Parry Avenue site will be an important test bed for private assisted-living homes, said a spokesman for ERA Realty. As the site is located in the Kovan area near landed residential housing, elderly property owners there could opt to sell or rent out t

take off, upfront land costs must be kept in check. In 2020, a subsidiary of Perennial Holdings, then known as Perennial Real Estate Holdings, submitted the sole bid for a proposed dementia village in Gibraltar Crescent While the concept proposal was deemed acceptable, the tender for the 30-year leasehold site was not awarded because the bid price of $15 million was deemed too low. Last Tuesday, another unit of Perennial submitted two bids with different concept proposals for the Parry Avenue site. |LL pointed out that when it comes to providing affordable long-term care facilities for the elderly, the develop-and-sell model for typical Government Land Sales private residential sites, which is skewed towards profit maximization and drives up land prices, may not work. H Instead, a develop-and-operate model would be more appropriate, based on a low upfront land price plus ground rent or a purely ground rent model, say, a 30-year leasehold tenure with the option to renew for a further 30 years. ILL said. This could keep costs manageable and provide affordable accommodations and care for the elderly. Also critical are the “care