Mainboard-listed construction group and property developer Tiong Seng Holdings BFI Limited has launched its flagship Watermark Tiong Seng Lifestyle Centre in Tianjin, China, through its fully foreign-owned subsidiary, Tiong Seng Silvercare.
According to an Oct 15 bourse filing, the launch is part of the group’s efforts to leverage on growth opportunities within China’s silver economy.
The Watermark Tiong Seng Lifestyle Centre in Tianjin comprises a 4,700 sqm facility, and has since commenced operations as at Sept 25. It includes recreational and fitness amenities, access to medical services network and community activities.
The group says the launch marks Tiong Seng’s first foray into China’s silver economy, representing 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”.
The group adds that the launch comes on the back of “strategic partnerships”, such as with Watermark China, co-founded by founders of the Watermark Retirement Communities group, a US-based company.
As of 2023, nearly 297 million people in China were aged 60 and above, which is set to exceed 400 million by 2035, reads the release.
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According to the group, the inaugural project is expected to help Tiong Seng “build up its expertise” in senior care.
Additionally, the group is planning to launch its Health and Medical Centre, which is expected to open in 2026.
Upon completion, both facilities are set to serve a combined population of over 2,200 residents across two key communities in China.
Shares in Tiong Seng Holdings closed flat at 7.5 cents on Oct 15.
