Singapore, 24 April 2018 – Lendlease, Australia’s largest owner, operator and developer of senior living communities, has signed a 50-year land usage contract with the Qingpu Government in Shanghai to develop and operate its first senior living community in China.
By combining 30 years of Australian experience in senior living with its long track record of project management and construction in China, Lendlease is poised to create a new senior living business in Shanghai. The development will offer Shanghai seniors an opportunity to lead a vibrant life, supported by great amenities, a strong community and wide range of lifestyle and well-being services.
With nearly one-third of Shanghai’s population aged 60 or over as at end of 2017, there is a very large and growing demand for senior living communities.1 Lendlease’s first China senior living development will provide approximately 900 new independent living units located with generous gardens, recreation areas, health and well-being facilities and a large community clubhouse. The expected value of the completed development is approximately RMB1.9 billion (S$398 million).
Tony Lombardo, Chief Executive Officer, Asia at Lendlease said, “Our senior living focus builds off Lendlease’s proven capabilities. It will cater to a fast growing demographic sector and require a combination of both local development and senior living management skills. Our first senior living development in Qingpu will provide a quality community supporting the social and health needs of its residents. It will offer a great lifestyle choice for seniors looking to enhance their overall well-being while keeping an active lifestyle.”
“Our Lendlease business model responds directly to the Chinese government’s policy supporting the development of senior living communities. We will focus on delivering our first new community, whilst also reviewing further opportunities to develop a portfolio of senior communities across Shanghai” added Mr Lombardo.
Lendlease manages more than 70 senior living communities, containing circa 12,500 retirement living units accommodating approximately 16,500 senior residents in Australia. It also has an experienced project management and construction team in Greater China which has delivered over 300 projects since the early 1990s. These combined expertise will create a senior living experience tailored to meet the local market needs.
Lendlease’s first new Shanghai senior community development is located in Zhujiajiao, a unique heritage water town within the Qingpu district of Shanghai, and will provide a healthy and richly landscaped living environment. The new community will enjoy excellent connectivity via the newly opened station on Metro Line 17, providing direct access to Hongqiao’s integrated transportation hub, including Shanghai Hongqiao International Airport and an interchange for five subway lines and intercity high-speed rail-lines.
Construction of the new senior community is forecast to commence early next calendar year.