Establishing an upscale community for the elderly with the concept of “Integrated Senior Wellness Hub”
HONG KONG — A leading operator of care and attention homes for the elderly in Hong Kong, Pine Care Group Limited (the “Pine Care Group” or the “Company”, together with its subsidiaries, the “Group”, stock code: 1989), announced the formation of a joint venture for the operation of upscale community for the elderly with the concept of “Integrated Senior Wellness Hub”.
The strategic cooperation with Utopia Limited which is 100%-owned by Mr. Tang Yiu Sing, the sole shareholder of Stan Group (Holdings) Limited (“Stan Group”) in relation to the formation of the joint venture, leveraging on the Group’s expertise and experience on nursing care services and on joint venturer’s expertise and experience on mixed-use property project development and hospitality services, enables the Group to expand its operation in the multifaceted upscale community for the elderly in Hong Kong with the concept of “Integrated Senior Wellness Hub”, which aims at serving various needs of the elderly by integrating service apartment for the elderly, residential care, medical, nursing, rehabilitation, dining, housekeeping as well as leisure, recreational and community services under the same roof.
As revealed by market researches, the market demand for quality senior living services is expected to be robust in Hong Kong. The first project of the joint venture, also the first in the private sector, is proposed to be located in the building “Patina” on 18 Junction Road,Kowloon City, Hong Kong, and is intended to consist of service apartments and clubhouse for active retirees, an upscale residential care home for elderly for residents requiring a moderate to high level of care, a multidisciplinary clinic, including Western medicine, Chinese medicine and physiotherapy, and a health focused restaurant to serve both its residents and those living in the nearby community.
With a total floor area of approximately 84,000 square feet, the project is tentatively planned to include 79 service apartments, ranging from approximately 400 to 900 square feet, from 7/F to 29/F, and an upscale RCHE with approximately 40 rooms from 3/F to 6/F. The clubhouse on 2/F will include facilities such as a swimming pool, sauna, massage room, music room, coffee bar, karaoke, garden and lounge. The multidisciplinary clinic and the health focused restaurant will be located on the G/F and 1/F. Construction of Patina has already been completed. It is expected that the fitting out of the project will begin in early 2018, and operations will be rolled out in multiple stages starting later in 2018.
Mr. Yim Billy Pui Kei, CEO of Pine Care Group concluded, “The formation of the joint venture represents an excellent opportunity for the Group to diversify its customer base and further develop the upscale integrated senior living market in line with the Group’s future growth strategy, while at the same time demonstrates the Group’s strong commitment to the operation of care and attention homes for elderly in Hong Kong.”