than any other region throughout history
9
. In Singapore the
number of citizens aged 65 and above has doubled from
220,000 in 2000 to 440,000 in 2015, and is expected to
eventually reach 900,000 by 2030
10
. In light of this and the
push for better and more comprehensive healthcare, the
healthcare spending in Singapore is expected to rise by
S$4 billion, reaching over S$13 billion in 2020
11
.
As a result of the accelerated rate of ageing population
and demand for better healthcare, the evolving relationship
between the state and citizens has influenced policy-
making and changed the role of private institutions. For
instance, the government has implemented the Silver
Support Scheme in Singapore to supplement the retirement
savings of senior citizens in light of spiralling healthcare
costs. In Japan, the government has been examining
alternative strategies to enhance cost effectiveness of the
healthcare system by encouraging the private sector to
play a more active role in the industry.
The rise of ageing population has spurred the healthcare
sector with improved healthcare infrastructure, greater
advancement in medical technology and growth in
medical tourism. While Singapore remains popular for
high-end treatment, Malaysia’s market for medical tourism
has nearly doubled since 2010
12
and revenue growth from
hospitals in Thailand have increased up to 15% year-on-
year
13
. PLife REIT’s presence in Singapore, Japan and
Malaysia will thus be useful to help establish connections
and foster collaboration among healthcare players in
the region.
Additionally, with PLife REIT’s first mover advantage in
the Japan’s aged care sector, it has constantly grown its
portfolio with high quality nursing homes in the nation.
9 Aging East Asians Worried About Future Security. (2015, December 3). Retrieved January 18, 2016, from The World Bank:
/
en/news/feature/2015/12/03/aging-east-asians-worried-about-future-security
10 Ng, K. (2015, July 1). Singapore feeling impact of rapidly ageing population. Retrieved December 21, 2015, from TODAY Online:
.
com/singapore/singapore-feeling-impact-rapidly-ageing-population
11 Estopace, E. (2015, February 25). Singapore healthcare spending to reach $13B in 2020. Retrieved January 18, 2016, from Enterprise Innovation:
12 Medical tourism market booming in S-E Asia. (2014, December 23). Retrieved from The Straits Times.
13 Group, O. B. (2015 , March 2). Thailand has healthy prospects for medical tourism. Retrieved December 18, 2015, from Thailand Business News:
Through asset enhancement initiatives, it ensures value
maximisation and enhanced competitiveness of PLife
REIT’s assets. Since listing, PLife REIT has always
placed strong emphasis on forging strong partnerships
with reputable healthcare operators to set pace for
future collaboration and drive sustained growth for the
Unitholders.
ParkwayLife REIT
Annual Report 2015
13
