Singapore Press Holdings Limited (SPH) today announced its entry into the healthcare sector with the acquisition of Orange Valley Healthcare Pte Ltd (OV) at a consideration of approximately S$164m. OV was established in 1993. SPH purchased the shares and intellectual property of OV from KV Asia Capital Pte Ltd, which acquired OV in April 2014.
OV, through several subsidiaries, operates a number of nursing homes and ancillary services like providing meal and catering services, offering physiotherapy and rehabilitation services, and supplying medical, nursing and healthcare equipment and consumables.
The proportion of population aged above 65 in Singapore is expected to double by 2030 to 900,000 from the current 450,000. This means 1 in 4 Singaporeans will be elderly, which will lead to strong demand for aged care services in the next decade. As family sizes shrink, there will be a surge of single elderly living alone. This will lead to increasing demand for quality aged care services across the spectrum from home care, community-based care to nursing homes.
Mr Alan Chan, CEO of SPH, said: "Singapore has a greying population with a need for long term medical care. The investment gives us an opportunity to contribute to the healthcare needs of our ageing community. We look forward to partnering the management and staff of Orange Valley to provide caring, competent and compassionate service to the elderly and their caregivers. We also look forward to working with the Ministry of Health and the regional healthcare systems to improve the accessibility and quality of aged care in Singapore.”
Orange Valley Nursing Home currently runs five nursing homes island-wide with over 900 beds. Its homes are strategically located near major hospitals or housing estates with high density of senior population. They are in Changi, Clementi, Marsiling, Simei and Sims Avenue. The broad footprint across Singapore provides residents with abundant choices. Backed by an experienced management team and highly trained nursing workforce, OV also offers a wide spectrum of adjacent care services such as home care and respite care.
Mr Karam Butalia, Executive Chairman of KV Asia Capital, said:"Orange Valley has been providing Singaporeans with a one-stop comprehensive eldercare service for more than 20 years. We trust that SPH will help solidify its position as the pre-eminent provider of high quality nursing care in Singapore, and bring its holistic and integrated healthcare service to a higher level."