Singapore Press Holdings Limited (SPH) has entered the healthcare sector with the acquisition of Orange Valley Healthcare Pte Ltd (OV) at a consideration of approximately S$164 million ($117.7 million).
SPH purchased shares and intellectual property in OV from KV Asia Capital Pte Ltd, which acquired OV in April 2014.
Karam Butalia, Executive Chairman, 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.”
Started in 1993, OV operates a number of nursing homes and ancillary services that offer meal provision and catering services, physiotherapy and rehabilitation services, in addition to supplying medical, nursing and healthcare equipment and consumables.
With Singapore’s ageing demographics forecast to see those aged 65 years and above to double by 2030 to 900,000, this will translate to about 25 per cent of Singaporeans being elderly, driving demand for aged care services in the next decade across a spectrum ranging from home care and community-based care to nursing homes.
Orange Valley Nursing Home currently runs five nursing homes across the city-state with over 900 beds. These facilities are located near major hospitals or housing estates with a high density of senior populations in the districts of Changi, Clementi, Marsiling, Simei and Sims Avenue.
This broad footprint offers choices to residents and is backed by an experienced management team and highly trained nursing workforce. In addition, it offers a wide spectrum of adjacent care services such as home care and respite care.
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,” Chan adds.