Keppel, a Singapore-headquartered global asset manager and operator, won the bid for the elderly care service center project at the Jinan Start-up Area for Growth Drivers Transformation in Jinan, capital of Shandong province.

The project marks Keppel's first attempt to explore the Shandong market, highlighting the strong potential for cooperation between China and Singapore as well as between Jinan and Singapore.

Keppel holds a 50 percent stake in Watermark Retirement Communities, one of the largest elderly care operators in the United States, which manages over 70 retirement communities across the US offering a range of elderly services.

The elderly care service center project spans a planned area of 2.5 hectares and includes 572 beds. It is expected to enhance elderly services in the region and is scheduled for completion by the end of 2024.

Jinan Start-up Area for Growth Drivers Transformation has been exploring cooperation opportunities with Singapore in many fields such as elderly care services, green development and economic and trade cooperation, becoming a model of cooperation between Shandong and Singapore.

In recent years, Jinan and Singapore have established a close cooperative relationship. Since 2023, Singapore has established 13 new enterprises in Jinan with an actual investment of $186 million, making Singapore the second-largest source of foreign investment for Jinan. From January to May this year, trade in goods between Singapore and Jinan reached 1.45 billion yuan ($203.6 million), a 40.5 percent year-on-year increase.