PETALING JAYA: Sunway Bhd
’s venture into the silver economy is seen as timely considering the growing elder population in Malaysia, analysts say.
Sunway Sanctuary, opened in 2023, is the diversified conglomerate’s flagship senior living residence located on levels 15 to 30 in Tower D of Sunway Medical Centre in Subang Jaya, Selangor.
“While contributions from Sunway Sanctuary, which is under its healthcare arm are minimal, we think that the venture into the silver economy by Sunway is timely considering the growing ageing population in Malaysia.
“The premium aged-care and post-hospital discharge care of Sunway Sanctuary is also supported by medical tourism in Malaysia.
“After a visit to the facility, we make no changes to our earnings forecast for this year to 2027,” MBSB Research said.
The research house maintained its “neutral” call on the stock with an unchanged target price of RM5.06.
It added that while the anticipated listing of the healthcare division is a positive for Sunway, its upside is expected to be limited as it had already been priced in.
According to MBSB Research, Sunway Sanctuary provides independent living, assisted living, post-hospital discharge care and post-natal care.
“It is annexed to Sunway Medical Centre, giving it the competitive advantage of allowing residents to have access to a wide range of medical services and facilities only minutes away,” the research house added.
The independent living units for seniors with independent-living needs and active lifestyles, start from RM8,800 per month.
Services include housekeeping, daily recreational and social activities, and an emergency response system.
For assisted living units which are for seniors requiring some help with daily activities but do not need the intensive care, packages start from RM10,800 a month.
Sunway Sanctuary also offers assisted living for post-hospital discharge care for patients recovering from orthopedic surgery or cardiac surgery with monthly packages starting from RM10,800.
The facility also has 28 rooms for post-natal care with packages starting from RM23,800 for 28 days of care.
“We think that the diverse range of care Sunway Sanctuary provides complements Sunway Medical Centre’s medical services,” the research house noted.
Sunway Sanctuary has close to 100,000sq ft of fitness, wellness and recreation facilities.
Facilities include a heated saltwater infinity pool, room for board games, karaoke room, mini theatre, library, fitness centre, and a restaurant.
Sunway Sanctuary also provides healing therapies such as traditional Chinese medicine treatments, massage therapy as well as pedicure and manicure services.
“The facilities have helped to improve the average occupancy rate of Sunway Sanctuary to 50%, from 30% last year.
“We also gather that the occupancy rate was also helped by seniors simply taking vacations there, paying RM600 per day.
“Sunway Sanctuary comprises 473 units with first phase featuring 235 rooms while the second phase will be launched later,” the research house added.
