Toronto, ON, January 30, 2018 – Mon Sheong Foundation held a press conference at their Scarborough Long-Term Care Centre today, announcing their 10-Year Development Plan to add 600 new long-term care beds in multiple locations across the Greater Toronto Area through three phases. Pending approval from the Ministry of Health and Long-Term Care, this plan will help ease the wait time for long-term care beds for seniors. $150 million will be required for this plan to succeed.
This enormous endeavour cannot be accomplished overnight. Mon Sheong has been working closely with the Ministry in hopes of receiving support for this project. Stephanie Wong, CEO of Mon Sheong Foundation, said that Mon Sheong’s 10-Year Development Plan means to add 600 new long-term care beds over a span of 10 years. If this plan is approved by the Ministry, it will add 200 long-term care beds every three years, totalling in three phases. In order for this plan to be successful, Mon Sheong requires a budget of $150 million. Currently, the construction for a single long-term care bed at Mon Sheong’s facilities costs approximately $150,000. The planned 600 new long-term care beds would amount to $90 million. The rest of the $60 million would be broken down between the price of land, financing costs, business & set up costs and other expenses. Since government funding does not begin until the long-term care home is built and has their first resident, this plan becomes an even larger undertaking. Thankfully, through the Seniors Apartment projects, Mon Sheong was able to build up some surplus to support this initiative. However, this is not enough to fund the 10-Year Development Plan and would require bank financing and the generosity of the community to make this plan a success.
As a leading organization in the senior care industry, Mon Sheong has immediate plans to relieve the urgency of the waitlist situation. The Phase II of Markham Mon Sheong Court, which welcomed residents in November 2017 and will be welcoming more at the end of March 2018, provides over 200 life lease units to welcome seniors to start enjoying their retirement in a comfortable and convenient location. Total life lease apartments in service will be over 1,200 units.
Mon Sheong believes that our services will be able to bring relief to seniors and their families. To continue providing these exceptional services requires a lot of help from the community. In the next ten years, Mon Sheong Foundation will continue to create innovative services for the community, upholding our motto ‘Caring for the Elderly and Nurturing the Young’”.
