Nye Estate Co, a subsidiary of property developer Narai Property Co, will renovate a suspended riverside condo building in Nonthaburi to develop independent living units for rent to tap senior citizens.
Chief executive Ornruedi Na-Ranong said the number of people aged 60 years old and above is increasing in Thailand and is predicted to account for 30% of the total population in the next 14 years from 18% in 2020.
"This segment will be a huge demand," she said. "Many elderly people are healthy, active and able to take care of themselves. They are seeking a residential unit where they can spend an active life for as long as possible."
Three years ago, Nye Estate joined by Livwell Co, a senior care and management expert, decided to provide senior living solutions to residents at Riverine Place, a condo project by the Chao Phraya River in Nonthaburi which was developed by Narai Property.
Riverine Place was launched for sales and developed prior to the 1997 financial crisis, comprising three towers.
After being affected by the crisis, one of them with seven storeys had unsold units totalling 70.
"Those buying units at the first two towers more than 20 years ago are now aged 50-70 years old and we found those aged 55 years old and above accounted for 40%," she said.
After seeing the opportunity, Nye Estate decided to renovate the 70 unsold units to be units for independent elderly people with universal design, equipped with facilities and services meeting the demand of this segment.
The units will come in two sizes, comprising those with one bedroom, measuring 76 square metres, and two-bedroom units measuring 120 sq m.
All units will have emergency buttons installed in each bedroom and bathroom which link to a care centre where registered nurses are on standby 24/7.