Practical housing options for people over 50
The Aspen Tree courts a new market
published : 28 Apr 2023 at 04:00
newspaper section: Business
Magnolia Quality Development Corporation (MQDC), one of the country's leading property developers, is targeting demand for new homes among the growing population of people over 50 looking for residential developments that understand their special needs.
Hye June Park, president of The Aspen Tree The Forestias, developed by MQDC, said people nowadays expect to enjoy 25 or more healthy years of a leisurely retirement, living well into their 80s and 90s.
"The potential is huge for a new category of residential development that allows healthy, older people to live independently and pursue an active lifestyle, where there are also technologically-enabled support services within immediate reach and organised activities that can keep them both mentally and physically fulfilled," she said.
Ms Park said senior citizens often reside with their children, but the lifestyle needs of different generations are not the same. In addition, the designs of homes and availability of support services, especially in terms of healthcare, may not be ideal for older parents.
The Aspen Tree's homes are designed as high-end condos and sky villas, with design features that make them safer and more practical. They provide support services, whether it be for specialised healthcare needs or other needs both around the house and outside the house.
Under The Aspen Tree's "lifetime care" concept, a single, one-time home and services payment offers residents a lifetime of health insurance that covers medical needs until they reach 99 years old, 24/7 care support and weekly housekeeping services.
There is also daily breakfast, catering for special dietary needs, access to a purpose-built wellness clubhouse where regular physical and mental fitness programmes are organised, along with social activities such as arts and crafts workshops.
The Aspen Tree has an onsite Health & Brain Center where more specialised medical services are provided for residents, if required.
Ms Park said the comprehensive nature of the residential offerings are meant to reduce uncertainty in people's lives.
"The Aspen Tree's lifetime care concept removes some of the biggest concerns for people over 50. The extensive range of support services means that residents can enjoy an active lifestyle without depending on assistance from friends and relatives in their day-to-day lives as their age advances," she said.
The payment structure also reduces financial uncertainty because there are no common area fees to pay, which could otherwise increase unpredictably over the years, said Ms Park.
There is also no need to be concerned about the rising cost of medical insurance because it is included in the purchase price, she said.
Vithaya Sintharapantorn, senior vice-president for marketing projects, said Thailand has one of the world's most rapidly ageing populations. In 1985 only 6% of the population was aged 60 or older, but now the rate has more than tripled to 20%.
The UN's World Population Prospects study forecasts there will be about twice as many people aged 60 or older by 2050 than there are today, which means about one in every three people in Thailand will be a senior citizen.
He said the working age population in Thailand is declining and within two years, for the first time the forecast projects more older people in the country than there are children.
"This trend means a growing number of people will be looking for homes where they can receive support to live independently in their golden years, rather than having to turn to their children to take care of all their needs," said Mr Vithaya.
He said MQDC is introducing a new concept, offering one-year and five-year trial packages for some The Aspen Tree residences, starting on May 1, 2023.
The one-year packages are available for one-bedroom and two-bedroom units that are fully furnished, sized between 80-123 square metres, while the five-year packages are available for one-bedroom and two-bedroom units and include health insurance.
"If customers choose to make The Aspen Tree their permanent home at the end of a five-year trial period, we'll credit their payments towards the cost of the lifetime home," said Mr Vithaya.
- Magnolia Development