BANGKOK (Sept 14) : Investors are on the march to cash in on Thailand’s ageing demographic, with two new retirement home projects worth a combined 10 billion baht (RM1.27 billion) to be launched in the fourth quarter.
The Bangkok Post reported one as Jin Wellbeing County, targeted towards senior people in Greater Bangkok in the middle- to upper-end segment, with the other a luxury senior village at Kamala Beach in Phuket, comprising 191 low-rise condo units and 29 villas for both Thai and foreign retirees, in the high-end segment.
According to John Lee, Jin Wellbeing County’s chief executive, the company will launch the first phase of the integrated residential and healthcare complex with 1,400 condo units worth seven billion baht in November.
“Demand for senior homes is rising,” said Lee, an industry veteran and chairman of Premiere Home Healthcare Co.
“With Thonburi Hospital as a partner, 220 units have already been booked despite no official sales launches.”
Unit prices in Jin Wellbeing County will start at 3.7 million baht. He said construction of the first phase will begin by year end after a final round of environmental impact assessment reports are approved next month. Some 300 to 400 units will be transferred in early 2019.
According to the Bangkok Post’s report, Thonburi Healthcare Group will invest 10 billion baht in the project, which will be located in Phahon Yothin Road in the Rangsit area of Pathum Thani.
Billing itself as the country’s first integrated residential and healthcare complex, the project will include a condo development with an elderly care centre, a nursing home, a clubhouse and a wellness centre.
Each condo unit, sized 43 sq m or 63 sq m, will be attuned to the specific needs of the elderly person, like wider doors for wheelchair access and railings.
This article first appeared in The Edge Financial Daily, on Sept 14, 2017.