Logo of Phnom Penh Post newspaper Phnom Penh Post - Ageing Thailand society spells promise for retirement housing

Ageing Thailand society spells promise for retirement housing

Content image - Phnom Penh Post
Kobkan Junhasavasdikul, cheif medical officer of Bangkok’s Jin Wellbeing Country. the nation

Ageing Thailand society spells promise for retirement housing

(The Nation (Thailand)/ANN): Private investment in retirement homes is on the rise in Thailand, with Thonburi Healthcare Group among those companies eyeing the market potential amid an ageing society.

The company has developed Jin Wellbeing on a large site in Greater Bangkok.

“Our mission is to return healthy elderly people back to society,” said Kobkan Junhasavasdikul, chief medical officer of Jin Wellbeing Country. “We are not a property developer but a company specialising in the healthcare business.”

Kobkan, who has been working in integrative wellness for 15 years, believes that the project will serve the needs of Thailand, given the Kingdom’s transformation into an ageing society.

The aim is to support people aged over 60 who are deemed active or with assisted-ageing needs to buy residential units.

The project comprises 1,380 residential units, an aged-care centre and a wellness centre.

The aged-care centre will offer services for those who need assistance from medical staff. The wellness centre will serve as a place to exercise, perform mindfulness meditation, or take part in aqua-therapy and other activities designed to help the elderly make changes towards a healthier lifestyle.

“We want to help the elderly to achieve good physical and mental fitness so that they can continue working – if they wish - to earn a living until they reach 80 years old,” Kobkan said.

The starting price of units in the project is 4 million baht ($120,000), which is quite expensive when compared with nearby ordinary condominiums in the Rangsit area of Pathumthani province, north of central Bangkok, concedes Thitaree Yoovidhya, chief marketing officer.

Apart from the medical and wellness services, the project also offers natural space and the residents can even grow their own produce in the small vegetable farm on the estate, she added.

Kasikorn Research Centre estimates that investment in large retirement community projects between 2018 and 2020 would reach about 6 billion baht, leading to accumulated investment of about 27 billion baht by 2020.

Kasikorn said many investors have seized on the potential of businesses that cater to the growing number of senior citizens, whose ranks make up almost 20 per cent of the population.

The research centre said that investment in retirement estates in suburban Bangkok and other provinces between 2012 and 2017 was 17.7 billion baht.

This took accumulated investment in the sector up to last year to 21 billion baht.

There are a number of segments within the market. One such segment provides houses designed for people in the active ageing category.

Housing of this kind can incorporate a universal design that is suitable for all family members living with elderly parents.

Developers are also targeting foreign buyers, given that a large proportion of Thai senior citizens have low incomes.

The number of elderly people with an annual income of at least 300,000 baht is estimated at 530,000, out of a total population of old people projected at 12.3 million by 2020, up from 419,968 and 9.4 million, respectively, in 2014.

Over the long term, Kasikorn predicts that people will save more for retirement, so the ranks of seniors with annual income of at least 300,000 baht would grow to 730,000, out of an overall population of 17.7 million old people, by 2030. This would offer market opportunities for investment in retirement communities.

The government plans to build around 200,000 units for the elderly across the country in the next four to five years.

The Treasury Department, the National Housing Authority and the Ministry of Social Development and Humanity Security are responsible for this project, which is aimed at serving low- and middle-income earners.

MOST VIEWED

  • Crumbling prices, rent ruffle condo segment

    The prolonged decline in international arrivals to Cambodia intensified by renewed Covid-19 fears has driven down condominium sales prices and rental rates in Phnom Penh, a research report said. CBRE Cambodia, the local affiliate of US commercial real estate services and investment firm CBRE Group

  • Over $3M in traffic fines collected in two months

    Traffic police officers collected over $3 million in fines throughout the Kingdom during the past two months when officers strictly enforced the law in accordance with a May sub-decree, officials said. As incentives, law enforcement officers received between 200,000 and two million riel ($50 to $500) each. The figures

  • More than 10,000 workers suspended

    More than 10,000 workers at 18 factories in Svay Rieng province have been suspended because of Covid-19, said provincial deputy governor Ros Pharith. Home to 11 special economic zones, Pharith said Svay Rieng has not been spared as the pandemic takes a toll on the global economy. “There

  • Nod given for school exams

    The Ministry of Education, Youth and Sport announced that State-run higher educational institutions can hold examinations to end the academic year, while private schools can organise grade 9 and grade 12 examinations at their premises for two days. However, private institutions have to take measures to prevent

  • Oz lauds Kingdom’s passage of money laundering laws

    In a press release published by the Australian embassy in Phnom Penh on Monday, the country applauded Cambodia’s stance on transnational crimes as well as its promulgation of an anti-money laundering law and a law on combating proliferation financing. The praise came after King

  • Lotus face masks designed to cover globe

    A French designer in Cambodia has produced ecological face masks from lotus fibre to supply local and international markets with an eye on preserving ancestral techniques and supporting Cambodian women in rural communities. During a trip to Asia, Awen Delaval, an eco-friendly fashion designer, was

  • Accused not treated equally, says CCHR

    The Cambodia Centre for Human Rights (CCHR) has urged the Court of Appeal to do more to ensure that an accused’s right to a fair trial is fully respected. In a bulletin released on Monday, the CCHR said it had monitored 273 cases at the

  • Fish, frogs to boost local food supply

    The government has disbursed more than $4.5 million to boost aquaculture production and domestic market supply amid the Covid-19 pandemic. Minister of Agriculture, Forestry and Fisheries Veng Sakhon told The Post on Monday that in boosting agricultural production, the ministry has received financing from development partners

  • Planning ministry hands out cash to 420,000 poor families in Kingdom

    The Ministry of Planning has identified 20,000 more poor families in the country, bringing the total to over 580,000, while over 420,000 of them have received the government’s cash assistance. In the meantime, many social security cards from families not deemed to be poor have been revoked.

  • Nature in focus at inaugural film and photo festival

    The first Cambodian Wildlife Photo and Film Festival – an event celebrating the conservation of nature through the eyes of wildlife photographers, nature enthusiasts and conservation experts – is scheduled for July 18-26 at Fauna in Focus’ Nature Discovery Centre in Siem Reap. The festival will be