There’s always a silver lining for the silver age.
The second home of choice for the elderly is hopefully booming.
Over the past five years, local leading property developers and joint ventures have been expanding into the retirement home market and building various types of investment projects in Bangkok and major tourism destinations. Today, Thailand is one of the best places for retirees to enjoy their golden years.
According to a UN report, the greying population is now a global phenomenon and one of the most significant social transformations of the 21st century. The number of older persons aged 65 years or over is projected to double to 1.5 billion in 2050 from 703 million in 2019.
For its part, Thailand will officially become an aged society next year when the proportion of elderly, defined as aged 60 or over, reaches 20% of the total population, and a super-aged society in 2031, with those aged 65 or older accounting for at least 20%.
CBRE Thailand, a leading property consultant, predicts that seniors living in Thailand will represent a key growth sector in the elderly care business over the next decade. Its survey revealed the most popular destinations for retirement communities include Bangkok, Pattaya, Phuket, Hua Hin, and Chiang Mai with Ayutthaya, Khao Yai in Nakhon Ratchasima, Chiang Rai and Nong Khai also showing potential.
Retirees usually want to live in a place that offers a good quality of life and the opportunity to remain active. Their priorities include climate, local lifestyle, cost of living, healthcare, access to long-term visas, and modern facilities. A lot of senior citizens dream of moving to a tropical city where they will not have to shovel snow or put up with cold freezing weather.
Over the past few years, several leading property developers have made a head start in the wellness market. The four big players; namely, Nye Estate, Chewathai, L.P.N. Development, and CH. Karnchang, formed a joint venture to develop the Kamala Senior Living project in Phuket with a total value of 3.5 billion Baht. Managed and operated by Otium Living, an international senior living specialist, the developer says that Kamala will create a benchmark for luxury retirement property in Asia.Otium Phuket, Source: otium-living.com/phuket/
Magnolia Quality Development Corporation (MQDC) is developing the Forestias, the largest mixed-use development project in Thailand with an investment value of 125 billion Baht. Located on 300-rai of land on Bangna-Trat Road Km 7 in the Eastern Economic Corridor (EEC), it is the first project to provide a massive, seedling- and sapling-planted 30-rai forest area at its core that anchors a diverse and rich ecological system. MQDC expects to launch the project early in 2021 on the concept “For All Wellbeing”. The Aspen Tree under the Forestias, Source: theaspentree.com
M.K. Real Estate Development recently announced a plan to move into the senior living property sector. It will partner with Bumrungrad International Hospital to develop its first wellness villas with the project details expected to be announced in the last quarter of 2020.
With 40 years of experience in medical care, Thonburi Healthcare Group created Jin Wellbeing County as Thailand’s first comprehensive residential complex with superior healthcare services and lifestyle facilities for retirees and their families. Located on a 140-rai plot on Phahonyothin Road in Khlong Luang district, Pathum Thani, the first phase of the project worth four billion Baht features residential buildings, aged care, and a wellness centre.
Meanwhile, Japanese real estate developers are also eyeing business opportunities in Thailand through joint ventures with local firms. Tokyo Corporation partnered with Sansiri and Samitvej Hospital to develop a Wellness Residence in Bangkok’s Krungthep Kreetha area. Thanks to Tokyo’s well-being solutions and Samitivej’s world-standard healthcare service, the residence features an aesthetic universal design with a combination of space planning and ergonomic functions.
Anabuki Kosan Group, a Japanese firm specialising in assisted living management and nursing care, formed a joint venture with Tanasiri Group in June 2020, to develop a residential project for local and foreign retirees. The joint venture, Anabuki Thanasiri (Thailand), will introduce its first residential project near the Chao Phraya River in Nonthaburi in the last quarter of this year.
At present, Thailand, Malaysia and Vietnam are listed as the best countries in which to retire, according to rankings by the International Living magazine. According to the Immigration Bureau, the number of applicants aged 50 years and over for Non-Immigrant Visa O-A (one year) in 2019, totalled 80,950 foreigners. The top 10 nationalities applying for a retirement visa in Thailand (as of 2018) were American, Australian, British, Chinese, Dutch, French, German, Japanese, Norwegian, and Swiss.