Demand for retirement homes rising due to ageing society

PETALING JAYA: Senior citizens are doing it their way by choosing to spend their golden years in retirement homes which has resulted in a rising demand for “retirement villages” or alternative living arrangements away from their adult children.

“There is naturally a growing market for retirement homes targeting affluent, wealthy and healthy seniors, but ultimately we are not talking enough about home-based or community-based care and support,” he said.“Instead, the focus and pre-occupation is on real estate and lifestyle plays that are not really reflecting a need but a want. I think at any age, we would all love to live in a full-service residence where all the cleaning, cooking and washing are done for us.

However, he said there is also a question whether this will be affordable given the absence of a long-term care financing model.According to Sunway Senior Living Sdn Bhd, the take-up rate for its Sunway Sanctuary senior living facility has hit 30%. The minimum age for residents is 55. The youngest resident at Sunway Sactuary is 62 years old while the eldest is 96.

“The demand for retirement homes is indeed increasing, reflecting a shift in societal norms and preferences. The take-up age for retirement is also lower from over 75 years to below 70 years. There are several factors contributing to this trend,” he said.

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