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There is a market for senior housing

Posted by georgechai on June 22, 2011
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Global ageing population is encouraging the development of specialized housing specifically for senior citizens only. According to Gray & Perkins Lawyers, Sydney, partner Bernard Tan, ageing population especially in China has dependency on fewer children. Hence, it offers more opportunities for developers to get involve in property developments incorporating age-appropriate features catered for senior citizens.

Tan said the latest statistics derived from United Nations data showed that currently one out of 10 individuals are 60 years and above and by 2050, the figures will reach by one out of five and finally, by 2150, one out of three persons are over 60 years and above.

Based on these statistics, it is believed that there is a market for specialized housing catered for senior citizens. He named some of the age-appropriate features to be incorporated in these developments such as hospital, nursing homes, on-care services as well as meals.

Specialized housing accommodation for senior citizens in Asia is still growing and developing. Tan said Malaysia’s real estate market for these specialized housing must consider a number of factors including differences in cultures and religions as well as government’s role in determining the success of the project.

Therefore, Tan said it is important for the developers to work with government and religious organizations in order to produce a model design and plan for senior citizens.

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