Homes and communities that support longevity are crucial for good ageing, the Bangkok Post Forum was told on Tuesday.
Speaking during the panel ‘Smart Living: the Next Chapter of Ageing in Place’, the assembled experts agreed that these spaces need to be responsive to the needs of residents while maintaining links to the outside world and all age groups.
The discussion was part of the ‘Living Well, Living Long’ forum at Eden Square, CentralWorld.
Peerapong Peerachotiwatra, the CEO of Thonburi Wellbeing, said places that become the home of Thailand’s future elderly will need to be strong in seven dimensions: restfulness, nutrition, exercise, mental health, socialisation, learning and preventive healthcare.
Referring to Jin Wellbeing County, a project by Thonburi Wellbeing, he said the best residential spaces for the elderly of tomorrow will not just rely on cutting-edge technology that supports smart living, but will also embrace a new universal design concept that supports the multitude of lifestyles and lifestyle choices in the communities they house.
‘Universal design is about more than just incorporating wheelchair lanes and disabled access, but rather it means a design ethos that connects everyone who lives there,’ he said.
In addition, high-security areas where 24/7 hospital or medical centres can be accessed by all within four minutes need to exist alongside a fully connected local network of homes that can rely on support being alerted and arriving at the front door equally quickly should an emergency occur.
He also pointed out that this kind of supported-living community has become a popular new investment opportunity as it piggybacks on many of the current wellness trends already sweeping across the global tourism industry as whole, especially among younger buyers.
At the same time, concerns caused by the earthquake felt in Thailand in March this year have led to more demand for the style of buildings being promoted under the Jin Wellbeing banner.
People instantly began seeking low-rise accommodation to mitigate against the potential for disastrous high-rise collapses.
Small low-rises with strong foundations soon became the must-have properties among wealthy buyers shaken by this sudden glimpse of one potential future.
‘As well as being concerned about the strength of a building, prospective buyers are also acutely aware of the scenarios that can occur after the biggest tremors have passed, particularly how they could escape a collapse within a short period of time. Therefore, consumers are deliberately seeking out low-rise buildings,’ Mr Peerapong said.
‘If there is a strong demand for these types of residences, that in itself will drive construction.’
The global wellness industry is projected to grow by 7.3% a year from 2023-28, when it will be worth $9 trillion. The market in Asia alone is already estimated to be worth $1.8 trillion.
In Thailand, tourists also spend billions of baht each year on wellness products and services, noted Rattawat Pasiri, the acting chief financial officer of Thonburi Wellbeing.
‘From the numbers, we can see that the growth in the wellness sector is very strong, and could grow further in the next 3-5 years,’ he said.
Despite this, he said investors need to overcome challenges to make their products attractive to customers, especially when it comes to residences catering to the wellness market.
‘Longevity-supporting real estate needs to be responsive to residents’ lifestyles,’ he said. ‘At the same time, the social security system needs to support their lives as well.’
On the consumer side, he said that this kind of real estate is not exclusively for the aged. People who are in their thirties could start to invest in such residences, for instance, buying to rent out or live in themselves.