Real estate developer AP (Thailand) Public Co Ltd is expanding its portfolio of urban condominiums to cater what it has called the “young old”.
“We set our sights beyond developing today’s residences as we look to meet the needs of residents in the future,” said Chief of Corporate Strategy and Creation Vittakarn Chandavimol. “The target customers for the urban condominiums we are developing are not the baby boomers, but members of ‘Generation X’, those who are 37-57 years old, born in 1961-1981. They are about to become ‘the young old’.”
He said designing residences for the young old requires a readjustment of the functions of existing residences and differentiation in the products.
Residences and communities of the elderly are often located deep in the provinces and far from urban conveniences.
“So we see an opportunity to offer condominiums that cater specifically to senior people. Our condominiums will feature outstanding design and will be located in the city centre,” Vittakarn said.
To keep up with the growing senior population, AP is ready to take advantage of its strengths in condominium development – location, design and know-how shared by its business partner, Mitsubishi Jisho Residence of the Mitsubishi Estate Group – to expand its portfolio of condominiums catering to the young old who are in a strong financial position.
“Japan has the highest proportion of seniors in Asia and is also among the fastest-ageing nations in the world,” Vittakarn said. “The development of businesses for the elderly is rather complicated. That’s why it is so beneficial for AP to receive great cooperation from Mitsubishi Jisho Residence, which keeps sharing insights on businesses for the elderly.
“By 2020, AP aims to be the industry leader in the development of urban condominiums for the young old – properties where spaces are designed to facilitate the harmonious co-habitation of all generations.”