In ageing Thailand, developers race to supply locals and elderly expats

[webfact]

In ageing Thailand, developers race to supply locals and elderly expats

By Chayut Setboonsarng and Panarat Thepgumpanat

 

A retired woman is helped by a nurse, while staying at the Care Resort in Chiang Mai, Thailand April 6, 2018. REUTERS/Jorge Silva

 

BANGKOK (Reuters) - At 79, Thai businessman Boon Vasin's latest $500 million venture is a bet on a market he knows well - looking after Thailand's rapidly growing population of old people.

 

Not only is Thailand ageing faster than its neighbours, but it is also becoming an increasingly popular retirement option for foreigners attracted by its agreeable climate, low living and health costs and culture of service.

 

"We will look after them from their waking hours until they go to sleep," said Boon, chairman of the Thonburi Healthcare Group Pcl. "This group has big spending capacity."

 

His Jin Wellbeing County is a 'medical city' for Thai and foreign retirees being built across more than two hectares (5 acres) on the outskirts of Bangkok.

 

The first of nearly 500 housing units being sold in an initial phase are being marketed for nearly $130,000, plus additional fees of 7,000-8,000 baht ($224 - $385) a month for meals and services ranging from fitness sessions to excursions.

 

Boon predicts care services will yield recurring profits of up to 240 million baht each year from the project, plus unit sales and medical services.

 

Together with China, Thailand is aging much faster than its regional neighbours. By 2040 it is expected to have the highest share of elderly people of any developing country in East Asia, according to the World Bank.

 

Thailand has 7.5 million people aged 65 and over, a figure projected to swell to 17 million by 2040 - more than a quarter of the expected population.

 

That's partly due to improving medical care extending life expectancies, but also a fall in birth rates from an average of more than six children per woman in 1960 to 1.5 in 2015.

 

In the past, generations of the same Thai family lived under the same roof and elderly were cared for by their offspring. But the changing population balance as well as a shift from the countryside to towns means that's increasingly impractical.

 

Real estate developers are already tapping the market.

 

A residential project worth $160 million by developer Magnolia Quality Development Corporation, which is scheduled to open in 2022, will include a wellness centre offering elderly care services with specialists in areas such as dementia, said chief executive Visit Malaisirirat.

 

All the homes in SC Asset Corporation Pcl's $350 million luxury brand are equipped with designs aimed at the elderly, the group's marketing head, Nattagit Sirirat, told Reuters.

 

This includes shock absorbent floors and wheelchair access.

 

"We worked with Siam Cement, which designed a shock absorbing compound to use in flooring," he said. The company was "closely studying retirement homes and communities" and was considering a partnership with a local private hospital operator to build a retirement community, he added, while declining to divulge predicted returns.

 

A PLACE IN THE SUN

 

For his care home, Boon is focusing on people with an income of over 100,000 baht a month - and not just Thais. The aim is to sell at least 20 percent of the project to foreigners, who are targeted along with locals in marketing materials.

 

"We have Chinese and Japanese buyers who are interested," he said.

 

Boon has partnered with a Chinese agent, Shanghai Losen Sale, to sell 90 units worth 671 million baht to Chinese customers.

 

Thailand did not make the top ten list of International Living's 2018 index for the best places to retire for U.S. expats. Costa Rica was at number one and neighbouring Malaysia at number five.

 

International Living described Malaysia as "easy, English-speaking and First World." English is still not widely spoken in Thailand, particularly outside of the major cities.

 

The state has tried to address this by promoting English as a second language.

 

Many parts of Thailand away from the well-known expatriate enclaves also fall decidedly in the developing countries category.

But it is becoming an increasing draw for retirees.

 

The number of foreigners over 50 who have applied for retirement visas to stay in Thailand almost doubled to nearly 73,000 in 2017 from fewer than 40,000 in 2013, according to immigration bureau data.

 

At the top of the list are Britons - and last year the government launched a campaign to specifically attract British pensioners once Britain leaves the European Union and closer destinations such as Spain become less attractive.

 

Bryan Walker, 78, is one of those retirees attracted by Thailand's food and climate.

 

"It's just so good," said Walker, a former humanitarian aid worker who is considering a number of retirement facilities in the north of Thailand.

 

"I've lived and worked in so many countries. Here the cost of living is wonderful, the climate is superb, although it's a bit hot at times. But the range of food is like nothing I've ever experienced," Walker told Reuters.

 

Peter Brown, owner of the Care Resort Chiang Mai, a care facility in the northern Thai city, set up his business after seeing his mother in a care home in Britain.

 

"I found problems in how they do care. Basically, not enough nursing staff," he said. "I decided on a better way to do this."

The resort began operation in 2012 and around half the guests are now from the United States, he said. An all-inclusive stay, not including medicine, costs around $1,500 a month.

 

"A lot of Americans are not getting healthcare free," he said, emphasizing the importance of Thailand's service culture as a draw.

 

"You can see it everyday in the way the staff interact with the elderly."

 

(Additional reporting Amy Sawitta Lefevre, Wirat Buranakanokthanasan and Jorge Silva in CHIANG MAI. Writing by Amy Sawitta Lefevre. Editing by Lincoln Feast.)

 

-- © Copyright Reuters 2018-04-11

[leeneeds]

Fact of live for many that dementia will take hold, and having a places like these being built, allows for  some better choices on quality of life, some resorts offer buy back options at minimal return,

I found looking at these options tiring and stressing when it comes to a family member, 

as has  a couple of friends, who's mothers are more advanced stages, and they are in Australia, and I feel their stress talking about decisions to be made in the future,

here may be a better option for them,

Generic drugs being the price they are here, and pension money having a great purchasing power, 

 

 

[simon43]

Boon has partnered with a Chinese agent, Shanghai Losen Sale, to sell 90 units worth 671 million baht to Chinese customers.

LoL, can you imagine anything worse than being elderly, in a wheelchair, stuck in a care home full of mainland Chinese.... :)

[Cadbury]

4 minutes ago, simon43 said:

 

 

LoL, can you imagine anything worse than being elderly, in a wheelchair, stuck in a care home full of mainland Chinese.... :)

 

Ha, ha. Playing demolition derby in their wheelchairs trying to get to the prawn plates at the "all you can eat" buffet.

[jaltsc]

"Thailand is aging much faster than its regional neighbours. By 2040 it is expected to have the highest share of elderly people of any developing country in East Asia..." .

 

Just extend Songkran to two months....Population and aging problem solved.

[overherebc]

1 hour ago, simon43 said:

 

 

LoL, can you imagine anything worse than being elderly, in a wheelchair, stuck in a care home full of mainland Chinese.... :)

 

And queue barging with the chinese in wheelchairs on 90 day report days.

[ThorD72]

Outskirts of Bangkok?? Really,.. no beaches.,, horrid humidity,. Traffic a nightmare and possibly end your retirement earlier than expected.

[dickjones2018]

130.000 $ for owning nothing at all ... farang no can own land ... who wants to become demented and still have to do all the immigration dance every year + 90 days ?????

[Khun Paul]

Yes the initial costs are high and there is ZERO guarantees that the care will last my lifetime. Thais are known for scamming and I see this as another one wrapped up in we care for you , once your in , your stuck with what is given. And possibly too old to complain 

Edited April 11, 2018 by Khun Paul
minor changes

[heybuz]

2 hours ago, leeneeds said:

Fact of live for many that dementia will take hold, and having a places like these being built, allows for  some better choices on quality of life, some resorts offer buy back options at minimal return,

I found looking at these options tiring and stressing when it comes to a family member, 

as has  a couple of friends, who's mothers are more advanced stages, and they are in Australia, and I feel their stress talking about decisions to be made in the future,

here may be a better option for them,

Generic drugs being the price they are here, and pension money having a great purchasing power, 

 

 

Pension in Australia you only pay 6.50 for any medication needed,and doctors are free.

Edited April 11, 2018 by heybuz
Missed word

[Odysseus123]

9 minutes ago, heybuz said:

Pension in Australia you only pay 6.50 for any medication needed,and doctors are free.

Yeah..but Heybuz..there are other problems-and most doctors are not free-they are subsidized.

 

Have you ever heard of the NDIS?Makes George Orwell look like a choirboy.

 

Doublespeak,triplespeak...have what you will.

[anon537687643]

All the geriatrics expats in CM have another person/company trying to get their pension and savings ! Long list


Sent from my iPhone using Thaivisa Connect

[Bluespunk]

4 hours ago, webfact said:

A residential project worth $160 million by developer Magnolia Quality Development Corporation, which is scheduled to open in 2022, will include a wellness centre offering elderly care services with specialists in areas such as dementia, said chief executive Visit Malaisirirat.

Granny farming. 

[heybuz]

3 minutes ago, Odysseus123 said:

Yeah..but Heybuz..there are other problems-and most doctors are not free-they are subsidized.

 

Have you ever heard of the NDIS?Makes George Orwell look like a choirboy.

 

Doublespeak,triplespeak...have what you will.

I'm saying what it costs me is minimal, idont pay Medicare levy and for a 70dolllar inhaler from a pharmacy costs me 6.50.now if I was in Thailand with the same problems which I might add are not to bad ,the low food and accommodation costs would be eaten up by doctors and pharmacy costs.so when you're at the stage in life where you need more care Thailand is not that cheap.

[Rimmer]

A couple of off topic posts have been removed, topic is about:

 

In ageing Thailand, developers race to supply locals and elderly expats

 

[DavisH]

3 hours ago, simon43 said:

 

 

LoL, can you imagine anything worse than being elderly, in a wheelchair, stuck in a care home full of mainland Chinese.... :)

 

I didn't have to scroll down far too get put right off the idea!

 

 

[TallGuyJohninBKK]

Somehow, a Thai developer-run elderly care community that apparently focuses on selling condo units doesn't fill me with great confidence for the care quality and longevity of services to be provided. It kind of sounds more like the typical Thai version of "take the money and run."

 

I'd be more willing to place my bet on the farang-run facility in CM that's been around some years and seems to have a pretty decent reputation -- were in not for the seasonally choking air pollution there that's worse for the elderly than anyone else.

 

[Time Traveller]

37 minutes ago, heybuz said:

I'm saying what it costs me is minimal, idont pay Medicare levy and for a 70dolllar inhaler from a pharmacy costs me 6.50.now if I was in Thailand with the same problems which I might add are not to bad ,the low food and accommodation costs would be eaten up by doctors and pharmacy costs.so when you're at the stage in life where you need more care Thailand is not that cheap.

(eyeroll) ok, so for welfare recipients who baulk at paying for anything that they get given for free, then maybe you  won't like thailand. Best stay in your own country and collect the benefits.. But for everyone else who doesn't have the priveledge of getting things paid for by the generosity of other people, then Thailand health care is amazingly cheap.

I think this is a great idea for elderly people particularly with the ridiculously high price of medical care in USA. 

The numbers of foreign (including Australian) medical tourists to thailand speak for themselves. 

 

Edited April 11, 2018 by Time Traveller

[heybuz]

11 minutes ago, Odysseus123 said:

Most GP surgeries do not just charge merely the Medicare levy and no Consultant (or anyone else) actually does in my experience .

 

The pharmaceuticals will depend on the  list otherwisethey are phenomenally expensive.

 

Australia is not a Shangri La and most pensioners are screwed//every which way but loose.

 

Their pension is but a miserable pittance and canned dog food may be on the top of the menu.

You must go to the wrong one's.it. costs me nothing just fuel to drive there.all services I have had were gratis only pharmacy cost do I incur.

[Jeremy50]

'Agreeable climate'  If it's so agreeable, how come all the foreigners complain about the heat the whole time?  The South of France has an agreeable climate, so does California. Thailand does not for most of the year.

Edited April 11, 2018 by Jeremy50
spelling

[heybuz]

15 minutes ago, Time Traveller said:

(eyeroll) ok, so for welfare recipients who baulk at paying for anything that they get given for free, then maybe you  won't like thailand. Best stay in your own country and collect the benefits.. But for everyone else who doesn't have the priveledge of getting things paid for by the generousity of other people, then Thailand health care is amazingly cheap.

I think this is a great idea for ederly people particularly with ridiculously high price of medical in USA. 

The numbers of foreign (including Australian) medical tourists to thailand speak for themselves. 

 

Medical tourists are not on a pension and are seeking mainly cosmetic surgery. although the government calls it welfare it was paid for in a hike in tax levied on workers.the tax has never been repealed. the tax was to pay for the pension.which I paid, also the medical levy when I was working for 55years.

Edited April 11, 2018 by heybuz
Added a bit

[Time Traveller]

3 minutes ago, heybuz said:

Medical tourists are not on a pension and are seeking mainly cosmetic surgery.

That's what i was saying. If you're on a pension, you're best to stay in your own country for the benefits. For those forced to pay for care, then they travel. And I don't know where you get your facts from, but there are many seeking surgery for things that have waiting lists in Australia. I've often heard from Aussies complaining about 2 years + waiting lists for surgery. E.g. like knee/hip surgery. Maybe the aussie medical system works for you, but clearly it doesn't for others. 

My point was go to where the best value is. For many people it's Thailand.

[heybuz]

1 minute ago, Time Traveller said:

That's what i was saying. If you're on a pension, you're best to stay in your own country for the benefits. For those forced to pay for care, then they travel. And I don't know where you get your facts from, but there are many seeking surgery for things that have waiting lists in Australia. I've often heard from Aussies complaining about 2 years + waiting lists for surgery. E.g. like knee/hip surgery. Maybe the aussie medical system works for you, but clearly it doesn't for others. 

My point was go to where the best value is. For many people it's Thailand.

I agree that non life threatening surgery has a long wait list.

[zydeco]

20 minutes ago, Jeremy50 said:

'Agreeable climate'  If it's so agreeable, how come all the foreigners complain about the heat the whole time?  The South of France has an agreeable climate, so does California. Thailand does not for most of the year.

Agreeable enough of a climate for me. But I can't imagine ever being placed in a Thai rest home or any other rest home for that matter.

[sawadee1947]

5 hours ago, webfact said:

For his care home, Boon is focusing on people with an income of over 100,000 baht a month - and not just Thais.

I wonder about the percentage in Thai society who can afford that.

Considering this this govt has to come with a social pension fund to the market, raising funds, just to give the old aged people a livable life.

[TallGuyJohninBKK]

1 hour ago, Jeremy50 said:

'Agreeable climate'  If it's so agreeable, how come all the foreigners complain about the heat the whole time?  The South of France has an agreeable climate, so does California. Thailand does not for most of the year.

 

I think climate view is relative. As a California native, Thailand is a step down for me in terms of the pleasantness of its climate. But if I was from a snowbound place or one with long cold, wet winters, I guess I could see Thailand as a climate improvement.

 

[rickudon]

So how much for an actual unit? 90 units at 600 million plus suggests about 6 million baht (although presumably different sizes). Most individual retirement units in UK are more like one bedroom apartments, as most do not need more. Sounds a bit expensive. Not surprised they are targeting those on more than 100,000 baht a month pensions. As was also raised, i wonder where you stand if you need hospital care that is expensive. Better have a cast iron health plan with no get out clauses.

[metisdead]

Some off topic posts and the replies have been removed.