'AP Thailand' is preparing to launch 'Condos for the New Elderly', the first in the industry     

Expanding its portfolio of condominiums along the skytrain line

  • Highlighting the unique location that easily connects with urban lifestyles, reaffirming its leadership in condominiums along the skytrain line
  • Aiming at the target group of 'Generation X' who will become the 'New Elderly' in the next three years
  • Collaborating with Mitsubishi Jisho Residence (a subsidiary of Mitsubishi Estate Group – MECG) to leverage specialized knowledge, applying the success of elderly housing projects in Japan to Thailand

Bangkok (August 14, 2018) – AP (Thailand), a leader in real estate innovation that meets all urban living lifestyles, reveals its vision for future housing, preparing to expand its portfolio of urban condominiums targeting the new elderly group (The Young Old) transforming from Generation X with purchasing power and financial readiness, emphasizing the unique location in the city center along the skytrain line and the design approach that meets the needs of residents through collaboration with Mitsubishi Jisho Residence (a subsidiary of Mitsubishi Estate Group – MECG), a business partner that will transfer specialized knowledge from successful elderly housing projects in Japan.

Mr. Witakarn Janthawimon, Deputy Managing Director of Corporate Strategy and Innovation of AP (Thailand) Public Company Limited stated that “AP is a leader in developing urban condominiums along the skytrain line with a key mission to deliver a good quality of life in housing that covers all dimensions. Therefore, we are moving forward to innovate and develop solutions that enhance and elevate living standards with quality, convenience, and safety, while truly understanding the meaning of quality of life that customers genuinely desire and sustainably. To align with the global trend of entering an aging society (Senior Population Trend), we are leveraging AP's advantages in condominium development, including location, space design, and knowledge transfer from Mitsubishi Jisho Residence (a subsidiary of Mitsubishi Estate Group – MECG) to expand our condominium product portfolio to the market of “New Elderly Customers” (The Young Old) who have financial readiness by developing urban condominiums for the new elderly that integrate the differences of all generations into one. Currently, we are conducting in-depth studies, and by 2020, AP will be the first real estate developer in the industry to start developing urban condominiums for this new elderly group, where every area caters to the living needs of all generations.”

Information from World Population Ageing by the United Nations ranks countries in Asia, revealing that by 2030, Thailand's elderly population will increase to 19% of the total population, ranking third after Singapore and Japan. Observing domestic trends, it is evident that the future trend shows a decrease in the child population compared to the elderly population. Therefore, it is crucial to prepare for the impending aging society.

“AP does not only focus on current housing development but also looks towards addressing the needs of future residents. For the urban condominiums for the new elderly that we are about to develop, the target group is not the elderly from the Baby Boom era but rather the 'Generation X' of today, who are currently aged approximately 37 – 57 years (born between 1961 – 1981) and are about to step into being 'The Young Old'. The design of housing for the new elderly must adapt various functionalities and create differentiation in the products delivered. Additionally, current housing or communities for the elderly are often located far away or in rural areas. Therefore, we see a gap and an opportunity to develop condominiums that meet the needs of this new elderly group, which will stand out with design and location in the city center,” Mr. Witakarn added.

“Moreover, the company has received excellent cooperation from Mitsubishi Jisho Residence (a subsidiary of Mitsubishi Estate Group – MECG) in transferring knowledge in the elderly business, which is well known for having the highest and rapidly increasing proportion of elderly people in the population globally. Developing a business to accommodate the elderly is quite complex. I am confident that this new condominium concept, in addition to being designed to ensure that the living space functions align with daily routines, will help residents of all generations, especially the new elderly, to live conveniently, be self-sufficient, reduce accidents, and prevent incidents during various activities, will also stand out with its location along the skytrain line, easily connecting with urban lifestyles, which has always been a hallmark of AP condominiums,” Mr. Witakarn concluded.

 

Thank you for the information from www.apthai.com