- Entering a super-aged society, the situation intensifies... Senior generation emerges as a 'key demand segment' across the economy
- Senior-tailored silver housing is scarce and highly valued... Urban locations and small types especially in spotlight
As society enters a super-aged phase, senior residences are gaining attention. Recently, although the senior generation has emerged as the main consumer base across the economy, housing facilities tailored to their needs are significantly lacking. Consequently, the industry anticipates a competitive race to secure senior residences based on their rarity.
According to data from Statistics Korea, as of June this year, the elderly population aged 65 and over (9,492,582), which accounts for about one-fifth of the total population (51,392,745), is expanding its influence across the economy, led by the consumer market.
An analysis by KB Kookmin Card of usage data from about 20 million credit and check card members in May this year shows that the year-on-year growth rate of sales in major online and offline sectors by generation was 11% for ages 20-49, 15% for ages 50-64, and about twice as high at 24% for those aged 65 and over.
The reason seniors have risen as major consumers is that they are the "Power Silver," owning nearly half of Korea's assets. According to a survey by the Seoul Institute last year, the net assets held by those aged 60 and over, combining financial assets and real estate, accounted for 46% of the total.
This is why companies are extensively revising their management strategies to cater to the silver generation. Recently, senior residences featuring hotel-style residential services, senior-customized communities, and medical services, along with various specialized product features, have been emerging one after another. Among these, senior residences located in the heart of the metropolitan area, where about 44.6% of the population aged 65 and over?4,231,457 people?reside, are especially popular. Seniors prefer urban centers with well-established infrastructure and proximity to their children's residences over suburban silver housing with less accessibility.
A representative example is "VL Le West," supplied by Lotte Construction in the Magok MICE complex area in Seoul. VL Le West, developed on six basement floors to 15 above-ground floors across four buildings, boasts excellent accessibility due to its location in downtown Seoul. It is within walking distance of a triple station area including Magok Station on Subway Line 5, Magoknaru Station on Subway Line 9, and the Airport Railroad.
Nearby, large shopping malls and cultural facilities such as Lotte Mall, Lotte Cinema, and the LG Arts Center Seoul, a large-scale performance hall, are concentrated, providing easy access to diverse cultural, shopping, and living infrastructures. Additionally, the approximately 504,000㎡ "Seoul Botanic Park," equivalent to 70 soccer fields, is connected via an underground pedestrian passage. Seoul Botanic Park plans to offer various walking programs, allowing residents to enjoy diverse leisure activities.
Specialized designs that satisfy high-level seniors also attract attention. Lotte Construction plans to provide senior housing layouts it developed, including "one-room one-bath" floor plans reflecting the independence of active seniors, sliding doors and no-step designs throughout all units considering physical and safety aspects, and a circular flow layout within units. These features minimize movement within the complex for senior residents.
The complex offers a variety of floor plans ranging from 51㎡ to 149㎡, with a high proportion (68.89%) of small to medium-sized units between 51㎡ and 79㎡, providing practical layouts. In particular, even the 51㎡ units maximize openness using pocket doors and circular flow layouts and include ample storage space such as walk-in closets.
Moreover, the "Bespoke Balcony" design, which allows balconies to be specialized according to individual lifestyles?such as garden type, health type, and PET type?is applied even to the 51㎡ units, enhancing practicality. Additionally, smart daily living is enabled through an "IOT system" within units, including emergency call systems, motion detection sensors, cooling systems, and healthcare systems, allowing for convenient and healthy everyday life.
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