Aegis Asset Management is expanding housing alternatives in South Korea, which is on the verge of entering a super-aged society. It became the first domestic asset management company to supply a silver town through fund formation.
Aegis Asset Management announced on the 4th that it opened the premium silver town ‘KB Golden Life Care Pyeongchang County,’ supplied in collaboration with KB Golden Life Care, a subsidiary of KB Life Insurance, at the end of last month.
Pyeongchang County, KB Golden Life Care’s first silver town, was developed in Pyeongchang-dong, Jongno-gu, Seoul, with a total of 164 units spanning from two basement floors to five above-ground floors. It is located on Pyeongchangmunhwa-ro in Jongno-gu, 4 km in a straight line from Seoul’s Central Business District (CBD). Adjacent to Bukhansan and Bugaksan mountains, it is evaluated as having an excellent location both in terms of natural environment and residential facilities. This is a case where an existing building was remodeled into a silver town by forming a real estate fund, and tenant recruitment is currently underway.
A silver town refers to customized residential rental facilities for the elderly. It actively addresses safety and health issues required by the elderly and is equipped with services and facilities to solve social isolation issues.
KB Golden Life Care Pyeongchang County provides concierge services by dedicated social workers for the comfortable living of residents. In addition to 24-hour emergency response services, it operates health support services for residents, such as monitoring stress and sleep quality through health monitoring sensors installed in each unit and detecting emergencies during sleep.
Furthermore, community facilities such as a luxury spa, GX room, massage room, fitness center, health care room, and cultural leisure program room, as well as essential convenience facilities for the elderly like a rooftop garden and primary medical institutions (clinics and hospitals), are provided within the building to ensure a comfortable old age.
As South Korea is expected to enter a super-aged society (where the population aged 65 and over accounts for more than 20% of the total population) by the year after next, the need to expand the supply of silver towns is increasing. Silver towns are broadly classified into urban, suburban, and rural types. According to Aegis Asset Management, demand is particularly growing for urban types, which are adjacent to hospitals and cultural and hobby facilities and allow sharing living areas with children.
The facility operation is handled by KB Golden Life Care, a subsidiary of KB Life Insurance. KB Golden Life Care operates nursing facilities and care centers in Seocho, Wirye, and other areas, and plans to showcase premium senior life care services tailored to the elderly at Pyeongchang County based on years of accumulated know-how.
An official from Aegis Asset Management said, “Silver towns are a generalized model in advanced overseas countries that have prepared ahead for an aged society, and they will spread in South Korea as part of social care for the increasing elderly population. Starting with the supply of this premium silver town, we will continuously provide new housing alternatives for the elderly and investment opportunities aligned with structural changes for investors.”
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