With abundant economic power and purchasing ability, the emergence of Generation A, who do not hesitate to spend on themselves, has led to the popularity of high-end senior residences. This is interpreted as reflecting the needs of Generation A, who want to enjoy a prosperous daily life based on differentiated product qualities.
Generation A is a term derived from the first letters of English words such as Ageless, Accomplished, and Alive, referring to ‘active seniors’ who remain vibrant and active in their later years with strong economic power.
According to the ‘2023 Household Financial Welfare Survey Results’ published by Statistics Korea, the Financial Supervisory Service, and the Bank of Korea, the net assets of Generation A aged 50 and above were 491.84 million KRW, more than twice the net assets of 236.78 million KRW held by the MZ generation aged 39 and below.
What is noteworthy is that Generation A does not spare time or cost when it comes to consumption for themselves, based on their solid economic power. An analysis of payment data from BC Card’s Data Business Division for customers aged 60 and above from January to August 2023 showed that the sector with the highest increase in payment amount compared to the same period in 2022 was travel, which increased by 96%. This was followed by duty-free shops (83.5%) and health foods (50.5%).
Accordingly, high-end senior residences with differentiated product qualities through recent premiumization have attracted the attention of many consumers. For example, ‘VL Le West,’ supplied by Lotte Construction in the Magok MICE complex in Seoul, is gaining attention for its hotel-style dining service.
The ‘hotel-style dining’ service plans to provide various therapeutic meals such as seasonal health foods tailored to residents’ health conditions, including those for hypertension, osteoporosis, and low-sodium diets, prepared by professional hotel chefs. Premium dining menus for gatherings and banquets are also being prepared.
In addition, services such as reservation assistance, business support, mail management through ‘hotel-style concierge service,’ ‘housekeeping service’ that allows various cleaning tasks inside the units twice a week, and a ‘one-stop service’ that handles various inquiries and requests through a single channel are provided.
Furthermore, personalized health management will be offered through the ‘Bobath Memorial Hospital Health Management Center,’ and through an agreement with Ewha Medical Center, residents can receive immediate medical services using a dedicated resident counter at ‘Ewha Seoul Hospital’ near the complex. Various healthcare systems are also applied inside the units. Residents’ vital signs are monitored in real-time via motion detection sensors to provide health care according to the situation, and an emergency call system is installed for prompt response in urgent situations.
Facilities include an indoor golf practice range where golf practice is possible regardless of weather, a GX room, a Pilates room, and spa and sauna facilities to recover from daily fatigue. Additionally, there are reading spaces, an AV room for watching various videos, and Salon de VL, where neighbors can have casual conversations.
Meanwhile, ‘VL Le West,’ currently in the final stages of contract signing, is located in the Magok Urban Development Project area in Gangseo-gu, Seoul. It consists of four buildings ranging from six basement floors to 15 above-ground floors, with a total of 810 units sized between 51㎡ and 149㎡.
Currently, initial residents are offered a benefit of frozen rental deposits for 10 years, a fixed contract deposit of 10 million KRW, 5% interest support on 10% of the contract deposit, and 50% interest-free installment payments, reducing the burden on consumers.
The model house is located in the Mok-dong area of Yangcheon-gu, Seoul.
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