The Evolution of Silver Housing with the Emergence of 'Eldertainment'... Spotlight on 'VL Le West'

- High-end senior residence equipped with conditions for enjoying various leisure activities
- ‘VL Le West’ featuring professional-grade community facilities within the complex

Active seniors who want to enjoy life based on abundant economic power and leisure time are leading changes in trends in the real estate market, and trend changes are occurring even faster in silver housing, where active seniors are the main demand group.

As evidenced by the emergence of the new term Eldertainment, the recent trend in silver housing is the possession of specialized community facilities where various leisure activities can be enjoyed within the complex. Eldertainment is a compound word of the English words Elder + Entertainment, referring to the senior demographic that actively enjoys leisure activities. A key characteristic is a clear tendency to actively spend on leisure activities for self-development and personal enjoyment.

In fact, according to the market size and outlook data for the age-friendly industry released by the KDB Future Strategy Research Institute’s Industrial Technology Research Center, the market size for senior leisure activities grew from 9.3034 trillion KRW in 2012 to 26.2331 trillion KRW in 2020, recording a growth rate of about 181%?nearly tripling in about eight years. This shows that unlike previous senior generations, active seniors are proactive in value consumption for themselves.

Meanwhile, Lotte Construction’s ‘VL Le West,’ currently being supplied in the Magok MICE complex in Seoul, offers an indoor golf practice range and putting lounge where residents can enjoy golf practice regardless of the weather, as well as a book lounge, an AV room for watching videos, an IT education room, karaoke, lesson rooms for learning various activities, and a lifelong education center within the complex.

Additionally, numerous community facilities that help residents recover from fatigue, such as a sauna, medical care zone, and multi-therapy care, will be provided. Various classes will also be prepared. A wide range of individual courses such as barista training, gardening, and baking, as well as group class programs, will be offered extensively, and various linked services will be provided to suit the tastes of active seniors who enjoy diverse activities.

First-time contract holders will be given a free one-year membership to the ‘Trevi Club,’ a membership of Lotte affiliate hotels, allowing them to receive various benefits when using rooms, restaurants, and other facilities. Additionally, one discount ticket for Lotte Skyhill CC, operated by the Lotte Group, will be provided.

‘VL Le West’ is being developed with 810 units across 4 buildings, ranging from 51㎡ to 149㎡ in exclusive area, from 6 basement floors to 15 above-ground floors. Currently, initial residents are offered a 10-year rent deposit freeze benefit, a fixed contract deposit of 10 million KRW, 5% interest support on 10% of the contract deposit, and 50% interest-free installment payments for the intermediate payment, reducing the burden on buyers. Furthermore, priority is given to residents rather than waiting applicants, allowing unit type changes if vacancies occur after moving in.

The model house for VL Le West is located in the Mokdong area of Yangcheon-gu, Seoul.