[Construction in] "Symphonia for Active Seniors Who Care for 'Na'"

Choi Deok-bae, Executive Director at HanmiGlobal D&I
Senior Residences, a High-Growth Sector
'Wirye Symphonia' to Debut in March Next Year
Focus on Health... Resident 'Integration' is Key

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Choi Deok-bae, Executive Director of Hanmi Global D&I, is explaining the senior residence 'Symphonia' to be supplied in Wirye New Town, Songpa-gu, Seoul, in an interview with Asia Economy. / Photo by Hanmi Global D&I

In March next year, 'Symphonia,' a residence for upper-middle-income seniors, will make its debut in Wirye New Town, Songpa-gu, Seoul. Symphonia, supplied by Hanmi Global D&I, a subsidiary of Hanmi Global, will be built with 115 households. Residents will be recruited in the first half of this year, and operations will begin in March next year.

At a meeting last week at the Kyobo Tower office near Sinnonhyeon Station, Choi Deok-bae, Executive Director of Hanmi Global D&I, said, "We have only recently begun full-scale marketing, but we have been studying this business sector for five years and purchased the land four years ago." He added, "The stereotype that people grow weak and sick with age and must enter nursing homes is becoming obsolete as there are more 'active seniors' who own a certain level of real estate and financial assets," and said, "We see this as a field with great growth potential."

The proportion of the elderly population aged 65 and over is rapidly increasing. According to Statistics Korea, the elderly population increased from 6.54 million in 2015 to 9.5 million last year, accounting for 18.4% of the total population. This proportion is expected to grow to 34.4% by 2040. Among them, the 50s and 60s generations, who have more economic freedom compared to past elderly groups and continue to spend on themselves after retirement, are regarded as active seniors, and the senior industry targeting them is growing. Senior residences are also gradually expanding as part of this trend.

However, the active seniors mentioned by Executive Director Choi are not simply a group defined by age. They include all those who travel and maintain their lifestyle. These individuals want residential spaces that provide community services for seniors, such as meal provision and medical check-ups, and this demand is concentrating on senior residences, according to Executive Director Choi. He added, "There is a growing trend of admissions even among those who are not in the late elderly stage."

Symphonia in Wirye focuses on 'health' in terms of services. Executive Director Choi said, "There will always be a restaurant serving healthy meals and a fitness center, and nurses will be on site," adding, "We also plan to introduce programs linked to Dr. Lee Si-hyung's Serotonin Culture Center, a promoter of the happiness hormone 'serotonin'." Concierge services that take care of the overall convenience of residents' lives are also indispensable. Furthermore, they are considering providing services through 'talent donation' by professional residents.

Additionally, Executive Director Choi emphasized, "(The decision to move in) is a part of organizing one's life direction," and said, "Harmony with others is also important." For the elderly, there are many considerations when deciding on a living space. No matter how good the location is, decisions by family members such as spouses and children are reflected due to issues like inheritance. Moreover, senior residences are also communities, and residents who do not fit in with this lifestyle may be asked to leave. He pointed out, "Eviction cannot be legally enforced, and operators and residents must form a committee to make reasonable decisions," adding, "Leaving due to poor health is a different matter."

The deposit for the rental-type Symphonia in Wirye is undecided. Executive Director Choi said, "We will review actual transaction records in the Wirye area to ensure the deposit burden is not heavy." He also mentioned that they are considering whether to set an upper age limit for residents. Regarding the recent government announcement allowing 'sale-type' silver towns, he analyzed, "Since it targets depopulated areas, it is not a consideration for us, but from a business perspective, sale-type offers higher short-term profits, whereas rental-type has the strength of generating continuous income."