"Doing All the Cooking and Cleaning" Moved into a Rented House from Owned Home [Senior House]

[2-1] Their Own League

1st Generation Luxury Senior Housing The Classic 500
Majority Professionals and Entrepreneurs
Elderly Couples Moving In to Relieve Household Burden

A 7,600㎡ (2,300 pyeong) fitness center located in the heart of downtown Seoul. Elderly members in their 80s with white hair stood in front of exercise equipment. Beside them, professional trainers were busy providing one-on-one guidance and explanations. At the same time, grandmothers dressed in home clothes were checking the menu at ‘Lester,’ the members-only communal dining hall. That day’s lunch side dishes were herbal steamed chicken and seaweed pancakes with rock octopus. When staff handed over neatly prepared lunch boxes, the grandmothers slowly walked over and pressed the elevator button.

This is a typical weekday afternoon scene at ‘The Classic 500,’ Korea’s first-generation luxury senior housing. Despite housing a total of 385 units and over 600 elderly residents in a 50-story building, the atmosphere was quiet to the point of tranquility. Most residents here are professionals or businesspeople who commute, so the building is almost empty during working hours.

The Classic 500 raised its deposit from 900 million KRW to 1 billion KRW last month. According to the website, monthly fees including usage fees, common maintenance fees, unit management fees, and meal costs amount to nearly 5 million KRW per person. One resident explained, “If you want to use the fitness center, spa, and screen golf, you have to pay extra fees,” adding, “When you add various optional services, it costs about an additional 1 million KRW per month.”

▲A resident of The Classic 500 is exercising at the fitness center on the 23rd of last month.

Although prices have soared, it remains popular enough that you have to wait over two years to move into a preferred lower floor. The main residents are elderly people who used to live in Gangnam, Seoul. Many sold their homes as rental properties and moved here. Considering that the residents are wealthy, private banking (PB) centers and securities firms catering to VIP clients have also opened branches here.

Mr. An Gi-won (85, pseudonym), who lived here, said, “They cook all the meals, clean, help with exercise, and there’s a university hospital right next door. I exchanged investment information and had good conversations with members I met in clubs. For elderly people who ‘have some means,’ there’s no place more comfortable to live, so I stayed for over 10 years.”

The average age of residents is well into their 80s. Since opening in 2009, the average age has increased as the elderly residents have aged. The Classic 500 operator said, “It is also characteristic that many couples move in to enjoy the advantage of reducing household burdens.”

[2-1] Their Own League