"Gangnam Seniors Say 'Don't Ask How Much Here'" [Senior House]

[2-2]"Geubundeureun 'yeogi eolmana' mutji anaseyo"

"Gagyeok sangwan eopseo, seobiseuga jungyo"
VL Reuweseuteu, 149㎡ bojeunggeum 22 eokwon neomeo

On March 20th, elderly visitors toured the facilities at the Lotte VL Le West model house. Photo by Jo Yongjun jun21@

"The elderly who come to sign contracts are financially very well-off. They don’t ask ‘How much is it here?’ Their biggest concern is ‘What kind of services can you provide me? How comfortably can I live?’"

The person in charge of move-ins at VL Le West, which will open in Magok, Seoul next October, explained this on March 20th about the seniors visiting the model home. The deposit for moving in here is even higher than the previous top-tier ‘The Classic 500.’ To move into a unit with an exclusive area of 149㎡ (45 pyeong), one must pay a deposit of 2.264 billion KRW.

The monthly living cost per person starts at 4.25 million KRW. The deposit is equivalent to the price of an apartment in Gangnam, and the living expenses are at the level of a company employee’s monthly salary, yet the largest units were the first to be fully contracted. 95% of the total 810 households have been contracted.

The official hinted, "Since the model home opened last March, it would not be an exaggeration to say that the cars filling the parking lot have all been luxury foreign cars." Seniors preparing to move in receive disease prediction services through genetic testing. Afterwards, they monitor their physical activity in real time via wearable devices provided here and respond to emergencies. They can enjoy hotel-style services in all aspects of daily life, including meals."

On March 20th, the interior of the Lotte VL Le West model house is being organized. Photo by Yongjun Cho jun21@

Grandmother Hamiok (75, pseudonym) said, "Even though I pay 3 million KRW a month to the housekeeper who helps with chores at home, I still have to be cautious and there are many things I need to take care of. I decided to move in with my husband because I think many things can be solved with just a phone call here."

Reasons for choosing this place vary: a couple in their 80s who came to sign a contract and liked it so much that they invited their children in their 60s to move in together; a high-ranking government official couple who decided to move after selling their apartment in Cheongdam-dong; and an elderly couple, former senior executives of a large corporation, who plan to use it as a second house.

Like The Classic 500, there are more couples than single-person households here. Eight out of ten contract holders are in their 70s. This shows that the wealthiest elderly choose to move in not because they are alone or sick and need a facility, but to be freed from housework and live a leisurely life.

A real estate industry insider with experience in selling ultra-luxury senior housing said, "Seniors living in The Classic 500 or VL Le West place great importance on forming networks and want to live among similar people. Looking at the customer base, there are relatively few seniors living on retirement pensions, and the majority are wealthy seniors from the Gangnam 3 districts."