Hyundai Construction Partners with Shinhan Lifecare to Develop 'Senior Housing Model'

Yangsa Signs Senior Housing Model Development MOU on 24th

On the 24th, Lee Dong-hoon, Head of Development Business at Hyundai Engineering & Construction (left), and Woo Seok-moon, CEO of Shinhan Lifecare (right), are taking a commemorative photo after signing a business agreement on senior housing development cooperation at Hyundai Engineering & Construction headquarters in Jongno-gu, Seoul.

Hyundai Construction is embarking on the development of senior housing models in preparation for the ultra-aged society. On the 24th, Hyundai Construction signed a business agreement with Shinhan Lifecare at Hyundai Construction's headquarters located in Gye-dong, Jongno-gu, Seoul, to develop senior housing models.

Through this agreement, both companies agreed to cooperate in joint investment and development for the creation of elderly welfare housing business models and the promotion of elderly welfare housing public projects. As the baby boomer generation born between 1955 and 1963 enters the elderly population and the ultra-aged society approaches, Hyundai Construction is applying products for seniors in multi-family housing and participating in senior housing development projects.

Shinhan Lifecare is a subsidiary dedicated to senior healthcare under Shinhan Life, a life insurance affiliate of Shinhan Financial Group. It launched as an independent corporation earlier this year and is currently preparing to establish four nursing facilities and two silver towns.

As a specialized brand for senior care services, it operates daycare centers, nursing facilities, and complex silver town facilities. It plans to establish a system linking facilities and services based on health conditions for late elderly individuals aged 75 and older. In particular, through collaboration among group companies, it aims to create silver towns encompassing everyday services such as finance, medical healthcare, culture and arts, and leisure sports.

Based on this agreement, Hyundai Construction plans to develop an optimized housing model for the senior generation by combining its long-accumulated residential construction technology and know-how with the experience and specialized systems secured by Shinhan Lifecare through operating elderly residential welfare facilities.

Meanwhile, Hyundai Construction has signed agreements with global leading companies in biotechnology and genetic testing and a leading domestic IT service company to configure residential spaces that can comprehensively manage residents' lives. Hyundai Construction intends to propose ultra-personalized customized health housing.

A Hyundai Construction official stated, “As the aging rate accelerates, the need for residential spaces considering the senior generation will also expand,” adding, “We will create synergy in housing model and product development through early partnerships with senior healthcare specialized companies.”