Wellness Residences to Be Owned and Operated by HDC Hyundai Development Company
Not Classified as Senior Welfare Housing, But Seniors Are the Main Target
Housekeeping, Home Meal Delivery, and Healthcare Programs to Be Provided
HDC Hyundai Development Company will begin recruiting residents for the wellness residences at the Gwangwoon University Station area mixed-use development project, 'Seoul One,' this fall. These are rental residences that offer facilities connected to hospitals and concierge services. The key feature is that there are no age restrictions, allowing anyone to move in.
A view of the Gwangwoon University Station area development project 'Seoul One.' The two buildings at the front are operated as wellness residences. Provided by HDC Hyundai Development Company
According to industry sources on April 29, HDC Hyundai Development Company plans to start recruiting residents for the wellness residences in Seoul One as early as September. The residences will consist of two buildings with a total of 768 units, and HDC Hyundai Development Company will own and operate them directly.
Although the wellness residences in Seoul One may appear to be facilities for the elderly, they are actually upscale private rental homes open to all age groups. HDC Hyundai Development Company has identified the elderly as the core target group for the wellness residences, in response to the rapidly aging society. However, the company also took into account the fact that many elderly people prefer to live alongside various age groups. Since these residences are built as multi-family housing, there are no age restrictions for residents. In contrast, existing senior residences such as VL Le West are classified as senior welfare housing, meaning only those aged 60 and above are eligible to move in.
While anyone can move into the wellness residences, specialized services for seniors are provided. HDC Hyundai Development Company has signed an agreement with Asan Medical Center to operate a health screening center and healthcare programs. Residents will have access to outpatient clinics operated by the screening center. In addition to healthcare programs, wellness services such as a golf practice range, fitness center, sauna, as well as hotel-style housekeeping services including laundry and cleaning, and dining services will also be available.
An HDC Hyundai Development Company representative stated, "We will offer healthcare programs for residents aged 60 and above, as well as housekeeping services, home meal delivery services, and a safety check-in service for the elderly," adding, "We plan to provide an integrated preventive medicine solution focused on personalized and remote medical care."
The rent for the Seoul One wellness residences is expected to be similar to that of existing senior residences. For example, at VL Le West, which is scheduled to open in October, the security deposit ranges from a minimum of 600 million won (for a 51 m² unit) to a maximum of 1.8 billion won (for a 149 m² unit), with monthly rent ranging from 1.15 million won to 3.54 million won. At 'The Classic 500,' the security deposit is set at 1 billion won, and the monthly living cost is 2.6 million won (excluding maintenance fees and meal costs).
As the senior market expands, construction companies are rushing to enter the senior residence market. MDM Plus has supplied 'Baegunhosu Prugio Forest Morning' (1,378 units), a silver town and officetel designed for intergenerational coexistence, in Uiwang, Gyeonggi Province. It consists of a hotel-style silver town and a high-end officetel.
Hyundai Engineering & Construction is also pursuing a senior welfare housing project. In Jingwan-dong, Eunpyeong-gu, Seoul, the 'Eunpyeong Senior Residence' with 214 units is scheduled to break ground in the second half of this year. In Gogi-dong, Suji-gu, Yongin, the 'Gogidong Senior Residence' with 892 units is scheduled to be offered for sale within the year.
Korea Land & Trust has signed a business agreement with Haeahn Architecture to develop a premium residential model tailored for seniors. Haeahn Architecture has participated in senior residence projects in Hannam-dong, Yongsan-gu, Seoul, and Dongin-dong, Daegu.
According to the Ministry of the Interior and Safety, as of the end of last year, the population aged 65 and older surpassed 20% (10,244,550 people), marking South Korea's entry into a super-aged society. There are 297 senior residential welfare facilities, of which only 40 are classified as senior welfare housing. The total capacity of senior residential welfare facilities is approximately 19,396 people. According to the 2023 KB Golden Life Report by KB Management Research Institute, 60.7% of respondents said they would be willing to live in a silver town.
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