Umi Estate Signs Senior Housing MOU with Korea's Top Senior Care Company

Umi Group's Asset Management Firm
"Strengthening Solutions for an Aging Society"

Umi Estate, the asset management specialist of Umi Group, announced on July 28 that it has signed a strategic memorandum of understanding (MOU) with Caring, the top senior care company in Korea, for the development and operation of a senior housing business model.

This agreement was established to combine both companies' development and operational capabilities with their expertise in age-friendly services, in order to design a differentiated senior housing model and introduce it to the market.

The main points of the agreement include: ▲market analysis and information sharing regarding the overall senior housing industry ▲collaboration on product development and operations ▲joint development of financial models such as operating costs and revenue structures ▲response to public-private partnership projects and consortium formation ▲joint brand management.

Kim Byungkwon, CEO of Umi Estate (right), and Kim Taesung, CEO of Caring, are posing for a commemorative photo after signing a "Strategic Business Agreement for the Development and Operation of Senior Housing Business Models." Provided by Umi Construction

Umi Estate currently manages seven complexes, totaling approximately 5,000 rental housing units. Including projects under contract, the management scale is expected to expand to 13,000 units.

Recently, based on its know-how in managing rental housing and commercial facilities, Umi Estate has been developing senior products. The company is preparing to launch its own senior housing brand and to plan age-friendly mixed-use complexes, and it expects that these strategies will move into full implementation through this agreement.

Caring is a senior care specialist company that provides services such as home care and day care. Since this year, it has also been operating Caring Village The Pyeongchon, a nursing home, as well as a Silver Town.

A representative from Umi Estate stated, "Through this agreement, we will continue to develop residential products optimized for the senior lifestyle and take another step forward as a comprehensive solution company responding to an aging society."