SEOUL - IN FAST-AGEING South Korea, some entrepreneurs have come up with a novel way to tap the silver dollar - offering serviced apartments for well-heeled senior citizens.
Located in Seoul, the 15-month-old Grace Hill Serviced Apartments offer five-star amenities such as a buffet restaurant, swimming pool, fitness centre, mini-golf range, sauna and even an in-house clinic.
However, Grace Hill - the only such serviced apartment complex in Seoul - is more than just about luxurious living, stressed its general manager Shin Jung Yeol.
'We hired specialists to design the building specifically with the needs of the elderly in mind,' he said.
The height of wash basins, for example, can be adjusted at the touch of a button to cater to those who have difficulties bending down. Shower sprinklers are built close to the floor so that the residents can sit down to take a bath.
The heating system in the swimming pool ensures that the water is at a uniform 30 deg C always.
Residents who The Straits Times spoke to gave a unanimous thumbs up, saying that life at Grace Hill is 'heavenly'.
'We are one big happy family with 148 members,' said Madam Kim Seo Che, 76, referring to the number of residents aged between 60 and 94.
They occupy 106 out of the 182 units spread over 14 floors which are always abuzz with chatter and laughter.
'We do everything together. There is never a dull or lonely moment,' she said.
Many residents came to know about Grace Hill by word-of-mouth as it does only limited advertising in pension-related publications.
The array of activities include daily swimming sessions, and dance and fitness lessons conducted by trained instructors. Residents can tee-off at the mini golf range, or play snooker at a spacious lounge.
This reporter even got an invitation from an elderly couple to play table tennis.
A S$174b 'silver' industry by 2020
THE 'silver' industry is likely to expand by an annual average of 13 per cent between 2010 and 2020, said a 2006 report by the Korea Chamber of Commerce and Industry.
The agency expects it to grow from 6.4 trillion won (S$9.6 billion) in 2006 to 116 trillion won (S$174 billion) by 2020.
Besides serviced apartments, other elderly-friend sectors which are set to boom include health services, medical equipment, food catering and financial services.The medical devices sector, for one, is expected to grow by 12 per cent.
South Korea became an ageing society in 2000 and is set to become an aged one by 2024.
The United Nations defines an ageing society as one with 7 per cent of its population over the age of 65. The figure is 14 per cent in an aged society.
Currently, 10 per cent of the South Korean population of 49 million are above 65.
On weekends, family members can visit their parents to watch movies screened in the lounge while enjoying a free flow of coffee or tea. Parties are held on special occasions such as Christmas and Chusok, Korean thanksgiving, in which family members can join in.
There are karaoke rooms for families to bond over songs, as well as Internet terminals and playrooms to entertain young grandchildren.
And if family members decide to spend more time with their parents, there are guest units available for a few days.
'The whole concept is very pro-family and good for the physical and emotional health of the old folks,' said an appreciative Ms Park Mi Young, 40, who was at Grace Hill to visit her mother.
Once a week, a limousine bus will take the residents out for shopping or sightseeing excursions in the city. Last year, Grace Hill even organised an overseas tour to the Philippines for its residents.
For these senior citizens, everything is taken care of, even their diet, which includes plenty of vegetables and bean curd. It is low on salt, calories and spice.
'Health is a priority and we consult nutritionists to give them a healthy diet,' said GM Shin.
However, all these luxuries do not come cheap.
A refundable deposit is between S$347,000 and S$767,000 depending on the size of the unit ranging from the equivalent of a two-room HDB flat to a five-room HDB flat.
The yearly rental including three buffet meals a day per person ranges between S$17,300 and S$30,400.
The residents, who come from the middle to upper class of Korean society, sign a contract to live at Grace Hill for a minimum of three years.
Many are former professors, lawyers, doctors and semi-retired businessmen who have deep pockets.
Some still travel about in chauffeur-driven cars.
'It is value for money, a small price to pay to enjoy our sunset years,' said a former banker who declined to be named.
