PHB, UEM Group and Japan’s MCS to develop an elderly healthcare facility called Rei Seraya
By IZZAT RATNA
The demand for luxury senior living healthcare facilities in the central business district is increasing as a result of Malaysia’s growing status as a developed nation.
Pelaburan Hartanah Bhd (PHB) group MD and CEO Datuk Kamalul Arifin Othman said based on recent national statistics, the disposable income among the average Malaysians is progressively increasing, with the youths’ earning power growing consistently year-on-year — a factor that would push the sector’s growth further.
“I do believe that this sector would be the future for the property sector,” Kamalul Arifin told reporters at the unveiling ceremony of Malaysia’s first senior living facility — Rei Seraya Residence — in Kuala Lumpur (KL) recently.
He said many developers are also showing keen interest on the business with consideration to monetise the segment that could boost their bottom-line turnover.
He said while the market for luxury senior living healthcare seems to be rather mature than the more developed countries, Malaysia’s current track record is conducive for the business to grow in the coming years. However, Kamalul Arifin said the present market is lacking the necessities to accommodate and facilitate elderly care services for the upper-middle to higher income group. He said based on the group’s internal study, a majority of the elderly care facilities available in KL, Johor, or other states have mostly reached its maximum capacity.
“The younger generationwould always want to provide the best for their parents. A senior living residence is not considered as an old folks’ home.
“In fact, it is actually a professional service for the elderly to live in a conducive and healthy environment,” he said.
He said the younger generation these days do not really know where to bring their parents when the need arises.
“They might not want to simply send their parents to an ordinary facility as it is a common instinct to provide the best care possible for their parents, according to their income levels,” he added.
One such project is the partnership between PHB and UEM Group Bhd that collaborates with Japan’s Medical Care Service Inc (MCS) to develop an elderly healthcare facility called Rei Seraya Residence.
The PHB-owned Rei Seraya, a luxury senior living with care services project, is located at Jalan Ampang, KL.
UEM Group MD and CEO Datuk Izzaddin Idris said as pioneers to such a project, the venture has to face certain challenges.
Izzadin said the society’s views towards assisted living facilities should be tweaked, as the concept is deemed to be against the Asian traditional society’s general cultural acceptance.
“If you ask me personally, if we did this 10 years ago, there would have definitely been a lot of push back because culturally, Asians are not that receptive towards this kind of concept.
“But as the society gets sophisticated and achieves higher income growth, we’d like to think that the market or at least the society is ready for a facility like this,” Izzaddin said.
Rei Seraya, targeted at the retired community, comprises a 300 sq ft assisted living unit for dementia, respite palliative and day care services, as well as a 900 sq ft independent living unit with care services provided upon residents’ request.
The project is expected to begin construction by the end of 2018, and is slated for completion by 2021 before being fully operational by 2022.
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