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Retirement homes in Penang, if I am 60 years old today.

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Few months back, I wrote about retirement homes. My focus then was more on Ipoh being a very good place for it to happen and there is at least one Ipoh based developer bringing the concept into Ipoh. There are now news that one of Penang’s property developer, Tambun Indah would also be introducing a retirement village in an integrated development called ‘Pearl City’ in Simpang Ampat. Pearl City is an ongoing development consisting of both the residential and commercial development. It started in 2009 and is expected to be fully completed by the year 2020. It has a GDV of RM9 billion.

A total of 200 high-end condominium units will be offered for sale to those aged 60 and above. This proposed development will be built on a 1.24 ha of land, offer club facilities as well as additional amenities catering to the elderly. For example, full time nurse on site, shuttle bus service, meeting room, medical centre built next to the development. In other words, everything you need is either within or next to your home. The design would be based on an Australian-inspired retirement village.

Malaysia is not yet an ageing population but we would be reaching this by 2030. I wrote about this before earlier. Here: Malaysia – Ageing population – Stats and Steps. However, those over 60 years old already constitute % in Malaysia. This meant that the market for for these elderly population is a real one. The question now is, what would be the price that is deemed affordable? Even if I am over 60 years old, I would still need to consider if I have enough for the unit as well as to maintain my life until the day I leave this world. Since this is in mainland Penang, I think I would expect the units to cost around RM500,000 for a decent size, say above 650sf but smaller than 900sf. This is the price I feel is right, no matter how luxurious they intend to make the units to be. It should not be too lowly priced because I need it to be of certain standard and not be shoddily built. Ideally, the developer should be one which has been around for some time and would be around for a very long time more. Sorry, I would NOT even consider any new developer who’s working on it as their first project.

No comments on the maintenance because if I can afford the unit, I think I would still have enough for the monthly maintenance as long as the maintenance is not something like RM1,000 per month which I seriously do not think is viable. Around RM500 per month may be quite certain though if not higher. Anything lesser, I think I would also be worried if they can maintain this continuously. I just feel that if I am already over 60, I just do not want to have to worry about issues such as no water supply, electricity being cut, grasses not cut or in-house nurse who knows nothing because the management were unable to pay for a good one etc. I certainly hope the security guards are NOT older than me!

Let’s see when more details are announced. Sorry, I am far from being qualified but I hope more of these developments come up so that by the time I really do reach that stage, retirement homes in Malaysia is already a matured industry.

written on 18 July 2014

Next suggested article:  Four reasons ‘retirement village’ may work in Malaysia 

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