Press release: Australian Retirement Living Operator Sets Up Regional Base In Malaysia
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20 March 2017, KUALA LUMPUR – Independent Management Group (IMG), a leading specialist in senior living in Australia, has signed an agreement to form a joint venture company with Lyon Capital Sdn Bhd to provide consultancy and management services for medium to high-end retirement village developments in South East Asia. The company will be the Asian regional headquarters and will serve as a full service operations office aside from its home base in Melbourne, Australia.
The new company, IMG-Lyon Asia Sdn Bhd will offer a range of services to developers and owners of properties to establish international standard senior living communities, with immediate target properties in Malaysia, Thailand, Indonesia and Singapore.
The services include Design and Space Planning, Facility Offerings, developing Standard Operating Procedures, Financial Analysis and Controls, Recruitment and Training, as well as Operations and Management.
Susan Malone, founder and principal of IMG said that the market for senior living in Asia has been largely untapped due to the perception that such retirement villages are seen as nursing homes for the aged with minimal facilities. She added that there is a changing environment and modern families now do not regard senior living communities as taboo.
“Contrary to popular belief, an active senior living village provides residents with comfortable homes, supported by medical, wellness, recreational, F&B, clubhouse with spa, gym and even a cinema, make for a stay not unlike a 4 or 5 star hotel. Our standards ensure that residents receive personal attention, and even concierge services to make their stay as comfortable as possible.”
“As Asia age, there are millions of seniors above the age of 60 who wish to have an independent lifestyle, without compromising their living standards and yet be able to have a peace of mind with regards to safety, security and health issues. Our experience in Australia and our understanding of the Asian culture, based on years of direct involvement and participation in regional projects including China, has made our decision to establish a presence here more convenient to service our Asian clients.”
“Studies have shown that all across Asia, the number of people age 65 and above is expected to grow dramatically, from 207 million in 2000 to 857 million in 2050. There is a critical demand for quality homes for seniors and the perception of these type of residences has changed positively.”
IMG presently has a number of on-going projects in the region.
Lyon Asia’s chairman Datuk Wan Chik Din said that the tie-up with IMG is significant as there exists ample opportunities in Malaysia alone. “We are a boutique development company and we are confident that senior living will become a new normal. To make this evident, we are working with IMG on our project in Malacca which will offer 120 units of apartments, supported by an annexe building housing the facilities for the residents. We have taken the necessary advice on how we should develop this type of residence. Our Malacca project shall be the first truly international-standard senior-living residence in the country.”
He added that the business of running retirement homes can be more lucrative than investing into a hotel. The long-staying nature of the residents provide a more sustainable income model, with other ancillary revenue from the operations adding to the bottom line.
The Malacca development, named Mandarin Gardens will be operational by mid-2018. Sales and leasing of the units is scheduled by Q3 this year. The property is owned by Vista Springs Development Sdn Bhd, a wholly-owned subsidiary of Lyon Capital, and will be managed by the IMG-Lyon joint venture company.
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I think retirement is going to be a huge business. Assuming Malaysia becomes ageing nation by 2035, it’s just 18 years away. Developments need time. Marketing such developments so that it gains wide acceptance requires some time too. How many seniors would love to stay in these ‘retirement homes?’ By the way, it’s retirement village and the concept is widely accepted many developed countries. In its site, IMG has consulted for two projects in Malaysia. Gita Bayu and Avillion. Here’s the list. Happy following.
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