Thai developer offers an ‘end of life’ package for seniors

Thailand’s senior population is expected to hit 20 percent of the total population in five years’ time

The senior package includes the unit fee, service fee, as well as health and wellness programme. AfricaStudio/Shutterstock

According to Bangkok Post, property developer Magnolia Quality Development Corporation (MQDC) has collaborated with Muang Thai Life (MTL) Assurance to offer senior citizens an end of life package that includes health insurance, lifetime care, and a non-transferable lease on a house or condo for THB35 million (USD1.1 million).  

Aspen Tree, a senior residential community, is a 30-year leasehold right for people aged 50 and above. Residents here are allowed to stay until death with health insurance protection up to 99 years of age.  

Visit Malaisirirat, MQDC chief executive, mentioned that the project is the country’s first in Southeast Asia’s finest healthy living community with holistic lifetime care, part of The Forestias, a 398-acre forested development project in Bangna.  

Visit said, “the country’s senior population, age over 60, is expected to reach 20 percent of the total population in the next five years, from 13 percent estimated today.” 

MQDC is an award-winning developer, and its Chairperson of Executive Committee at MQDC and DTGO, as well as Chairperson of Buddharaksa Foundation, Khun Thippaporn Ahriyavraromp (Chearavanont) won last year’s PropertyGuru Icon Award at the PropertyGuru Asia Property Awards Grand Final.  

“K. Thippaporn sets an example for the real estate industry to follow. Her long term vision for sustainable, resilient, community-focused development is supported by exemplary research, and with MQDC’s latest project, The Forestias, she is creating a model for the future of healthy, compassionate, multi-generational living,” said Jules Kay, the managing director of PropertyGuru Asia Property Awards & Events Jules Kay. 

The senior package includes the unit fee, service fee, as well as health and wellness programme, featuring daily activities and leisure opportunities in collaboration with Baycrest Global Solutions, a health insurance provided by MTL; and elite health, a premium package insurance protection provided by MTL.  

Sara Lamsam, president and chief executive of MTL, said during the construction period, the coverage is up to THB20 million per policy year, and is expected to rise to THB40 million per policy year following the construction and leasehold right transfer completions.  

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The insurance covers general disease, critical illness, and epidemics, including accidents. Moreover, it covers outpatient care for cancer treatment with targeted therapy, MRI or CT scans, as well as hospitalisation in ICU for up to 365 days.  

Sara said the company is looking to focus on various senior citizen segments, as well as seeking to grow insurance premium from health businesses by double digits this year.  

The Aspen Tree project commenced construction in January 2020 and is scheduled for completion in Q3 2021. The development has 290 units, including 250 units of active-living starting from THB35 million, and 40 villa units with residential areas of up to 200 square metres for THB70 million.