Developers urged to build full-service retirement villages

MANILA, Philippines - Developers are advised to look beyond offering just sleeping quarters and instead work on retirement villages with complete facilities to attract more foreign retirees to the country, the foreign chambers-led Retirement Healthcare Coalition (RHC) said.

In a statement yesterday, the RHC said there is a need for property developers to work on retirement villages with facilities that can cater to the needs of retirees as other countries in the Southeast Asian region are working on these developments to capture a bigger share of the growing market.

With retirees expected to make up about 25 percent of the world population by 2030, RHC executive director Marc Daubenbuechel said developers in the country should look at ways to attract foreign retirees to the country.

“The increasing numbers of retirees that are looking for homes outside their own countries are increasing each year. The Philippines must be able to cater to their needs for retirement communities that fit their lifestyle,” he said.

At present, he said, property developers are just content to offer sleeping quarters.

Existing retirement homes, he said, lack vital components or amenities for leisure, entertainment, health, and wellness of retirees.

Apart from the lack of amenities, the RHC cited earlier that developers need to reinvent their marketing strategy with most of them focusing on just selling the property as fast as possible.

The RHC said that instead of just selling the property, developers should provide senior citizens options by making long-term leases available, which is a better marketing approach for retirement villages here.

In line with its promotion and assistance in the development of the country as a prime retirement destination, the RHC is organizing the Senior Residences in Asia: The Fundamentals forum on Nov. 27 in Makati City.

The forum, in partnership with the Philippine Retirement Authority, will serve as the venue to discuss return on investments, business models and key concepts within the retirement industry.

“There should be a deeper understanding of how the players in the local industry should move forward,” Daubenbuechel said.

The RHC is composed of the American, European, Japanese, and Korean chambers of commerce.

The RHC is working closely with the government to promote the Philippines as a retirement haven.