MANILA – Property firms could strike gold by developing retirement villages for the so-called “silver” market, the Retirement and Healthcare Coalition said on Wednesday.
But the group’s executive director Marc Daubenbuechel said retirement facilities, especially those targeting foreign retirees, should not only be limited to mere “sleeping quarters” but also serve the entertainment, leisure, health and wellness needs of the elderly.
“Other countries in the region have already [gone] ahead with their own infrastructure build-up to get a bigger share in the ballooning silver market,” Daubenbuechel said in a statement.
“The increasing number 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.
Daubenbuechel said there would be a huge market for retirement villages, adding that the elderly and retirees will comprise a fourth of the global population by 2030.
The Retirement and Healthcare Coalition in cooperation with the Philippine Retirement Authority and the Australian-New Zealand Chamber of Commerce on November 27 will hold a forum dubbed “Senior Residences in Asia: The Fundamentals” in Makati City to brief local property developers about the silver market in a bid to position the Philippines as a leading retirement destination.
The forum will discuss return on investments, various business models, and the key concepts within the retirement industry. Resource persons include CB Richard Ellis chief executive Frederick Santos, Hotel Resort Development Corp managing director Jean Luc Kebers, and Palafox Associates president Felino Palafox Jr.
“There should be a deeper understanding of how the players in the local industry should move forward,” Daubenbuechel said.
The Retirement and Healthcare Coalition groups firms belonging to the European, American, Japanese, and South Korean chambers of commerce in the Philippines – collectively called the Joint Foreign Chambers of the Philippines.