More senior citizens are purchasing apartments currently than in 2019, before the start of the Covid-19 pandemic, according to Kashif Ansari, co-founder and group chief executive officer of Juwai IQI.
According to him, developers are responding to the pandemic's double-digit increase in older apartment buyers by adding more accessible features to their high-rise structures and designing amenities that people of all ages may enjoy.
"Retirees and elderly buyers at big high-rise projects used to make up only about two per cent of Juwai IQI's total enquiries in Malaysia, but their share is now about five per cent. If this demand keeps up, elderly-friendly projects could earn a price premium of five per cent to 15 per cent by 2025, compared to otherwise similar projects," Kashif said.
According to Kashif, homeownership rates are 68 per cent for those in their 60s and 61 per cent for people in their 50s. Only 43 per cent of people in their 40s own their homes. The rate for 30-somethings is 31 per cent, and 20-somethings have a homeownership rate of 12 per cent."
"The thing retirees worry about most is having enough money to support themselves throughout their old age. Owning your home gives you financial security and makes it easier to plan. Luckily, the homeownership rate is high for those above 40 years old," he said.
Building floor plans are currently planned differently than they were three years ago, Kashif said.
He cited Central Park Damansara where the developer created the apartments with larger foyers and bathrooms to give residents greater mobility.
Notably, these bigger spaces are more desirable to purchasers of all ages and are promoting sales in the development, he said.
Retirement homebuyers and senior citizens, according to Kashif, are also prioritising community, nature, physical activity, accessibility, and financial security.
He said new developments meet all five of these criteria and provide a way of life for single people, young families, retirees, and the elderly.
Architects are creating shared spaces such as gardens, entertaining areas, roof terraces, and walking paths that encourage social interactions to create a sense of community.
"Apartment buildings offer much greater security and protection for seniors because you have neighbours and building staff close by at all hours and access is limited to residents and their guests," he said.
Kashif cited Arte @ Mont Kiara where the clubhouse, sky garden, barbecue area, chrome and lampshade gardens, and sky lounge are designed to encourage interactions between residents.
At Vercadicos SOHO, the theatrette not only serves movie buffs but also doubles as an audio/visual room for business presentations, he said.
Kaashif said developers are including natural elements into their projects such as park views, miniature parks, rooftop lawns, viewing platforms, Zen gardens, outdoor dining and barbecue areas, and outdoor spaces for exercise or picnicking.
"An example is Central Park Damansara which features a 10-acre linear park that hugs the residential buildings in the embrace of the natural environment. The park has dedicated zones including a lookout pavilion, bamboo trail, and sanctuary pond so residents can take a break from big city life in just a short walk," he said.
Meanwhile, Kashif said that fitness centres are now taking on a new role in the provision of additional exercise facilities and services.
Fitness centres were once simply gyms with squat racks, a tonne of weights, and strong training machines.
According to Kashif, many projects now support a wider range of exercises, such as yoga, running, walking outside, and light swimming or water aerobics.
"At the St Regis Residences, for example, residents will have a full gymnasium but also a sauna and jacuzzi, a wading pool and swimming pool, a jogging track, and a squash court. Projects are trying to offer something for everyone," he said.