A Macau-based corporate group is aiming at Hong Kong’s well-to-do elderly population by launching a premium senior living development within the Greater Bay Area, taking advantage of the scarcity of upscale retirement choices for this wealthy demographic.
"High-quality lifestyle retirement options are scarce in Hong Kong," stated Amber Li, who founded Serensia Woods—a 13,500-square-meter (145,313 square feet) retirement community located in Zhuhai’s Hengqin area.
The community located near an island neighboring Macau features a 133-room hotel, four residential towers comprising 300 units, as well as two wellness center towers and a spa facility. Valued at approximately 2 billion yuan (USD $278.4 million), this development forms part of the HN Group—a business empire established over a hundred years ago in Macau. Initially focused on bringing Portuguese goods into the region starting from 1920, the company has expanded its interests across various fields including retail, engineering, and more.
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“For those Hong Kong residents who can afford to retire, they don’t really have an alternative,” Li stated, noting that the majority will stay at home where there isn't assured access to professional caregiving services.
The objective is to cater to an expanding segment of the population: By 2046, 36 percent of Hong Kong’s residents will be aged 65 or older, increasing from 23 percent last year, as stated in a research paper released by Our Hong Kong Foundation in April. The study also revealed that currently, 80 percent of elderly individuals would rather stay at home than move into assisted-living facilities.
Alternative care options within the rest of the Greater Bay Area have grown more appealing as a choice over increasing Hong Kong’s nursing home facilities in recent times. On April 30, authorities declared the initiation of the Residential Care Program for Guangdong Province to assist elderly individuals adjust to living in care facilities on the mainland.
The Serensia Woods provides over 60 different accommodation options, with sizes varying between 130 to 250 square meters. The typical cost fluctuates from HK$10 million to HK$20 million (approximately US$1.3 million to US$2.5 million) and involves a single upfront membership fee. This fee has the potential to be resold or passed down within families at no extra charge.
The membership fees 'aren’t inexpensive, but they’re still within reach when you consider property prices in Hong Kong,' according to Li.
Several upscale elderly care centers in Hong Kong have comparable initial costs but also include ongoing charges. Ventria Residence located in Happy Valley provides a scenic view of the horse racing track along with personalized health services. This establishment, which is jointly operated by the Chevalier Group and the Hong Kong-Macau Conference of Seventh-day Adventists, mandates that occupants must be aged 60 years or above and purchase debentures ranging from HK$7 million to HK$18 million, based on the specific unit’s dimensions.
This 21-story building operates like a hotel and offers 168 units ranging from 262 square feet to 695 square feet. Residents pay a minimum of HK$55,000 per month, an amount that includes utilities, meals, cleaning services, and nursing care.
We cater to individuals across various age brackets. When you're young, it could serve as your vacation home," Li explained. "Our largest demographic consists of affluent retirees aged from mid-50s to early 60s. Post-retirement, many opt for traveling, and this becomes an ideal choice particularly for frequent travelers.
Out of the 300 units available at Serensia Woods, approximately 200 will be made available for purchase. "This supply is scarce, and you won’t come across another development quite like this one," Li stated.
Eight units will be priced lower to attract individuals in their 40s. A 74-square-meter studio apartment will be available for HK$5 million for this demographic, as stated by Li.
In her twenties, around 1994, Li came up with the idea for the Hengqin project.
I strongly felt that this product would be valuable despite being quite young at the time," she stated. "As I couldn’t locate somewhere I’d enjoy spending my retirement years, I decided to create such a space myself.
Over the last thirty years, we've experienced various stages and transformations in our business models," Li stated. "Up until two or three years ago, nobody was particularly hopeful about this - and perhaps they still aren’t - yet some might view the potential opportunities ahead.
The Serensia Woods, which has been operational for two years, plans to intensify its marketing efforts towards buyers from Hong Kong in the upcoming year, as stated by its founder. Li mentioned that overseas Chinese from the US and Europe have demonstrated interest as well.
She mentioned, 'It’s essential to inform the Hong Kong market since I believe we have quite a following among the residents there.'
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