MQDC, MTL offer package for seniors
Property developer Magnolia Quality Development Corporation (MQDC) in alliance with Muang Thai Life (MTL) Assurance is offering an end of life package to senior citizens that includes lifetime care, health insurance and a nontransferable lease on a condo or house for 35 million baht.
The senior residential community, named Aspen Tree, is a 30-year leasehold right for people aged 50 and up. However, residents can stay until death with health insurance protection up to 99 years of age.
MQDC chief executive Visit Malaisirirat said the project is the country’s first in Southeast Asia’s finest healthy living community with holistic lifetime care, which is part of The Forestias, a 398-rai forested development project in Bangna.
“The country’s senior population, age over 60, is expected to reach 20% of the total population in the next five years, from 13% estimated today,” Mr Visit said.
The lump sum package comprises the unit fee; service fee including health and wellness programme featuring daily activities and leisure opportunities in collaboration with Baycrest Global Solutions, 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 the coverage is up to 20 million baht per policy year during the project construction period, and will rise to 40 million baht per policy year when the project construction and leasehold right transfers are completed.
The insurance covers critical illness, general disease and epidemics including accidents. It is also covers outpatient care for cancer treatment with targeted therapy, MRI or CT scans, as well as hospitalisation in ICU for up to 365 days.
Mr Sara said the company targets to grow insurance premium from health businesses by double digits this year (from 9% last year). It is also looking to focus on various senior citizen segments in many aspects including nursing homes.
The project has 290 units, which includes 250 units of active-living starting from 35 million baht, and 40 villa units with residential areas up to 200 square metres for 70 million baht.
The Aspen Tree project started construction in January last year and is set to be complete in the third quarter of 2023.