Saturday, November 23, 2013
After P.S. Ramachandran turned 80, he and his wife decided it was time to stop living alone. Rather than take the traditional path of moving in with their son, the Ramachandrans chose an option once rare in India: a retirement community. “We wanted to be independent,” said Ramachandran, now 85, a former government official who moved to the Brindavan Senior Citizen Foundation’s retirement village overlooking the Nilgiri hills near Coimbatore city in southern India. “We have company and everything we need here, and activities to keep us busy as long as we’re physically able.”
Rising wealth from the region’s rapid growth in recent decades is changing the way many Asians grow old, breaking up the traditional family unit as children move to the cities or go abroad in search of better-paid jobs. The change is a new source of business for companies from India’s Tata Housing Development Co., Malaysia Pacific Corp. and Singapore’s ECON Healthcare Group, which are constructing retirement villages for the wealthy that offer cafes, tennis courts and yoga. The developers are following companies from adult-diaper makers to holiday operators that have swooped in on Asia’s silver economy, catering to the region’s growing cohorts of over-60s.
Excluding Japan, the market will be worth about $2 trillion by 2017 -- more than the current Indian economy -- according to Singapore-based market researcher Ageing Asia Pte. Filial Piety “Filial piety is still big in Asia, but it has less of a role now,” said Janice Chia, founder and managing director at Ageing Asia. “My grandparents were satisfied with staying home, watching a bit of TV, walking in the park and looking after the grandkids. But my parents want to travel, keep their minds active and don’t necessarily want to live with their children.”