Singapore, like many other Asian developed countries, has an aging population. But the country has found ways of turning a social challenge into a business opportunity.
Baden Lim and his neighbors are proud Golden Jasmine residents. The studio-apartment block is specially designed for senior citizens like them, with a privately run service center at its doorstep. The center has free and paid services, such as a communal area with free offerings like mahjong and movie screenings, and paid services offered by physiotherapy and traditional Chinese medicine clinics.
"The residents initially they are very skeptical. They didn’t want to come. You know they are not sure. So we tried to invite them and introduce them what their benefit is. After which, they felt comfortable."said Wendy Tan, customer service officer of Econ Healthcare and Wellness Centre.
They surely treat it like a home. Uncle Lim, together with Madam Leong and Uncle Chey are part of the committee that takes care of their communal garden. Lim tells me in his old place he was lonely, but now his life is full of laughter and joy.
According to the government statistics, by 2050, 38 per cent of the population in Singapore will be aged over 60. An aging population may bring social challenges, it also represents a huge elder care market that could be worth trillions of dollars.
Ageing Asia is a Singapore-based market consultancy firm.
"Our vision has always been that aging shouldn’t been seen as a social problem or challenges, rather we see it that aging can be an economic opportunity in fact. in the research, we found that actually the size of the silvery economy in Asia-Pacific is expected to grow to 3 trillion by 2017. "said Slywin Ang, general manager of Ageing Asia PTE Ltd.
The firm also finds out that although Singapore is well positioned when it comes to public spending on the ageing sector, there is still a huge opportunity for the private sector to carter the needs of middle to high-income baby boomers. Like Uncle Lim and Madam Leong, they demand higher standards of products and services that can help them age more healthily and more independently.