Thailand is already an ageing society, with the percentage of its population aged 60 and older making up more than 10% of the total.
The National Economic and Social Development Board (NESDB) reports Thailand has 11.2 million elderly people -- 17% of the population.
By 2036, the state planning unit predicts that percentage will rise to 19.5 million people or 30% of the total population.
Thailand is ageing at quite a fast clip thanks to birth control efforts by previous governments, which saw births plummet to 700,000 in 2015 from more than 1 million on average during 1963-83.
Meanwhile, advanced medical technology has led to increased life expectancy.
The NESDB estimates the government will shoulder 1.4 trillion baht worth of social welfare spending in 2028, up from 400 billion in 2013.
NESDB secretary-general Porametee Vimolsiri recently says 2018 will be the first year the elderly will outnumber the young, warning that a drop in the working age population may hamper the country's economic growth and productivity in the long run.
Though the prospects sound grim, the country's ageing demographics offer lucrative opportunities for many investors, with Thai and foreign retirement home operators alike now flooding the local market to cash in on growing demand for senior-friendly homes and facilities, particularly for healthy and active seniors.
Assoc Prof Trirat Jarutach, head of the Appropriate Environment for Elderly and Disabled People Research Unit, faculty of architecture, Chulalongkorn University, says senior people who are active or able to live independently constitute the largest share of ageing people.
"Seniors today are unlike those in the past and also those in the future, as they were born in different periods," he says. "Their needs, behaviours and lifestyles are also different."
Pramote Prasartkul, a demography professor at the Institute for Population and Social Research at Mahidol University, says Thailand's silver demographic will comprise three groups -- those born during 1937-63, 1963-83 and 1983-2012.
Thai silver age 1 is currently aged 54-80 years old. They were born during periods of governmental or revolutionary change, punctuated by slow economic growth. Many of them have worked in the agricultural sector and lived in rural areas.
Thai silver age 2 is currently aged 34-54 years old. They had grown up in totally different societal and economic circumstances. Thailand became a newly industrialised country, with the global economy punctuated by high growth, underscored by the adaptation of information technology.
"This group [Thai silver age 2] represents the future demand on senior homes," says Mr Trirat, also a consultant for many senior housing projects.
"Many of them are now looking for a senior home or a project with senior-friendly facilities, likely to prepare for their lives in the future."
Large numbers will become fully elderly in the next two decades, driving Thailand to become an aged society by 2021 and a super-aged society in 2031.
Currently, there are 11 senior housing projects and 20 senior centres nationwide, developed and operated by the government and private sector. But those facilities are insufficient to cover future demand, and will not cover the needs of senior people down the road.
Dr Nart Fongsmut, an aged-care specialist, says today elderly Thais are active ageing, unlike 20 years ago when senior citizens preferred a more peaceful, sedentary life.
"Active ageing is a new trend, driven by baby boomers who prefer an active life," she says. "They are entering into an ageing period and in great numbers."
She says that developers that want to be successful in the senior housing sector should partner with operators who can deliver appropriate management and care services.
Operators include healthcare and wellness service providers as well as those working in the hospitality sector. They should offer a range of services that meet residents' social, physical and mental needs.
Meanwhile, Daniel Holmes, chief executive of Otium Living Pte Ltd, a senior living operator that will operate a new luxury retirement home project in Phuket, says the senior home market is polarised.
"At institutional care facilities, there is a lot of care but no independence. At a low-support housing site, there are no facilities and no care for senior people," he says.
"There is no property developer offering a balance between high levels of care and independence. Many senior people want a caregiver but don't want the caregiver to mess with them too much."
Mr Holmes says a retirement home project should have an inspiring design, a focus on services and hospitality and a community with an optimistic spirit.
Such projects should create homes for every generation, not just properties.
He says there should also be leading-edge health and wellness facilities, operational expertise, superb maintenance and research to determine what the next generation of seniors will need.
Katherine Rose, marketing director, Audley Group Ltd, a UK-based developer and operator of luxury retirement home properties, says there are huge opportunities to tap into the high-end senior segment, as most of them feel ignored.
According to Neilsen, only 5% of advertising in the US is aimed at people aged over 50 years old. About 68% of those aged 50-70 years old also feel advertisers only care about young people.
"Our customers are not just one thing," she says.
"The youngest is 57 and the oldest is 97. Within that 40-year age spread there are different needs, wants, lifestyles, levels of health and attitudes."
Audley also found that 73% of unit owners at its projects, totalling 2,000 customers at 15 villages in Britain, regularly used iPads, PCs and smartphones.
John Lee, chairman of Premiere Home Health Care Co and chief executive of Jin Wellbeing County project, says a retirement home project should provide a society of power and effectiveness.
"So many people say at the age of 60, you turn yourself into a retiree. It's done. Nothing left to do anymore. The truth is, a retiree can do a lot more, perhaps, even more than before they were retired," he says.
Mr Lee, 73, says the senior home project should have a full range of facilities and services designed to meet the specific needs of senior people who are passionate about living a dynamic life.
He says a caring society, quality of life, healthcare for the elderly, safety standards for all and universal design should be combined to empower senior people with dynamic living.
"The golden years are all about celebration. It's a time when senior people should celebrate their lives and enjoy everyday happiness provided through security and a good environment. The project should promote them to live independently and enjoy their lives," says Mr Lee.
