"Senior town" is a combination of senior and town, and in Korea it means a high-end residential facility for older adults. People age 60 and older who can live independently move in, pay a deposit, and cover all living costs such as rent and maintenance fees.
The threshold for senior towns, once considered the exclusive domain of the wealthy, is gradually lowering. That is because the finance, construction, and hotel industries are entering the eldercare business. In downtown Seoul, where most options used to require around a 1 billion won deposit and monthly living costs in the mid-4 million to 5 million won range, a wave of "value for money" senior towns is emerging with deposits under 100 million won and monthly living costs in the low 2 million won range.
◇ A senior town with a 30 million won deposit?
The corporations at the forefront include KB Financial Group. KB Insurance, an affiliate of KB Financial Group, in 2016 established KB Golden Life Care, the first eldercare business subsidiary in the financial sector. After consolidating know-how from operating five eldercare facilities in the Seoul metropolitan area over seven years, it unveiled its first senior town in 2023, KB Golden Life Care Pyeongchang County.
This is a senior town created for the middle class. At the request of the Ministry of Health and Welfare in 2021, KB Golden Life Care conducted research with Kyung Hee University on expanding senior towns and concluded that residential infrastructure was needed for the "middle class" and "older seniors (75 and older)." Based on the findings, it lowered the minimum deposit to 30 million won and removed the age restriction for move-ins. The current average resident age is about 83, and one resident is nearing 99.
The primary reference model was Japan's "service senior housing (Sakoju)." Sakoju is a middle-class facility supplied by the private sector, characterized by low or no deposits and affordable monthly rents. Rather than aiming for luxury, it focuses on reasonable costs and only essential services.
A visit on Jan. 30 to Pyeongchang County in Pyeongchang-dong, Jongno-gu, Seoul, showed facilities that felt "well-packed" without frills. Residential spaces range from 34 to 66 square meters of exclusive area, suitable for one to two people. Except for one type, all were studio layouts, but sliding doors allowed the bedroom space to be separated, making it feel like 1.5 rooms. Notably, motion sensors in each room help prepare for emergencies. A health monitoring sensor above the bed is designed to measure breathing and blood pressure. Community facilities are diverse, including a fitness center, spa, movie theater, healthcare center, and rooftop garden.
For an exclusive area of 34 square meters, the deposit is 30 million won and total monthly living costs are 3.29 million won. Living costs include rent, meals (60 meals per month), and common maintenance fees. If the deposit is raised to 230 million won or 330 million won, monthly living costs are 2.64 million won and 2.36 million won, respectively.
Yoo Bok-jae, an executive director at KB Golden Life Care, said, "We lowered the deposit to a level that people can pay without selling their homes," and added, "Currently, 50% of users have chosen the 30 million won deposit." Yoo said, "KB Golden Life Care values continuity of care that considers the senior lifecycle," and added, "If residents age further and find it difficult to live alone, they can be connected to one of our operating eldercare facilities."
◇ Gangnam living sphere, Wirye infrastructure
In Japan, construction companies are said to be less aggressive in the eldercare industry. In Korea, however, construction companies are leading the senior town market. Until early last year, private operators in Korea had to directly own the land and buildings to run a senior town. That made it a natural fit for the construction industry, whose specialty is buying land and erecting buildings.
Wirye Symphonia in Jangji-dong, Songpa-gu, Seoul, visited on Jan. 21, is a senior town established by HanmiGlobal D&I, a subsidiary of HanmiGlobal, a project management (PM) specialist corporation. The company name may sound unfamiliar, but HanmiGlobal is the No. 1 listed PM firm in Korea and is considered a "solid" corporation. HanmiGlobal also has a small residential brand called Maestro.
Having opened in May last year, the new facility, not yet a year old, was neat and pleasant. A resident in their 70s we met that day cited the Gangnam living sphere as Wirye Symphonia's biggest advantage. The older adult, who had long lived in Daechi-dong, Gangnam-gu, said they chose the facility because it is easy to visit nearby family and friends anytime and they do not have to leave their usual living area. Its location in the core commercial district of Wirye New Town makes it convenient to use amenities.
Here, options are diversified with 32 and 47 square meters (1.5 rooms) of exclusive area tailored to one- to two-person households, plus 66 to 72 square meters (two rooms) in the 20-pyeong range dwelling types. The dwelling types have a three-bay layout, comparable to standard apartments. A walk-in closet and built-in wardrobes are included, and Samsung Bespoke appliances come as a full option. Community facilities are varied, including a screen golf range, table tennis room, billiards room, sauna, fitness center, and book cafe.
For 32 square meters of exclusive area, the deposit is 450 million won, and total monthly living costs are 2.1 million won for one person and 2.9 million won for two. Couples can use it at 1.45 million won per person. Lee In-hak, operations manager at Wirye Symphonia, said, "The deposit and living costs are the lowest among new senior towns in Seoul," adding, "The value-for-money pricing relative to the quality of facilities and programs, plus the Gangnam location, are our strengths."
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