Property developer TI Homes plans to construct an integrated retirement village in Ipoh as part of its plans to target this niche property market for seniors.
Located in the upcoming township of Bandar Meru Raya, the 13-acre project will boast accommodations and care facilities for the elderly similar to retirement villages found in western countries.
“Indeed, the design of GreenAcres is a collaboration between Malaysian and Australian architects who have brought out the best living conditions whilst keeping seniors in mind,” said the company, adding that the project was soft launched on 12 July.
According to TI Homes’ Executive Director John Chong, the idea for GreenAcres came from her mother cum company Co-Founder Chong Heng Kiong, who chanced upon retirement villages in Australia two decades ago.
“Over the past few years, we can see more and more people looking for an alternative from regular old folks’ homes. We now feel that the market is ready for a retirement village,” he said.
In particular, the retirement village portion of GreenAcres will comprise 110 landed homes with six layouts to choose from. Sizes range from 730 sq ft to 1,100 sq ft. Its second component will feature three blocks of four-storey apartments, equipped with lifts.
These units will be rented out on a lifetime basis with prices starting from RM300,000. In addition, tenants will have to pay a monthly maintenance fee of RM300 and above depending on the size of the unit.
The construction of GreenAcres is expected to start soon, with completion targeted by Q1 2016.
Ipoh-based TI Homes has been in the property business since 1993, with a focus on landed projects. Its current developments include Tiara Lake Park, Taman Meru Mutiara and Bandar Baru Tambun.