Listed development giant Lendlease is set to build between 5,000 and 10,000 senior living units in China in the next five to six years.
Lendlease joins a growing number of foreign aged care operators targeting China, where the number of people aged over 60 reached 250 million last year and is expected to surpass 300 million by 2025.
Lendlease’s maiden facility, on the outskirts of Shanghai, will house 1,300 residents across 850 apartments paying transferable, long-term membership rights starting at $400,000 for a one-bedroom unit and ranging up to $650,000 for a three-bedroom unit.
The senior living development, known as Ardor Gardens, will be the first of almost $2 billion worth of new retirement villages Lendlease has planned for the Shanghai and Yangtze River Delta area over the next five years.
The 22-building retirement village, which will be located in Zhujiajiao, will offer bespoke round-the-clock service, wellbeing and concierge services and will be managed by a team of experienced professionals from the luxury hospitality industry.