Early on one recent morning, Yupadee Sukosol sat in front of her tiny residence in Samut Prakan, around 40 kilometers south of Bangkok, sipping tea and watching as her orchids began to bloom in the sunshine.
The 87-year-old retired nurse’s 33-square-meter home is no ordinary accommodation. It is on the first floor of a nine-story condominium equipped with facilities for the elderly spread across 26,800 square meters. Named Sawangkanives, which means “the residence that provide good health and happiness for those who are growing old,” the facility is operated by the Thai Red Cross. All 468 units in the building are occupied.
Yupadee, who moved in three years ago, paid THB 650,000 (USD 19,225) for the right to live in Sawangkanives for as long as she likes. “It’s much cheaper than what you have to pay for the senior home care in the US,” Yupadee told Nikkei Asia.
She is one of the lucky—or perhaps smart—Thais. Some 20% of Thailand’s population, or 13 million people, are aged over 60, according to the country’s Ministry of Interior. A further 16 million are between 43–58. But the current capacity for elderly care is only 20,000 spread across 785 homes, with most located in and around Bangkok and other major cities, according to the Real Estate Information Center (REIC).
The Ministry of Commerce’s Department of Business Development (DBD) estimates the sector’s market value was THB 2.5 billion (USD 73.9 million) in 2024. But as society changes—with fewer members of the younger generations willing or able to look after their elderly relatives—demand for residential care is expected to soar. Research by TTB Analytics, a consultancy, suggests it will grow 30% annually over the next five years, and be worth THB 20 billion (USD 591.5 million) in 2033.
“Today, many white-collar working class realize the necessity of sending their parents to elderly nursing homes as it is safer for them to live next to medical specialists in a place that is suitable for aging people,” wrote TTB Analytics in a report.
Kornwan Changwattanachai, an 89-year-old woman exercising in the Sawangkanives garden, said she needed no persuading to move into the home, and now her children live their own lives without having to be worried about her.
“It would be very lonely if I still lived at home, because all of my family members have to go to work and to school,” Kornwan said. “Here I have a community and same-age friends to talk with.”
Standards at nursing homes are rising noticeably as hospitals, hotel operators and big real estate developers move in, hoping to capitalize on the booming demand.
Principal Capital Public Company, an operator of private hospitals and health care facilities, has joined hands with Baan Lalisa Healthcare Service Group to run a universal senior nursing home business.
Athiporn Poolsawaddi, CEO of Baan Lalisa Health Care Service Group, said he is in the process of building Baan Lalisa into a premium home care brand for seniors. He started in Bangkok and surrounding areas before expanding nationwide. The company now operates 26 branches across the country, and Athiporn said he plans to open more in the near future as demand remains strong.
“Six years ago, I saw an opportunity to expand our business into senior-friendly homes as Thai society is aging,” he told Nikkei.
Since Athiporn grew up in a family that ran a real estate business, he used a few unsold houses from the business to start the care services, focusing on elderly foreigners who want to stay long-term in Chiang Mai and need help to support their deteriorating health.
“Then, I learned some facts about Thailand’s aging society and realized that there is a huge opportunity to grow the business,” he said.
Athiporn sought to establish better standards to attract both Thai and foreign seniors who can afford higher prices, and locations that are not in Bangkok’s crowded districts, but in places with good vibes such as Chiang Mai, which is a top destination for tourists.
At Baan Lalisa in Chiang Mai, home care has become popular not only among aging Thais, but also foreigners.
A standard one-story standalone house equipped with senior-friendly facilities costs 15,000 baht per month to rent, while the most premium residence costs THB 200,000 (USD 5,915) per month.
“It depends on the complication of diseases and health problems the renters are dealing with,” said Athiporn, adding that people suffering from Alzheimer’s disease and requiring full-time nursing care would need the premium home.
But, even the premium prices do not seem to be that expensive for foreigners.
Colleen Eidlitz Miller, a 70-year-old former hospital office manager from Hollywood, California, said she has been living in a THB 35,000-a-month (or about USD 1,035 per month) residence in Baan Lalisa Chiang Mai for four months and expects to spend the rest of her life there.
“It’s affordable and comfortable,” she told Nikkei. “And people are very nice here. That’s why I fell in love with Chiang Mai.” Most similar facilities in the US cost several times what Miller is paying.
With rapid growth and strong demand, Athiporn’s company has not only expanded business by building more Baan Lalisa facilities on its own, but is also expanding with franchises.
Thailand’s aging society has not only created opportunities in the elderly home care sector, but also stimulated other health and wellness-related businesses, including fitness for seniors, food for the elderly, financial planning for retirees and specialized furniture for the age group. This sector is forecast to grow by double digits over the next five years, according to the DBD.
And with stronger demand from a growing elderly population, some private hospital chains have also seen opportunities to broaden their offerings into elderly and palliative care. Among these is a 300-bed geriatric hospital, run by the Bangkok Metropolitan Administration, located in the Bang Khun Tian district of southern Bangkok.
“We will turn the challenge of an aging society into a chance for new business opportunities and we will support the businesses to grow further,” said DBD director-general Oramon Sapthaweetham.
To support growth, the DBD holds business matching events to create opportunities for Thai and foreign entrepreneurs to form new wellness and senior caring business models—optimizing Thai expertise in hospitality and medical standards and the desire of foreign investors to fund the business.
A prominent operator of premium elderly care in Singapore, Allium Healthcare, a subsidiary of investment holding company G K Goh Holdings, is among those interested in expanding into Thailand and Malaysia with local partners and tapping the growing demand in Southeast Asia, deputy CEO Tan Choon Hiong told Nikkei.
“We see pockets of fast-growing demand in Southeast Asia,” he said.
Since 2019, the premium elder care provider has operated Allium Care Suites, a high-end nursing home providing personalized care for seniors, particularly those with chronic conditions or requiring rehabilitation.
The 120-bed, four-story nursing home is designed to offer a homelike environment, with a dedicated team of nurses and caregivers. Instead of wards, each floor is divided into three “households” that cater to 10–12 residents, who share a living and dining area and a kitchen. Daily programs are also designed for more intimate group settings with areas for rehabilitation and exercise facilities.
“We’re the first in Singapore to offer a small household living model in nursing homes,” Tan said. “I think Southeast Asia, particularly Singapore, is at the turning point where things are starting to evolve.”
Residents average 80 in age, and mostly stay long-term, with about 20% staying short-term—from a week to a few months—but often extending their stays. Monthly fees range from SGD 10,000–12,000 (USD 7,500–9,000) on average.
This article first appeared on Nikkei Asia. It has been republished here as part of 36Kr’s ongoing partnership with Nikkei.