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otium living

Living The Dream

12.06.20

Tell us about Otium Living

What's at the heart of Otium Living's philosophy?

At Otium, we believe that retirement should be a time of excitement and fulfillment, a time to do the things you love with a sense of complete freedom and independence. Like our residents we are adventurous in spirit and don’t prescribe to the lackluster stereotype, for us these are the hospitality years not the hospital years and we bring that to life in the properties we design and the lifestyle we create for our residents.

What's Otium Living's strategy within the sector?

As the global market progressively ages, particularly in Asia and the Baby Boomer generation comes into retirement, the market needs for services within this sector is expanding exponentially. This generation is more financially prepared and increasingly rejecting the idea of living with their children as they get older. Through extensive market research we have identified the need for a property and community that allows this generation of retirees who wish to continue to pursue their passions and live healthy and active lives to do just that. The Otium concept and villages are designed to let residents live independently with all the luxury and comforts they deserve in a community of like-minded people.

Can you tell us what services you offer?

We operate in partnership with the region’s most reputable property developers, to establish the industry standard in luxury retirement lifestyle. Specialising in market research, consultation on property design and development, medical and wellness programme development, sales and marketing services as well as operations and property management, Otium caters specifically for lifestyle development for the over 50’s market.

What are the accommodation options available?

At Otium Phuket there are a variety of luxury options to meet different needs, including apartments ranging from 1 bed to 3 bed designs with a number of exclusive penthouses for those who enjoy more space. In addition, there are numerous villas both close to the centre of the village and further up on the hillside that range from 2 – 4 bedrooms with private pools.

All units are available for purchase on a 30-year renewable leasehold. There will be rentals available for those who wish to stay for a few months or who wish to experience the village before they purchase a property.

What makes Otium Living unique?

With over 35 years collective experience in retirement, Otium has spent the last 5 years gaining a detailed understanding of the specific needs of people planning and enjoying their retirement in South East Asia. What is unique about Otium is our complete approach to concierge. The residents of the village are in the excellent hands of the Lifestyle Director and their team, who will ensure that all their needs are taken care of day to day but also the full customer experience before, during and after their stay in the village. Coupled with the community created in the village that allows for a varied and social life and encourages an active and healthy lifestyle, these retirees enjoy a coveted lifestyle where nothing is too much trouble and they enjoy a luxurious environment with friends and family.

What challenges have you faced setting up at the resort?

The challenges in setting up the resort really come down to the sector being underdeveloped and the concept being new to the market. There is nothing similar currently in the SE Asia market so introducing a different fee structure and service offering requires some explanation. The business model in Thailand is one of leasehold sold on a basis of 30 years that is automatically renewable. This allows Otium to continually invest in the maintenance and upgrade of the village, to ensure that the environment stays pristine and the future value of the property is protected. In many markets this is a new concept so we are constantly working to familiarise potential customers with how this works and the benefits to them for this type of property.

How has the concept of 'retirement' changed over the last decade?

Those currently retiring and preparing to retire have higher expectations. They want to continue to pursue their passions and activities they never got to do while they were working, many starting new projects, hobbies and even business ventures. They don’t want to be a burden to their children and want to live independently in their own homes with a level of comfort they deserve. In many markets particularly in Asia, retirement is becoming less finite with many people carrying on working either part time or full time.

Retirement villages are becoming more popular, why do you think that is?

We know that community and social connection and interaction are a key influencer on happiness and longevity. As you get older social circles typically get smaller and traditional activities and facilities less convenient. Villages provide a fantastic opportunity to make friends and actively participate in the community, getting involved in activities and events with like minded people. Community is a benefit at any age but really attractive to retirees when loneliness and security become more obvious concerns.

Are there any plans to set up Otium Living resorts in other locations?

There is a second village currently being developed in Bangkok with discussions underway for new potential locations in Singapore, Malaysia, Vietnam and Bali/Indonesia

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