SENIOR PROPERTY WITH HEALTHCARE SERVICES: THE STUDY …

SENIOR PROPERTY WITH HEALTHCARE SERVICES:

THE STUDY OF ATTITUDE PERCEPTION AND

DECISION-MAKING CRITERIA.

BY

MISS JUTATIP CHAROENYINGWATTANA

AN INDEPENDENT STUDY SUBMITTED

IN PARTIAL FULFILLMENT OF

THE REQUIREMENTS FOR THE DEGREE OF

MASTER OF SCIENCE PROGRAM IN MARKETING

(INTERNATIONAL PROGRAM)

FACULTY OF COMMERCE AND ACCOUNTANCY

THAMMASAT UNIVERSITY

ACADEMIC YEAR 2018

COPYRIGHT OF THAMMASAT UNIVERSITY

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Independent Study Title SENIOR PROPERTY WITH HEALTHCARE

SERVICES: THE STUDY OF ATTITUDE

PERCEPTION AND DECISION-MAKING

CRITERIA.

Author Miss Jutatip Charoenyingwattana

Degree Master of Science Program in Marketing

(International Program)

Major Field/Faculty/University Faculty of Commerce and Accountancy

Thammasat University

Independent Study Advisor Professor Kenneth E. Miller, Ph.D.

Academic Years 2018

ABSTRACT

Aging society has become a world-class issue. The phenomenon creates a great

opportunity for many companies to do the business for elderly people or develop a

product to serve aging society. Wellness real estate is a $134 billion fast-growing sector

in the wellness industry. Wellness lifestyle real estate is currently achieving a premium

price of 10-25%. Therefore, the purpose of this study is 1) To understand Thai

consumers’ knowledge towards wellness lifestyle real estate. 2) To understand Thai

customer attitudes and perception towards wellness lifestyle real estate. 3) To identify

key factors that impact a decision making on purchasing real estate. As a result, the

developer can use this information to create effective marketing strategies to attract their

target customers.

The research was conducted by using two designs which are Exploratory

Research and Descriptive Research. Primary research and secondary research was done

to understand the context of real estate and senior living in Thailand. The exploratory

research design was done with 12 in-depth interviews. After obtaining insight from in-

depth interviews, the descriptive research design had used to quantify the qualitative

research result with a minimum of 150 respondents from an online survey—which was

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recruited by convenience samples. The sampling selection is derived from the age of

over 40 years old.

The data were analyzed by using the Statistical Package for the Social Sciences

program (SPSS) by using frequencies, cross tabulation, compare mean and analysis of

variance (ANOVA). The results can answer the objective. Thai people have a lack of

knowledge in wellness lifestyle real estate. Consumer has a positive view of wellness

lifestyle real estate as a premium condominium and as a premium price too. Wealthy

people and well-planned people can effort the wellness lifestyle condominium.

Moreover, the factor impact decision making when purchasing real estate is not only

factors related to the product but the other factors such as security, convenience, and

location also have a powerful impact too.

Keywords: Wellness lifestyle real estate, Senior property, Senior condominium

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ACKNOWLEDGMENTS

I would like to express my sincere gratitude to my advisor, Prof.Dr.Ken

Miller for his guidance and encouragement throughout my study. His devoted time to

give advice and recommendation put me in the right way from the beginning of the topic

selection through my independent study. I am very thankful to my colleagues for

understanding my time limitation in work and support my study in the master program.

Moreover, for MIM program, friends and office staff, I very thankful for them to create

a good learning environment, support, and contributions. I am most gratefully thankful

to the respondent who answers the survey, friends, and everyone who help me share the

survey until the final. Essentially, I owe my deepest gratitude to my family who always

encourages, unconditionally support me throughout my master program.

Miss Jutatip Charoenyingwattana

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TABLE OF CONTENTS Page

ABSTRACT (1)

ACKNOWLEDGMENTS (3)

TABLE OF CONTENTS (4)

LIST OF TABLES (6)

CHAPTER 1 INTRODUCTION 1

1.1 Background 2

1.2 Research Objectives 3

CHAPTER 2 REVIEW OF LITERATURE 4

2.1 World aging society 4

2.2 Aging society in Thailand 4

2.3 Elderly healthcare service in Thailand. 5

2.4 Family Support for Older Persons in Thailand 5

2.5 Strong potential for the luxury senior housing market in Thailand 6

2.6 The growth of global wellness economy 6

2.7 Thailand’s housing market: senior consumers behavior 7

2.8 The concept of universal design 8

CHAPTER 3 RESEARCH DESIGN 9

3.1 Research Methodology 9

3.1.1 Secondary Research 9

3.1.2 Primary Research 9

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3.2 Sampling Plan 10

3.3 Data Collection 11

3.4 Data Analysis 12

3.5 Limitations of Study 13

CHAPTER 4 RESULTS AND DISCUSSION 14

4.1 Key finding from primary research and secondary research 14

4.1.1 Growth of wellness lifestyle real estate project 14

in Thailand

4.1.2 Trade-off between space and convenience 14

4.1.3 Living place life cycle 14

4.2 Key finding from in-depth interviews 15

4.2.1 The understanding of wellness lifestyle 15

real estate concept

4.2.2 Perception of people who live in wellness 16

lifestyle real estate

4.2.3 Reason to buy real estate 17

4.3 Key finding from questionnaires 17

4.3.1 Respondents profile 17

4.3.2 Consumers’ knowledge towards wellness 20


4.3.3 Perception towards wellness lifestyle real estate 21

4.3.4 Attitude towards wellness lifestyle real estate 22

4.3.5 Factors impact decision making to buy real estate 23

CHAPTER 5 CONCLUSIONS AND RECOMMENDATIONS 28

5.1 Conclusions 28

5.1.1 Thai consumers knowledge towards wellness 28


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5.1.2 Positive attitudes and perceptions towards 28

wellness lifestyle real estate

5.1.3 Product for wealthy people 28

5.1.4 Factors impact decision making criteria is not 29

only a product

5.2 Recommendations 29

5.2.1 Information provide 29

5.2.2 Targeting on the status 29

5.2.3 Working on price and creditability 30

REFERENCES 31

APPENDICES

APPENDIX A: In-depth interviews question guideline 34

APPENDIX B: Questionnaire 35

BIOGRAPHY 44

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LIST OF TABLES

Tables Page

3.1 In-depth Interviews Respondents Classification 10

3.2 The questionnaire Respondents Classification 11

3.3 Dummy table of consumers’ background knowledge about 12

wellness being

3.4 Dummy table of the important factor impacts buying decision 13

when purchasing the accommodation.

4.1 Respondents profile group by gender 17

4.2 Respondents profile group by age range 18

4.3 Demographic of respondents’ profiles 19

4.4 Relative importance between each demographic with knowledge 20

about the wellness lifestyle real estate

4.5 Correlation between “Who do you live with?” and the 20

concepts’ knowledge

4.6 Respondents intention to buy wellness lifestyle real estate 21

4.7 The reason behind the “YES” intention to buy wellness lifestyle real estate 21

4.8 Perception towards target groups of wellness lifestyle real estate 22

4.9 Attitude towards target groups of wellness lifestyle real estate 23

4.10 General factors impact the decision making on real estate 24

4.11 Location criteria impact the decision making on real estate 24

4.12 Environment criteria impact the decision making on real estate 25

4.13 ANOVA Table; general factor and intention to buy wellness 25


4.14 ANOVA Table; location factor and intention to buy wellness 26


4.15 ANOVA Table; Environment factor and intention to buy wellness 27


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CHAPTER 1

INTRODUCTION

Aging society has become a big issue in many countries especially in developed

countries such as Japan and Italy. The structure of population has shifted and the growth

of fertility rate has declined. This is because of the rapid growth of medical technology

and innovation helps human to live longer than before. Moreover, city expansion forces

people to move into the city to live and work. Also, the behavior of urbanist has changed

e.g. having slow marriage and fewer children in family. These factors create a great

opportunity for many companies to do the business for elderly people or develop a

product to serve aging society.

In terms of living place for elderly, Thailand has a norm that aging parents will

live with adult children until the end of their lives. Most children have been raised with

the mindset that they have to take care of their parents when they get old. Generally,

they are expected to look after the elderly well. However, there are still cases that require

special nursing care. For example, if the elderly person is terribly sick and cannot live

by themselves, the special care at a hospital, senior housing home or hiring a personal

caregiver is needed.

The new trend in wellness industry called “wellness real estate” is a $134 billion

fast-growing sector. Housing represents the largest expenditures accounting to about

20% of all consumer spending. Therefore, it is logical that housing should be invested

for the purposes related to health and wellbeing. Wellness lifestyle real estate is

currently achieving a premium price of 10-25%.

In Southeast Asia, some communities are adding a healthcare aspect to target

aging populations, leveraging existing medical tourism infrastructure in wellness

lifestyle real estate segment. Moreover, some projects include universal design to serve

better accessibility and usage for the elderly.

Applying the wellness real estate with healthcare services in Thailand is difficult

and challenging for most developers to find a way to communicate with target

customers especially in the country with a unique culture like Thailand.

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This study is a contemporary topic in applied marketing and health issue area,

focusing on attitudes and perception of consumers towards property with healthcare

services in Thailand.

1.1 Background

“Jin Wellbeing county” is the first project that applied the wellness real estate

model in Thailand. It offers residential accommodation catering all lifestyles for elderly

people and providing universal design facilities and healthcare services. This project

was developed by Thonburi healthcare group (THG), leading geriatric health care in

Thailand. In former times, Thailand market had only a senior housing service providing

a place to live and care service to those who suffered from serious sickness or disability.

This service helps take care of the elderly and focuses on the senior target. On the other

hand, there is another market serving senior homecare equipment and home caregiver

service.

To purchase a new place to live in retirement age is critical for consumers in

terms of budgeting and payment terms. The financial issue is a great concern for those

who want to buy a house. This decision is likely to be the biggest decision in a lifetime.

The question is when Thai people make a decision, are they concerned about the

wellbeing for their retirement life, or do the global wellness trends change consumer’s

attitude and criteria when they make a decision to buy a house?

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1.2 Research Objectives

Definitions:

Wellness means the active pursuit of activities, choices, and lifestyles that lead to a state of

holistic health.

Wellness real estate means the construction of residential and commercial / institutional

properties that incorporate intentional wellness elements into their design, materials, and

building as well as their amenities, services, and/or programming.

In order to put the proposal of the study as mentioned above forward, the

objectives have been intentionally set into 3 main topics;

1. To understand Thai consumers’ knowledge towards “health and wellness” in the

dimension of Wellness lifestyle real estate focusing on senior living. (Institute I.

W., 2017)

2. To understand Thai customer attitudes and perception towards property with

healthcare services in Thailand.

3. To identify and measure key factors that impact a decision making on purchasing

property with healthcare services in Thailand.

The first objective is set to understand consumers’ background knowledge about the

fundamental human needs to live well. The guideline from WELL certification (the

premier building standard to focus on enhancing people’s health and wellness.) sets 11

dimensions of WELL including water, nourishment, light, movement, thermal comfort,

sound, material, mind, community and innovation. This research focuses on areas that

are related to senior living: first, a companionship & active lifestyle, second, safety &

security, and third, holistic wellness facilities and services.

The second objective is set to explore customer attitudes and perception towards the

property with healthcare services model, and to investigate whether there are any

differences among consumer ages, economic status, gender, family type, education

background, current accommodation and location.

The last objective is to find the key factors behind the purchasing decision of the

consumers. That is to say, which factors have an impact on them when they decide to

buy the products. The business can use this information to create effective marketing

strategies to attract their target customers.

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CHAPTER 2

REVIEW OF LITERATURE

2.1 World aging society

Aging society has become a world-class issue, especially in developed countries

like Japan. There has been a decline in the fertility rates among the population around

the globe. It shows that people aged 60 or over will double from 11% in 2006 to 22%

in 2050 (Global Age-Friendly Cities: A Guide, Geneva, 2007). Three major causes of

global population aging are 1) Low fertility, which is attributable to better education,

higher wages, contraception, urbanization and government policies. 2) About 19% of

the world population are baby boomers who are currently aging. 3) The improvement

of equipment for well-being, advancement in medical and accessibility to health

services has rapidly increased in life expectancy (United Nations, 2015).

2.2 Aging society in Thailand

Thailand faces demographic change too. The proportion of elderly people to the

total population is 17.13% and the figure is expected to be about one-third in 2040

((NESDB), 2017) because of the biological aging and the decline of functional capacity.

Elderly people need changes in the living environment to live their lives better and more

easily. Bangkok has a rapid growth of insufficient infrastructure and low quality of life

among the elderly. Individuals living in Bangkok face difficulties in mobility, health

problems and living condition hardship. For example, there are many public areas and

buildings which have steps and slippery walkways. These are dangerous for the elderly

to live actively and conveniently in the community.

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2.3 Elderly healthcare service in Thailand.

The number of dependent elderly who need healthcare service also increased

from 15.5% in 2009 to 20.7% in 2014 while the potential for elderly care of the family

members decreased because of the family size. The number of healthcare personnel

must be adequate to meet rising demand. The model of healthcare services in Thailand

for the elderly is divided into (1) The long-term care services which are provided for

the local dependent elderly in both medical and social services. There are care facilities

for elders or patients who are suitable for rehabilitation, giving health advice, along with

developing the potential of the elderly in terms of occupation, income, social activities

and environment, such as Elderly Allowance, Career Promotion, and

organizing facilities for elderly people to participate in social activities. (2) The

residential home, nursing home, long-stay hospital, and hospice care home, which are

mainly provided by the private sector. This trend is increasing.

2.4 Family Support for Older Persons in Thailand

One of the responsibilities of each family in Thailand is the traditional institution

for elderly care which is similar to most countries in Asia. Family members are expected

to look after their parents. For elders, children will be the main sources of living

spending. They support parents’ income and are responsible for expenses concerning

food, clothes, medical services, and also a place to live. (Praima Israsena Na Ayudhya,

2007).

The number of aging parents who live with adult children declined from 77% in

1986 to 55% in 2004. The analysis indicates higher levels of urban co-residence than

rural co-residence. Increasing from 11% in 1986 to 2014, Thais aged over 60 lived

independently but still stayed close to adult children. In terms of personal care support,

the proportion of people aged 80 and older are growing. Thus, the demand for long-

term care increases and family still remains to be an important source to be responsible

for the personal care for the elderly. Daughters and wives are more likely to be the main

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care provider compared to sons or husbands. The important role of most older persons

in Thailand is giving support to their own families and being a part of communities,

such as taking care of their grandchildren, looking after the house, cleaning and

cooking. In communities, the elderly join social and religious activities, socialize with

groups of the same age such as senior citizen clubs and perform their leading roles in

religious practices by supervising or giving useful information to the members in

communities. (Yodpet, S., 2001)

2.5 Strong potential for luxury senior housing market in Thailand

Thai families prefer sending their parents to luxury senior housing (JLL,

2017). Some families may feel embarrassed about not looking after their parents

themselves or leaving parents in senior homes. Generally, they are expected to look

after the elderly well. However, Thai families tend to feel more comfortable with the

option of sending the elderly to live in a better place like luxury senior housing with a

good quality of service. Moreover, in modern Thai society, baby boomers have a plan

for themselves after their retirement without relying on any assistance from family. All

of these show the demand for a senior home in the future. However, Thai developers

still lack knowledge of developing, operating, managing and marketing senior housing

estate. Joint venturing with international specialists can bring great opportunities to the

market.

2.6 The growth of global wellness economy

The wellness economy growth rate is faster than global economic growth.

(Global Wellness Institute, 2018). In 2017, the wellness economy grew from $3.7

trillion to $4.2 trillion, or by 6.4% annually compared to global economic growth at

3.6%. Moreover, the wellness economy represents 5.3% of global economic output.

Particularly, wellness real estate is a $134 billion fast-growing sector. Housing

represents the largest expenditures accounting for about 20% of all consumer spending.

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Therefore, it is logical that housing should be invested for the purposes related to health

and wellbeing. Wellness lifestyle real estate is currently achieving a premium price of

10-25%. In Southeast Asia, some communities are adding a healthcare aspect to target

the aging population, leveraging existing medical tourism infrastructure in the wellness

lifestyle real estate segment. Today, there are over 740 wellness lifestyle real estate

projects across 34 countries estimated by the Global Wellness Institute. Most of the

pipelines are comprised of master-planned communities and mixed-use functions with

an assortment of intentional design features, facilities, and amenities that enhance

wellness. However, in the future, wellness living concepts are expected to push the

design of the healthy living environment to a higher level. The trends of the next level

of wellness lifestyle real estate would blur the lines between home, work, and leisure.

These also include making healthy homes affordable, bringing back multigenerational

and diverse neighborhoods, catalyzing medical industry clusters and health services to

develop wellness communities, moving from green to regenerative living, leveraging

technologies to create smart-healthy homes and cities and rediscovering hot springs as

a wellness living anchor.

2.7 Thailand’s housing market: senior consumers behavior

Senior consumers also prefer condominiums, mainly for investment, leisure and

passing down to their children (EIC, 2018). The survey conducted by EIC (2018) shows

that 20% of the respondents with the age over 60 are interested in purchasing houses.

The primary reason for buying a condominium is to generate income from the rental

and price speculation. The other reasons include leisure living or second home, and wish

to pass it down to their children. Moreover, the survey suggests that older respondents

tend to purchase low-rise condominium more than high-rise condominium. The mixed-

use project is another alternative that caters the demand for residences which is close to

facilities and communities. According to EIC survey (2018), 69% of consumers having

a plan to buy condominium are interested in purchasing a residence for the mixed-use

project. Among the elderly respondents, 87% of this group still prefer having a

department store in the project, while 68% prefer having a health center or an elderly

center.

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2.8 The concept of universal design

“Universal design means products and buildings are accessible and usable by

everyone, including people with disabilities.” (Steinfeld, 1994) Universal design is not

only the installations of supportive equipment but also the layout designs and

constructions of the buildings. For example, by replacing push doors with sliding doors

and ensuring that the entrance width is at least 90-100 cm, the elderly in wheelchairs

are able to enter to anywhere without any assistance. An interesting case study of a

universal design project is SkyVille@Dawson, a condominium in Singapore. Its floor

plans are designed to let wheelchair users moving around conveniently and the

bathrooms are fitted with non-slippery tiles and safety amenities. The space between

the kitchen counters is wide enough to accommodate wheelchairs, and playground areas

are also equipped with exercise equipment for the elderly. Additionally, signs around

the building are clearly written with a larger size than normal.

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CHAPTER 3

RESEARCH DESIGN

3.1 Research Methodology

Research conducted by using two methodologies consisting of qualitative and

quantitative methods, both exploratory research and descriptive research.

3.1.1 Exploratory Research Design

The exploratory research was used to outline marketing concern in more

details. The data collected from this research is important for designing descriptive

research later.

3.1.1A Primary Data and Secondary Data

Primary Data was collected from attended to press conferences and had

a conversation with friends who works related in the company developing wellness real

estate project. Secondary data was collected from academic journals, online sources and

reference books. The purpose of secondary data is to understand the environment of the

real estate industry in Thailand, senior accommodation and senior’s living behavior.

Secondary data used to help design an appropriate survey in the study.

3.1.1B In-depth interviews

In-depth interview conducted within Bangkok and vicinity with twelve

interviewees. A mix of different age of 40 years old and above, gender and current

accommodation type. The purpose of the in-depth interview is to understand the

underlying attribution and criteria when purchasing real estate for retirement age. This

method helps to understand consumers’ perceptions and attitudes of senior property

with healthcare services. The length of time to take respondents to complete the in-depth

interviews not take longer than 30 minutes.

3.1.2 Descriptive Research Design

The descriptive research was done by using online questionnaires. The

survey questionnaire was conducted after done the in-depth interview. The purpose of

the questionnaire is to find out consumers’ knowledge, perception and attitudes towards

senior property with healthcare services. The example question for respondents who are

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in work age is do they have a plan about living in retirement life? And the question for

respondents who already retire is if you looking back for 20 years what you would like

to change when you buy a house for a living?

Key variables of this study are 1) Demographic characteristics of Thai

consumers such as gender, age, marriage status, income, occupation and family type 2)

Consumer behavior such as duration of activities to do at home 3) Psychographic

variables such as people mindset in Thai culture expected child to take care parent.

3.2 Sampling plan

The qualitative research sampling procedure for this project is the convenience

sampling in Bangkok and its vicinity, according to time constraint. The quantitative

research was distributed through online channel and more open to all area in Thailand.

Step 1: In-depth Interviews

The qualification of the in-depth interviews respondents be as follow:

Age: 40 years old or over Area: Bangkok and vicinity

The respondent number is 12 people were divided into 3 groups; 40-49, 50-59

and over 60 years old as the researcher assume that there have the differences in

behavior, perception and attitudes towards senior property with healthcare services.

Table 3.1 In-depth Interviews Respondents Classification

AGE RANGE (YEAR OLD) GENDER NO. OF RESPONDENTS

40-49 MALE 2

FEMALE 2

50-59 MALE 2

FEMALE 2

over 60 MALE 2

FEMALE 2

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Step 2: Questionnaire

The qualification of the questionnaire respondents in a total of 150 people was

set by people who are age over 40 years old and live in Bangkok and vicinity.

The questionnaires were created through an online questionnaire platform

“Survey Monkey” and was distributed through personal connections including family,

friends of parents, parent of friends, co-workers and relatives of the researchers, etc.

and through own social network accounts such as LINE, Facebook, etc. The number of

the respondents will be divided into 3 groups; 40-49, 50-59 and over 60 years old and

require minimum 50 respondents in each group.

Table 3.2 The questionnaire Respondents Classification

AGE RANGE (YEAR OLD) NO. OF RESPONDENTS

40-49 50

50-59 50

over 60 50

3.3 Data Collection

3.3.1 Primary data and secondary data were collected during 1 October 2018 –

14 November 2018. Primary data was collected by attended to two press conferences.

First, press conference from Thonburi Health Village, the topic is to launch new

wellness condominium project on 4 October 2018, second, SANSIRI announced the

partnership plan with TOKYU corporation and Samitivej Hospital, to develop wellness

residence in Thailand. The press conference happened on 25 October 2018.

3.3.2 In-Depth Interviews with 12 interviewees were selected through personal

contact including family, parent of friends, co-workers and relatives of the researchers,

etc. The interviews were conducted by one-on-one interview, both face-to-face and

telephone call (follow the preference of the interviewees) during 15 January 2019 – 10

February 2019.

3.3.3 Questionnaire was collected within 2 weeks period during 5 – 19 March

2019 with the respondents age over 40 years old through an online channel (Survey

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Monkey). The questionnaire was distributed and share through social media such as

Line, Facebook and influencer’s Instagram.

3.4 Data Analysis

For analysis, exploratory research design, in-depth interviews, focused on

consumers’ knowledge about fundamental human needs to live well (Objective 1),

perception and criteria to bought current accommodation, customer attitudes and

perception towards the property with healthcare services model (Objective 2) and which

factors have an impact on them when they decide to buy the products (Objective 3). The

data from in-depth interviews be examined using the list of key findings and been used

for the guideline of the questionnaire design.

The data analysis of the questionnaire for descriptive research was done by using

the Statistic Program for the Social Sciences (SPSS). The data examined using

frequencies, percentages, correlations, comparing the results between each treatment

and other appropriate statistical analysis as deemed necessary.

Objective 1 is to understand consumers’ background knowledge about the

fundamental human needs to live well. The key research variables consist of basic

demographic data (such as age, gender, or economic status of the target group), family

type, accommodation type, and knowledge about “health and wellness” in the

dimension of Wellness lifestyle real estate focusing on senior living. The statistical tool

SPSS is employed to calculate frequencies, mean and standard deviations.

Table 3.3 Dummy table of consumers’ background knowledge about wellness being.

Sample of Question Data Have you ever heard about condominium

with healthcare services? Nominal (Yes, No), frequencies, mode

Which factor is including in fundamental human needs to live well?

Multiple answers (Active lifestyle, safety, environment, etc.)

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Objective 2 is to explore customer attitudes and perception towards the property

with healthcare services model, to investigate whether there are any differences among

consumer ages, economic status, gender, family type, education background, current

accommodation and location. SPSS is used as a statistic instrument to test a relationship

between two variables.

Objective 3 is to find the key factors behind the purchasing decision of the

consumers. Which factors have an impact on them when they decide to buy the

products. The data analysis objective is obtained by means of 7-point Likert scale from

the most important to the least important in terms of the factor influencing when

purchased accommodation. The variables found to be significant to have an effect on

the consumers are location, price, accommodation type, function, brand and developer.

The appropriate statistical method is through the test to identify the relationship between

independent variables and correlation.

Table 3.4: Dummy table of the important factor impacts buying decision when purchasing the

accommodation

Influencing Factors Data

Location Linkert scale, value 1 to 7 (level of important)

Price Linkert scale, value 1 to 7 (level of important)

Function of usage Linkert scale, value 1 to 7 (level of important)

Brand Linkert scale, value 1 to 7 (level of important)

3.5 Limitations of the Study

According to the questionnaire collected, using an online distribution channel is

the one limitation. The total number of the respondents exceed the expectation, but for

the over 60 years old group and the male gender, the researcher cannot reach to the

number. The results shown the respondents tend to be female more than male. The data

analysis from this study may not be represented in the country.

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CHAPTER 4

RESULTS AND DISCUSSION

4.1 Key finding from primary research and secondary research

According to press conferences attended, some relevant article and research, I

found some issues related to the study as follows:

4.1.1 Growth of wellness lifestyle real estate project in Thailand

Global Wellness Institute reviews in 2017 Thailand have only 2 wellness

lifestyle real estate (Global Wellness Institute, 2018), 1 year after, in 2018, 2 new

projects have launched. Which means 100% growth of wellness lifestyle real estate in

Thailand and the products of wellness lifestyle real estate have a potential to be sold in

Thailand market from the developer point of view. To develop wellness lifestyle real

estate, the developer requires knowledge in health area by do the joint venture with a

premium hospital in Thailand. 3 of 4 projects in Thailand locates in Bangkok and

vicinity but still not in a prime area, all 3 projects are a condominium which has a clinic

and health services within a project, provided to the resident only.

4.1.2 Trade-off between space and convenience

Most of the condominium project is located in an urban area which has a

high density of population. Consumers trade-off between the high price in a prime area

and less space of living with time-consuming for traveling to the workplace in the city

and conveniences. Which mean the condominium type of residential has high potential

to sale in the prime area or alongside with public transportation such as BTS or MRT.

The condominium type is a mismatch with elderly people who have no concern about

time schedule related to work life. They more concern about the location near family or

change the house but in the same area.

4.1.3 Living place life cycle

Place of living related with the human life cycle, which can easily describe

as follows: First, after graduated, when people get a job, most of them move out from

home and decided to rent a small room to live or planned to buy a condominium nearly

workplace. Second turning point happen when they planned to marry, this stage of life

requires more concern about the place to live associated with the area, location size of

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family and the budgets. To live in a condominium in prime area 1-bedroom the size is

not enough for expanding size of family or have children. For more than 2-bedroom

type of condominium, the cost is too high and can similar to the luxury single house in

out-skirt of Bangkok. Single house or townhome becomes a new choice in the stage of

life. This house will be the last place to live for many people in Thailand. The first

reason is to buy a new house have high cost in term of real estate price which higher in

every year and also the cost of time-consume for searching a new place and time to

move a thing. The choice for elderly who their kids move out when they are adults is

first, stay at the same house and second is a move to kids’ house. Elderly unlikely to

buy a new real estate to live at this stage of life.

4.2 Key finding from in-depth interviews

In-depth interviews were conducted with 12 interviewees. 6 females and 6 males

divide equally into 3 groups and 40-49 years old, 50-59 years old and over 60 years old.

(The guideline of interview question shows in appendix A)

According to in-depth interviews, there has some relevant insight from

interviewees are as follows:

4.2.1 The understanding of wellness lifestyle real estate concept

Four of the interviewees heard about the wellness lifestyle real estate

before. But most of the explanation about the concept from interviewees does not match

with our study. Two of interviewees mentions to a large greenery landscape or the

garden inside the project. One interviewee thought the wellness lifestyle real estate is

the condominium which includes fitness. Jittra (female, 64 years old, retiree) said: “I heard

about the project which has the big garden as a facility, provide to every resident.” Chai

(male, 68 years old, retiree) said “Is this the project with include facilities support health?

Such as fitness.” “I think nowadays there have so many condominium projects is

wellness lifestyle real estate.”

Only one interviewee has understood the concept of wellness lifestyle real

estate. Au (female, 52 years old, freelance) said: “I heard that is a place built for people

who concern about health and their retirement life.” She knows there has some project

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with this concept but the location only locates in Bangkok. “I hope this project should

be more launch in Thailand. Not only in Bangkok and in more provinces in Thailand

too with an affordable price.” This interviewee has an experience visited one project

and she complaining about the price. “I visited the project which is located in the

outskirts of Bangkok” “I think the price for 1 room is reasonable. But resident needs to

pay extra for the healthcare service which the cost is very expensive. You need to pay

a lot more per month”

The results showed more than 90% of the interviewees do not understand

about the wellness lifestyle real estate. They confuse about if condominium has a facility

such as fitness and garden, it can call wellness lifestyle real estate too.

4.2.2 Perception of people who live in wellness lifestyle real estate

Male tend to related health associated with the wellness lifestyle real

estate. After the interviewees understand about the wellness lifestyle real estate, half of

the male interviewees thought the project suite with health-oriented people. Chai (male,

68 years old, retiree) said “I think people who like sport and want good health will buy

this type of condominium.” and Pan (male, 42 years old, officer) said: “Maybe this condo

is building for people who have a health issue.”

Wealth family can afford wellness lifestyle real estate. Both male and

female had issues about the price of the condominium, several interviewees thought

they cannot afford this type of condominium. Sang (female, 48 years old, own business)

said “Wellness lifestyle real estate seems very nice project, but its might suite for rich

people” “I still want to live in my house with my children” And Pan (male, 42 years old,

officer) said “Most condominium in Bangkok the price is very expensive especially in

prime area. Wellness lifestyle real estate which including clinic and healthcare service

would be set a higher price more than normal.

Well-planned people would like to buy the wellness lifestyle real estate.

Two of the interviewees said people who well-planned about their life have the potential

to buy wellness lifestyle condominium. Nee (female, 61 years old, housewife) said

“Elderly always have a health problem. So, I think someone who had planned about

their life and save money could buy the condominium”

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Healthy concern and wealthy people are the majority perception of

consumer who is going to buy wellness lifestyle real estate. 11 of 12 interviewees think

wellness lifestyle real estate is a good idea but not interested to buy it.

4.2.3 Reason to buy real estate

Au (female, 52 years old, freelance) who clearly understand concept of

wellness lifestyle real estate at the beginning gave the answer of the question “Why you

are interested to buy wellness lifestyle real estate?” as “I looking for condominium for

living and had found the concept of wellness lifestyle real estate”, “I do concern about

the health issue which can be happen when I’m getting older”

The rest of the interviewees, the reason made them do not want to buy

wellness lifestyle real estate is “I do not have the plan to buy any real estate.”, “I do not

like a condominium.” and “I want to live with my children.” Sang (female, 48 years old,

own business) said. And for some interviewees who have the plan to buy real estate they

buy it because “I usually have invested in real estate.” Pan (male, 42 years old, officer)

and “I want to keep real estate as an asset for my family.” Roj (male, 68 years old, retiree).

For people as age over 40 may have the potential to buy wellness lifestyle

real estate when they search for a place to live. But for people who want to invest in real

estate and kept real estate as an asset, wellness lifestyle real estate is not their choice.

4.3 Key finding from questionnaires

4.3.1 Respondents profile

The questionnaire was conducted during two weeks period through online

website call “survey monkey”. (see appendix B in more details) 289 respondents passed

the screening question which cut off respondents under 40 years old are under qualify.

Only 148 respondents were completed until the end of the questionnaire.

Table 4.1 Respondents profile group by gender

Gender Count Column N%

Others 2 0.80%

Male 54 20.90%

Female 202 78.30%

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Majority of gender in the survey is female, its represent 78.30% followed by a

male in 20.90% and the other gender has 2 respondents or 0.80% of the total number

who did the survey.

Table 4.2 Respondents profile group by age range

Age group Count (N) Column N %

40-49 Male 20 14.60%

Female 117 85.40%

Others 0 0%

Total 137

50-59 Male 18 21.20%

Female 66 77.60%

Others 1 1.20%

Total 85

over 60 Male 16 44.40%

Female 19 52.80%

Others 1 2.80%

Total 36

Total respondents 258

In term of grouping the respondents by age range, 137 respondents are in the

age range between 40-49 years old. 85 respondents represent 50-59 years old group

and 36 respondents represents over 60 years old groups’.

35% of the respondents have the household income between 30,001 - 60,000

Thai Baht followed by 18.20% equally to two groups less than 30,000 Thai baht and

60,001 – 100,000 Thai Baht. The group of household income 100,001 – 200,000 Thai

baht represent 15.10% of respondents and last the group of household income above

200,001 Thai baht is 12.8% in Total. About half of the respondents are live in Bangkok,

45.3%. The other provinces are 30.2% and 24.4% of total respondents are in the vicinity.

In term of status, the majority of respondents were married and have children, 49.2% in

total. For the respondents who are single are estimated at 31.40%. The other status such

as people who have been married but have no kids is. 8.10% equally to divorced people

who have children. For the type of accommodation, 52.70% are live in a single house

followed by townhome or townhouse and commercial building or home office in 17.8%

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and 10.10%. Only 12% are currently living in a condominium. And the last of

demographic of the respondents shown 30.60% are living with the couple and children

and13.2% are living alone. 10.9% are living with couple and the others 10.9% are living

as 3 generation family.

Table 4.3 Demographics of Respondents’ profile

Count Column N% Household income (THB) <30,000 47 18.20%

30,001 - 60,000 92 35.70% 60,001 - 100,000 47 18.20% 100,001 - 200,000 39 15.10% above 200,001 33 12.80%

Total 258

Location Bangkok 117 45.30%

Vicinity 63 24.40% Others provinces 78 30.20%

Total 258

Status Single 81 31.40%

Married have no kids 21 8.10% Married have kids 127 49.20% Divorced have no kids 3 1.20% Divorced have kids 21 8.10% Others 5 1.90%

Total 258

People who are you live with Alone 34 13.20%

Couple 28 10.90% Couple and kids 79 30.60% Couple and parent 10 3.90% Couple, kids and parent 27 10.50% Others 80 31%

Total 258 Type of accommodation Single house 136 52.70%

Twin house 8 3.10% Townhouse/Townhome 46 17.80% Commercial building/Home office 26 10.10% Condominium 31 12% Others 11 4.30%

Total 258

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4.3.2 Consumers’ knowledge towards wellness lifestyle real estate

In a total of 213 respondents who answer the question, 45.5% already

heard about wellness lifestyle real estate and 54.5% never heard about the concept. To

explore more in the specifics details, I use the statistic program to test whether

demographics factor can be relative importance with the dependent variable “Have you

ever heard about the wellness real estate?”

Table 4.4 Relative importance between each demographic with knowledge about the wellness


Model

Unstandardized Coefficients

Standardized Coefficients t Sig.

B Std. Error Beta (Constant) 1.78 0.245 7.276 0 AGE 0.022 0.052 0.033 0.435 0.664 Gender -0.116 0.085 -0.099 -1.372 0.172 Location -0.051 0.048 -0.074 -1.062 0.29 Status -0.023 0.031 -0.056 -0.739 0.461 Who do you live with? 0.045 0.022 0.151 2.012 0.046 Type of accommodation 0.007 0.022 0.021 0.303 0.763 Household income -0.031 0.028 -0.078 -1.113 0.267

The results show some correlation between the person whom the

respondents have lived with and the knowledge about wellness lifestyle real estate.

Table 4.5 correlation between “Who do you live with?” and the concepts’ knowledge

Who do you live with? Have you ever heard about the concept? Count Column N%

Alone Yes 14 58.30% NO 10 41.70%

With couple Yes 14 56% No 11 44%

With couple and kids Yes 26 39.40% No 40 60.60%

With couple and parent Yes 2 28.60% No 5 71.40%

With couple, kids and parent Yes 7 31.80% No 15 68.20%

Others Yes 34 49.30% No 35 50.70%

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The results show the respondent who lives alone or living with the couple

(A small size of family) tend to have the knowledge about the wellness lifestyle real

estate. Comparing to a large number of the family such as the respondent who lived in

3 generation family or lived with kids or parent.

4.3.3 Perception towards wellness lifestyle real estate

After the respondents clearly understand about the wellness lifestyle real

estate, from 175 respondents, 122 of respondents are interesting in the wellness

lifestyle real estate and want to buy this type of condominium in case of the money

not to be concerned. It can be calculated in 69.7% of the total respondents.

Table 4.6 Respondents intention to buy wellness lifestyle real estate (n=175)

Question: If the budget not to be concerned, do you have any intention to buy this condominium?

Count Column N%

Yes 122 69.70%

No 23 13.10%

Not sure 30 17.10%

Approximately 58.2% from the total 122 respondents who have the

intention to buy gave the reason “I love the concept of adding healthcare service into

the project.” Followed by “I want to live in the community that has a wellness facility

to live.” 52.45% and “I’m concerned about my health.” with 40.16%.

Table 4.7 Reason behind the “Yes” intention to buy wellness lifestyle real estate

Count

I’m searching for a condominium to live. 6

I’m concerned about my retirement. 42

I’m concerned about my health. 49

I love the concept of adding healthcare service to the project. 71

I want to live in a community that has a wellness facility to live. 64

I want to live among the people who familiar with me. 12

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The 23 respondents who answer do not want to buy wellness lifestyle real

estate, the main reason related the condominium’s characteristic, they do not want to

live in condominium and prefer a house which has a garden area around the house.

Similar to the reason from the respondents who not sure about to buy the wellness

lifestyle real estate. 63.33% of the total respondents who not sure about the intention to

buy gave a reason; they already have a place to live. The other 20% still do not like to

live in a small space as a condominium.

From the total of 80 respondents who answer they have knowledge about

wellness lifestyle real estate, type of customer who has potential to bought wellness

lifestyle real estate is well-planned person as 36.6%, wealthy people 25% and healthy

people with 15%. I can assume the perception of the target group from the respondents’

point of view is well planned and wealthy people.

Table 4.8 Perception towards target groups of wellness lifestyle real estate

Count Column N%

Wealthy people 20 25%

Disability people 0 0

Senior people 10 12.50%

Well-planned life people 29 36.30%

Family who have elderly people 7 8.80%

Healthy people 12 15%

Others 2 2.50%

4.3.4 Attitude towards wellness lifestyle real estate

The common words from the respondents after the explanation about

wellness lifestyle real estate are “good”, “interesting”, “suite for the healthy person”,

“good for elderly people” and “good facility and services”. Most of the words show in

a positive way but some of the respondents have some concern about the price and after

sale services.

For the price, some of the respondents perceive the wellness lifestyle real

estate as a higher price comparing to normally condominiums’ price. And the

maintenance fee per month or services’ fee for health services must be expensive. The

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other concern is the operation of health service should be reliable with highly credible

from the hospital and all the services should be standard in the long term.

Table 4.9 Attitude towards target groups of wellness lifestyle real estate

Count Column N%

Wealthy people 63 36%

Disability people 0 0

Senior people 18 10.30%

Well-planned life people 39 22.30%

Family who have elderly people 16 9.10%

Healthy people 35 20%

Others 4 2.30%

After the respondents had understood the concept of wellness lifestyle real

estate, the target groups who interesting in the condominium were changed (n=175),

36% thought the condominium made for the wealthy people and the well-planned

people would buy this. (well-planned results in 22.3%). The other group is rough the

same rank of percentage.

4.3.5 Factors impact decision making to buy real estate

In general factor, every factor seems to be important when the respondents

making the decision to buy any real estate. The security is the most important factor for

respondents followed by services and location. On the other hand, facility, the brand of

developer and nutrition services are the less factor to be a concern by the respondents.

For location criteria, public transportation is the most importance

concerned factor. Hospital and green space also be the priority factor in term of location.

The factor such as seaside, mountainside and hometown are not really importance

factors need to be concern.

In term of wellness environment, clean water and the mindful environment

is the most factor which importance to the respondents. But healthy behavior and

lighting quality are less impacts on decision-making criteria.

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Table 4.10 General factors impact the decision making on real estate

N Minimum Maximum Mean Std. Deviation

Affordable Price 148 1 7 5.8581 1.16648

Design or Style 148 1 7 5.7297 1.16989

Location 148 1 7 6.0541 0.96033

Brand of developer 148 1 7 5.4797 1.25882

Security 148 1 7 6.6081 0.83001

Function 148 1 7 5.777 1.11771

Facility 148 1 7 5.5676 1.22426

Term of payment 148 1 7 5.8176 1.19544

Services 148 1 7 6.25 1.03592

Neighborhoods 148 1 7 5.8446 1.19928

Healthcare services 148 1 7 5.6824 1.10063

Nutrition services 148 1 7 5.2905 1.32096

Table 4.11 Location criteria impact the decision making on real estate

N Minimum Maximum Mean Std. Deviation

SAME LOCATION 148 1 7 4.4797 1.68009

CLOSE TO FAMILY 148 1 7 4.9392 1.58748

CLOSE TO FRIENDS 148 1 7 3.6824 1.46634

URBAN 148 1 7 4.1216 1.5382

HOMETOWN 148 1 7 3.3716 1.67933

PUBLIC

TRANSPORTATION 148 1 7 5.6284 1.26319

HOSPITAL 148 1 7 5.4797 1.12165

MALL 148 1 7 4.3581 1.41426

GREEN SPACE 148 1 7 5.2635 1.26363

TEMPLE CHURCH 148 1 7 3.6554 1.47871

SEASIDE 148 1 7 3.1622 1.53886

MOUNTAIN SIDE 148 1 7 3.2162 1.52771

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Table 4.12 Environment criteria impact the decision making on real estate

N Minimum Maximum Mean Std. Deviation Fresh air 148 4 7 6.3378 0.76979

Clean water 148 3 7 6.4865 0.76919 Healthy behavior 148 3 7 6.0338 0.92152

Good Nourishment 148 3 7 6.1689 0.85228

Lighting quality 148 4 7 5.9527 0.83572

Good community 148 3 7 6.1419 0.94047

Mindful 148 4 7 6.4122 0.7905

No noise 148 4 7 6.3919 0.74354

In the specific details from the ANOVA test between each factor and the respondents who have the intention to buy. Brand of developer and facility is the significant factor impacted to decision making criteria.

Table 4.13 ANOVA Table; general factor and intention to buy wellness lifestyle real estate

Sum of Squares df

Mean Square F Sig.

Affordable Price

Between Groups 3.742 2 1.871 1.382 0.254 Within Groups 196.278 145 1.354 Total 200.02 147

Design or Style Between Groups 3.769 2 1.885 1.384 0.254 Within Groups 197.42 145 1.362 Total 201.189 147

Location Between Groups 1.37 2 0.685 0.74 0.479 Within Groups 134.198 145 0.926 Total 135.568 147

Brand of developer


Security Between Groups 0.769 2 0.385 0.555 0.575 Within Groups 100.501 145 0.693 Total 101.27 147

Function Between Groups 0.065 2 0.033 0.026 0.975 Within Groups 183.577 145 1.266 Total 183.642 147

Facility Between Groups 13.611 2 6.806 4.774 0.01 Within Groups 206.713 145 1.426 Total 220.324 147

Term of payment


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Services Between Groups 3.561 2 1.78 1.674 0.191 Within Groups 154.189 145 1.063 Total 157.75 147

Neighborhoods Between Groups 5.629 2 2.815 1.983 0.141 Within Groups 205.796 145 1.419 Total 211.426 147

Healthcare services


Nutrition services


In term of location factor, the results from the ANOVA test between each

location factors and the respondents who have the intention to buy. There has nothing

significant correlation between the factor.

Table 4.14 ANOVA Table; location factor and intention to buy wellness lifestyle real estate

Sum of Squares df Mean Square F Sig.

SAME LOCATION


CLOSE TO FAMILY


CLOSE TO FRIENDS


URBAN Between Groups 0.515 2 0.257 0.107 0.898 Within Groups 347.296 145 2.395 Total 347.811 147

HOMETOWN Between Groups 1.562 2 0.781 0.274 0.761 Within Groups 412.998 145 2.848 Total 414.561 147

PUBLIC TRANSPORTATION


HOSPITAL Between Groups 1.807 2 0.904 0.715 0.491 Within Groups 183.132 145 1.263 Total 184.939 147

MALL Between Groups 3.136 2 1.568 0.782 0.46 Within Groups 290.884 145 2.006 Total 294.02 147 Between Groups 1.361 2 0.681 0.423 0.656

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GREEN SPACE

Within Groups 233.362 145 1.609 Total 234.723 147

TEMPLE CHURCH


SEASIDE Between Groups 6.799 2 3.4 1.444 0.239 Within Groups 341.309 145 2.354 Total 348.108 147

MOUNTAIN SIDE


In term of environment factor, the results from the ANOVA test shown there

was some correlation in healthy behavior and no noise factor. These two factors can

impact on decision making.

Table 4.15 ANOVA Table; Environment factor and intention to buy wellness lifestyle real

estate

Sum of

Squares df Mean Square F Sig. Fresh air Between Groups 0.601 2 0.3 0.503 0.606

Within Groups 86.508 145 0.597 Total 87.108 147

Clean water Between Groups 0.518 2 0.259 0.435 0.648 Within Groups 86.455 145 0.596 Total 86.973 147

Healthy behavior


Good Nourishment


Lighting quality


Good community


Mindful Between Groups 3.049 2 1.525 2.489 0.087 Within Groups 88.809 145 0.612 Total 91.858 147

No noise Between Groups 7.216 2 3.608 7.065 0.001 Within Groups 74.054 145 0.511 Total 81.27 147

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CHAPTER 5

CONCLUSIONS AND RECOMMENDATION

5.1 Conclusions

5.1.1 Thai consumers knowledge towards wellness lifestyle real estate

According to in-depth interviews and results from the survey show, half

of Thai consumer do not have knowledge about the wellness lifestyle real estate before.

And most of the respondents who said they known, still misunderstand about the

concept and confusing with other facilities in typical type condominium. A facility such

as garden and fitness are the example of the facility that made consumer thinking of

wellness lifestyle real estate. To emphasize more in detail, to create wellness living and

provide healthy facility could be a selling point against other condominium projects

which be sold in the market.

5.1.2 Positive attitudes and perceptions towards wellness lifestyle real

estate

After understanding about the facility and services which included in the

wellness lifestyle real estate, most of the consumer gave positive feedback in the

concept. To have the healthcare service inside the project is the major benefit which

matches with elderly people or someone who has concerned about retirement.

Consumer perceives a premium price in the wellness lifestyle real estate. The price must

be higher than a normal condominium. In reality, the location area is the powerful

criteria impact on how to price real estate. At the same area, developer tend to make a

competitive through product designs’, facility and services.

5.1.3 Product for wealthy people

The effect of the perceived premium product towards wellness lifestyle

real estate from the consumer, the consumer also perceived this condominium as a high

price for wealthy people too. The specialty service creates an extra price to pay for the

clinic services provided by the hospital. The conveniences in details of living make

consumer felt only well-planned who have money can be own a room in this type of

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condominium. In addition to extra monthly service which charges a lot of money, for

someone who does not have any health issue felt unnecessary to use the clinic services.

5.1.4 Factors impact decision-making criteria is not only a product

Convenience, location and security is a major factor which consumer do

concern more than only room itself. Many developers develop the room type in

condominium similar to the other project at the same location, to serve the same target

group who want similar functions and design of the building. Due to the product

undifferentiated the other services such as a security convenience or facility become to

be the powerful factors impacted the consumer when making a decision.

5.2 Recommendations

The recommendation based on the research from this study only, there has some

limitation such as all interviewees in the in-depth interview are live in Bangkok and the

number of sampling from the total population mainly are female, which cannot

represent the total population in Thailand.

5.2.1 Information provide

According to less knowledge about wellness lifestyle real estate product

in Thai consumer, to provide more information or educates consumer the concept in

public media is the first priority which developer should be done. The reason is the

knowledge of consumer can be made the positive thing to the projects and persuade the

consumer to visit a sale office.

5.2.2 Targeting on the status

Senior who are single or married but have no kids, they tend to have more

knowledge than another status group which has a large member in the family. This is a

match with the condominium product which provides enough space for living and

variety facility space for social activity. Wellness lifestyle real estate can fulfill the basic

requirement for the elderly who want to live in good quality community and especially

healthcare services.

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5.2.3 Working on price and creditability

Most consumer perceives wellness lifestyle real estate as an untouchable

product. To communicate about the price of the products should be clear and separate

from healthcare services. Consumers should have an option to use healthcare services

with reasonable and affordable price. To maintain quality of services is a major key to

concern, heath is the sensitive issues and the services provider need to certify by a well-

known hospital.

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REFERENCES 1. (EIC), E. I. (2018). Build smart real estate: strategies to capture the modern

consumers. Bangkok.

2. (NESDB), T. O. (2017). official report on Thailand’s social development in

Q3/2017. Bangkok.

3. Chittinandana, D., Kulnartsiri, N., Pinthong, J., & Sawaengsuksant, P. (2017).

Aging Population: Global Perspectives. Bank of Thailand.

4. County, J. W. (2018). Jin Wellbeing . Retrieved from Jin Wellbeing :

http://jinwellbeing.com/

5. Furuto, A. (2012, March 13). "SkyVille @ Dawson / WOHA". Retrieved from

Archdaily: https://www.archdaily.com/215386/skyville-dawson-woha

6. Global Age-Friendly Cities: A Guide, Geneva. (2007).

7. Global Wellness Institute. (2018). Global Wellness Economy Monitor October

2018. Miami,USA: Global Wellness Institute.

8. Institute, I. W. (2017). International WELL Building Institute. Retrieved from

Explore the Standard: https://www.wellcertified.com/en/explore-standard

9. Institute, t. G. (2018). Build Well to Live Well WELLNESS LIFESTYLE REAL

ESTATE AND COMMUNITIES.

10. JLL. (2017, July 11). Retrieved from JLL Web site:

http://www.jll.co.th/thailand/en-gb/news/585/strong-potential-for-luxury-senior-

housing-market-in-thailand

11. Praima Israsena Na Ayudhya, P. N. (2007). CAREGIVING FOR THE ELDERLY

IN THAILAND . Bangkok: Department of Industrial Design School of

Architecture Chulalongkorn University .

12. Steinfeld, E. (1994). UD E-world. Retrieved from

http://www.udeworld.com/dissemination/publications/56-reprints-short-articles-

and-papers/110-the-concept-of-universal-design.html

13. Teerawichitchainan, K. a. (2017). Family Support for Older Persons in Thailand:

Challenges and Opportunities. Bangkok: University of Michigan Population

Studies Center Research.

14. United Nations, D. o. (2015). World Population Prospects: The 2015 Revision,

Key Findings and Advance Tables.

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15. Yodpet S, S. L. (2001). Social support for the elderly (Southern area study).

Bangkok: Mahidol University and Faculty of Social Work, Thammasart

University.

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APPENDICES

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APPENDIX A

IN-DEPTH INTERVIEWS QUESTION GUIDELINE 1. Demographic

a. Gender

b. Aged

c. Status (Married/Single)

d. Family type (Whom are you living

with?)

e. Personal income per month (The

answer could be in range.)

f. Household income

g. Current accommodation type

h. Background occupation

2. What is the most activity that you usually do when you at home?

3. What is your favorite room or space in your home?

4. Excepted work, what is the most activity you do outside the home?

5. What is your hobby?

6. Do you have any real-estate?

7. What is the reason that made you purchased real-estate? (for investment, to live,

for a rental fee?

8. At your current accommodation, what do you think this place is a good place to

live when you retired?

9. Have you ever plan your life after retirement? (In term of both money and place)

10. Where do you want to live? And who do you want to live with?

11. In term of the environment of living, what is most important to you when you

decided to buy any place to live? (style, companionship, security, service, etc.)

12. What comes to your mind when thinking about Senior homecare?

13. What comes to your mind when thinking about condominium designs based on

universal design and have a clinic within a project?

14. What do you think about the Wellness Lifestyle Real-estate with healthcare

services? (Ask after explain about what is Wellness Lifestyle Real-estate)

a. Who will buy this type of project? b. Any pros and cons?

c. If you have money, do you willing to buy Wellness Lifestyle Real-estate?

15. What are your criteria when you decided to buy a house? (price, brand, services,

facility, etc.)

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APPENDIX B

QUESTIONNAIRE

Dear Participants,

We would like to invite you to take part in a research study of attitude perception

and decision making on senior property with healthcare services. The research is being

conducted by students of the Master’s Degree Program in Marketing at the Faculty of

Commerce and Accountancy, Thammasat University.

The following questions are solely for academic purposes only. Not commercial

or selling purposed. Your participation will remain confidential and anonymous. Data

from this research will be kept and reported only as a collective combined total. You

can be assured that no individual answer will be reported.

If you have any questions or clarification about this questionnaire, please feel

free to contact us at [email protected]

Your time and assistance are highly appreciated.

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Screening Question

1. How old are you?

a. Less than 40 years old

(Skip to the ending page)

b. 40-49 years old

c. 50-59 years old

d. More than 60 years old

Demographic Questions

2. What is your gender?

a. Female b. Male

3. Where do you live?

a. Bangkok

b. Bangkok’s vicinity, including Nakhon Pathom, Nonthaburi, Pathum Thani, Samut

Prakan, and Samut Sakhon

c. Other provinces

4. What is your status?

a. Single

b. Married (with child)

c. Married (without child)

d. Divorce

5. Whom are you living with?

a. Living alone

b. With couple

c. With couple and child

d. With parent

e. With parent and couple

f. With parent, couple and child

6. What is your current accommodation type?

a. Single house

b. Twin house

c. Townhouse

d. Commercial building

e. Condominium

7. How much of your household income?

a. Less than 30,000 THB

b. 30,001 – 60,000 THB

c. 60,001 – 100,000 THB

d. 100,001 – 200,000 THB

e. More than 200,001 THB

8. What is your occupation? (Can selected multiple answers)

a. Corporate employee

b. Government officer

c. Business owner

d. Housewife

e. Contractor

f. Freelancer

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g. Retire

h. Stock investor

i. Property investor

j. Others, please specify …….

At home behaviors questions

9. On weekdays, how much time do you spend at your home/room per day?

a. Less than 6 hours.

b. 6 – 8 hours.

c. 8 – 12 hours

d. 12 – 16 hours

e. 16 – 20 hours

f. Usually stay at home all day.

10. On weekdays, what is the top 3 activities you do most often at home/room?

a. Sleeping

b. Cooking

c. Eating

d. Take a bath

e. Watching television

f. Using smart phone

g. Using computer or laptop

h. Gardening

i. Playing with pet

j. Social activity such as playing games

with family, have a conversation with

family

k. Reading

l. Cleaning

m. Exercise

n. Others, please specify …….

11. On weekend, how much time do you spend at your home/room per day?

a. Less than 6 hours.

b. 6 – 8 hours.

c. 8 – 12 hours

d. 12 – 16 hours

e. 16 – 20 hours

f. Usually stay at home all day.

12. On weekend, what is the top 3 activities you do most often at home/room?

a. Sleeping

b. Cooking

c. Eating

d. Take a bath




h. Gardening

i. Playing with pet



family

k. Reading

l. Cleaning

m. Exercise

n. Others, please specify …….

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13. What is your favorite space/room at your home/house?

a. Garden

b. Living room

c. Bathroom

d. Bedroom

e. Kitchen

f. Pantry

g. Dining room

h. Movies room

i. Working area

j. Others, please specify …….

14. What is your favorite activity that you love to do at home/room?

a. Sleeping

b. Cooking

c. Eating

d. Take a bath




h. Gardening

i. Playing with pet



family

k. Reading

l. Cleaning

m. Others, please specify …

Customer knowledge and perception towards property with healthcare services questions

15. Have you ever heard about wellness lifestyle condominium with healthcare services?

a. Yes (go to question no.16) b. No (Skip to question no.18)

16. What is the wellness lifestyle condominium with healthcare services?

(Please answer this question with your own understanding) (go to question no.17)

___________________________________________________________

17. Who will be going to buy the wellness lifestyle condominium with healthcare

services? (go to question no.18)

a. Rich people

b. Disability people

c. Senior people

d. Well planned life people

e. Family who have elderly people

f. Healthy people

g. Others, please specify…….

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Customer attitudes towards property with healthcare services questions Definition:

Wellness means the active pursuit of activities, choices, and lifestyles that lead to a state of holistic

health.

Wellness real estate means the construction of residential and commercial/institutional properties that

incorporate intentional wellness elements into their design, materials, and building as well as their

amenities, services, and/or programming.

** In this research we only focusing on Wellness lifestyle real estate condominium with healthcare

services.

Example of the model:

The Condominium included facilities suitable for elderly and use universal design friendly to everyone

plus more healthcare and nutrient services.

18. What do you think about Wellness lifestyle real estate condominium with healthcare

services? (Please answer this question with your own opinion)

__________________________________________________________________

19. Who will be going to buy the wellness lifestyle condominium with healthcare

services?

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a. Rich people

b. Disability people

c. Senior people

d. Well planned life people

e. Family who have elderly people

f. Healthy people


20. Do you think you would be interested to buy the wellness lifestyle condominium with

healthcare services?

a. Yes, I interested in this product. (Skip to question no.21)

b. I’m not sure. (Skip to question no.22)

c. No, I definitely not buy this product. (Skip to question no.23)

21. Why you are interesting to buy the wellness lifestyle condominium with healthcare

services? (End of this question than go to question no.24)

a. I’m searching for a condominium to live.

b. I’m concerned about my retirement.

c. I’m concerned about my health.

d. I love the concept of adding healthcare service into the project.

e. I want to live in the community that have a wellness facility to live.

f. I want to live among the people who familiar with me.


22. What is the reason make you not sure to buy the wellness lifestyle condominium with

healthcare services? (End of this question than go to question no.24)

a. There has more factor to think when you decided to buy any real estate.

b. I want to see others detail of the project first.

c. Others, please specify……….

23. What is the reason make you not want to buy the wellness lifestyle condominium

with healthcare services?

a. I already have a place to live.

b. I want to live with my family.

c. I don’t want to live among the elderly.

d. I don’t like the idea of healthcare service in condominium project.

e. I don’t like a condominium.

f. Others, please specify……….

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Customer decision making criteria when buying real estate.

24. How likely are you to buy rea estate in the next 5 years?

a. Yes b. No

c. I’m not sure.

25. What is your mainly purpose when you buy a real estate?

a. As an asset for family

b. As a vacation place

c. To permanent live

d. To investment

e. Others, please specify……….

26. Please rate the level of importance on each factor affecting your decision if you have

to purchase real estate on a scale of 1 to 7. (1 = Not Important at All and 7 = Very

Important)

Level of Importance Criteria affecting your purchasing decision

Not Important

at all

(1)

Not Important

(2)

Slightly Unimportant

(3)

Neutral

(4)

Quite Important

(5)

Important

(6)

Very Important

(7)

Affordable price

❍ ❍ ❍ ❍ ❍ ❍ ❍

Design/Style ❍ ❍ ❍ ❍ ❍ ❍ ❍

Location ❍ ❍ ❍ ❍ ❍ ❍ ❍

Brand of developer

❍ ❍ ❍ ❍ ❍ ❍ ❍

Security ❍ ❍ ❍ ❍ ❍ ❍ ❍

Function ❍ ❍ ❍ ❍ ❍ ❍ ❍

Facility ❍ ❍ ❍ ❍ ❍ ❍ ❍

Term of payment

❍ ❍ ❍ ❍ ❍ ❍ ❍

Services ❍ ❍ ❍ ❍ ❍ ❍ ❍

Neighborhoods ❍ ❍ ❍ ❍ ❍ ❍ ❍

Healthcare services

❍ ❍ ❍ ❍ ❍ ❍ ❍

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27. Please rate the level of importance on each factor affecting your decision if you have

to purchase real estate in term of location preference on a scale of 1 to 7. (1 = Not

Important at All and 7 = Very Important)

Level of Importance Criteria affecting your location preference

Not Important

at all

(1)

Not Important

(2)


(3)

Neutral

(4)

Quite Important

(5)

Important

(6)

Very Important

(7)

Same area ❍ ❍ ❍ ❍ ❍ ❍ ❍

Close to family ❍ ❍ ❍ ❍ ❍ ❍ ❍

Close to friends ❍ ❍ ❍ ❍ ❍ ❍ ❍

Urban or city area

❍ ❍ ❍ ❍ ❍ ❍ ❍

Hometown ❍ ❍ ❍ ❍ ❍ ❍ ❍

Near public transportation

❍ ❍ ❍ ❍ ❍ ❍ ❍

Near hospital ❍ ❍ ❍ ❍ ❍ ❍ ❍

Near department store

❍ ❍ ❍ ❍ ❍ ❍ ❍

Near green area ❍ ❍ ❍ ❍ ❍ ❍ ❍

Near temple ❍ ❍ ❍ ❍ ❍ ❍ ❍

Seaside ❍ ❍ ❍ ❍ ❍ ❍ ❍

Mountainside ❍ ❍ ❍ ❍ ❍ ❍ ❍

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28. In your opinion what is the factor impact to live well to the elderly? Please rate the

level of importance on each factor with a scale of 1 to 7. (1 = Not Important at All

and 7 = Very Important)

Level of Importance Factor to live well

Not Important

at all

(1)

Not Important

(2)


(3)

Neutral

(4)

Quite Important

(5)

Important

(6)

Very Important

(7)

Fresh air ❍ ❍ ❍ ❍ ❍ ❍ ❍

Clean water ❍ ❍ ❍ ❍ ❍ ❍ ❍

Healthy behavior

❍ ❍ ❍ ❍ ❍ ❍ ❍

Good nourishment

❍ ❍ ❍ ❍ ❍ ❍ ❍

Lighting quality

❍ ❍ ❍ ❍ ❍ ❍ ❍

Good community

❍ ❍ ❍ ❍ ❍ ❍ ❍

Mindful ❍ ❍ ❍ ❍ ❍ ❍ ❍

No noise ❍ ❍ ❍ ❍ ❍ ❍ ❍

29. Have you ever planned about your retirement? (In term of money and place)

a. Yes b. No

30. Do you have your own real estate?

a. Yes

b. No

- End of the questionnaire –

- Thank you so much for your time –

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BIOGRAPHY

Name Miss Jutatip Charoenyingwattana

Date of Birth March 3, 1989

Educational Attainment 2012: Bachelor degree of Architecture

Work Position Senior Content Editor

ThinkOfLiving

Work Experiences Stage Designer and Production Coordinator

at G’MM” Grammy

Junior Architect

at Po-D Architect

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SENIOR PROPERTY WITH HEALTHCARE SERVICES: THE STUDY …

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