Effective strategies for developing retirement village public – private partnership

Abstract

Purpose The growth in ageing population globally has led to the increase in demand for retirement or aged care homes. Adopting public–private partnership (PPP) in the global retirement village market has become the new approach to address some of the emerging challenges. This paper aims to explore and analyse the critical success factors (CSFs) for the adoption of PPP in the global retirement village market. Design/methodology/approach An empirical questionnaire survey was conducted with experienced practitioners in the global PPP and retirement village markets. Mean score analysis, normalization range method, Kendall’s coefficient of concordance and factor analysis were used for analysis. Findings Results show that out of the 27 CSFs identified, the most significant ones in developing PPP retirement village projects are “the age-friendly design of villages”, “appropriate location of PPP retirement village”, “reliable and accessible health and physical facilities” and “effective social inclusion and integration in villages”. Further analysis shows that the 27 CSFs can be grouped into 7 major factor groupings, namely, “effective project monitoring”, “financial support”, “social integration”, “effective contractual arrangement between parties”, “government commitment and support”, “sustainable design of village” and “effective payment structure”. Originality/value The outputs of this study will adequately inform retirement village developers, retirement village stakeholders and local government authorities of the best practices they should put in place to ensure the sustainable growth of the global retirement village market.

Critical success criteria for retirement village public – private partnership housing

“…Notwithstanding, PPP has been one of the major investment models which has been continuously emphasized by many retirement village associations and stakeholders as the effective approach to revamp the global retirement village industry (NSW Fair Trading, 2011). Essentially, the basic contractual structure, determination of performance objectives and responsibilities of contracting parties in retirement village PPPs are similar to other infrastructure PPPs (Osei-Kyei et al , 2021). However, considering the specific design and operation requirements for retirement village homes due to the complicated nature of older persons expectations and needs, proper and extensive negotiations on the retirement village project characteristics are required to ensure maximum satisfaction.…”

“…Generally, the term “retirement village” is described as a community with associated facilities of independent people, mainly 55 years or older (NSW Fair Trading, 2011). There are many benefits for older persons residing in retirement villages, and these include the availability of social amenities, specialized medical attention, social interaction enhancement and 24-h emergency assistance (Liddle et al , 2014; Osei-Kyei et al , 2020a, 2020b). Globally, retirement villages are mostly developed by either governments or private developers who are not-for-profit or for-profit organizations (Hu et al , 2017).…”

“…In this regard, many governments including China and the USA are trying to provide solutions such as establishing partnerships between public agencies and private developers (referred to as public–private partnership [PPP]) to develop more affordable retirement village projects. This innovative approach of delivering more affordable retirement villages will not only lessen governments financial burden but also improve the operation and maintenance of the quality of retirement villages (Osei-Kyei et al , 2020a, 2020b).…”

“…Since the emergence of retirement village PPP concept in many countries, quite a number of researchers have attempted to explore the salient factors and strategies required to ensure the success of retirement village PPP projects. For example, Osei-Kyei et al (2020a, 2020b, 2019) investigated the effective strategies for implementing retirement village PPPs by means of a questionnaire-based survey. Also, Liu et al (2018) explored the concession and rent determination for successful retirement village PPPs by means of case study.…”

Elderly Customers’ Open Innovation on Smart Retirement Village: What They Want and What Drive Their Intention to Relocate?

“…In recent years, retirement villages (RV), which aim to meet the diverse needs of the elderly, have emerged on the ageing landscape. RV offers residents with independent living, fullday emergency assistance, and an age-friendly environment [3]. Past studies related to RV include the areas on the relocation, living experience, and environment [4][5][6][7].…”