Australia’s IMG partners Lyon Capital to offer retirement village consultancy

PETALING JAYA (March 22): Australia’s Independent Management Group (IMG) has inked an agreement with Malaysian boutique developer Lyon Capital Sdn Bhd to provide consultancy and management services for medium- to high-end retirement village developments in South East Asia.

The Australian senior living management company and Lyon Capital will form a joint-venture company, IMG-Lyon Asia Sdn Bhd, to offer a range of services for senior living communities in Malaysia, Thailand, Indonesia and Singapore.

The services include design and space planning; facility offerings; developing standard operating procedures; financial analysis and controls; recruitment and training; as well as operations and management.

Lyon Asia Group (a unit of Lyon Capital) chairman Datuk Wan Chik Din said the tie-up with IMG is significant as there are significant opportunities in Malaysia.

“We are confident that senior living will become a new normal. We are working with IMG on our project in Melaka which will offer 120 units of apartments, supported by an annexe building housing the facilities for the residents,” he said in a press statement.

The project called Mandarin Gardens is owned by Vista Springs Development Sdn Bhd, a wholly-owned subsidiary of Lyon Capital, and will be managed by the IMG-Lyon Asia joint-venture company.

He added that the business of running retirement homes can be more lucrative than investing in a hotel.

“The long-staying nature of the residents provides a more sustainable income model, with other ancillary revenue from the operations adding to the bottom line,” he added.

Mandarin Gardens will start operations by mid-2018, with the sales and leasing of the units scheduled to begin by the third quarter of this year.

Established in 2015, Lyon Asia Group’s main business is in hospitality, affordable housing, special purpose commercial development and retirement villages.

Its current projects include 1,400 units of affordable housing in Tronoh, Perak, 500 units of medium-cost housing in Melaka, a resort development in Kuala Selangor and a 300-acre commercial development in Phuket, Thailand.

Meanwhile, IMG founder and principal Susan Malone said that the market for senior living in Asia has been largely untapped owing to the perception that such retirement villages are seen as nursing homes for the aged with minimal facilities.

She noted that an active senior living village could provide residents with comfortable homes, supported by medical, wellness, recreational, F&B, clubhouse with spa, gym and even a cinema.

“Our standards ensure that residents receive personal attention, and even concierge services to make their stay as comfortable as possible,” Malone said.

IMG is a Melbourne-based seniors living management company specialising in acquisition, feasibility, design, planning, community development, marketing, sales, operations and training for clients in Australia, Thailand, Malaysia and China.