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.