Critical success criteria for retirement village public – private partnership housing

Abstract

Purpose The demand for retirement villages globally has been increasing due to the rapid growth in the ageing population in recent years. To address the rising challenges in the retirement market, the public–private partnership (PPP) has become a feasible method to develop retirement villages. This paper aims to survey and examine the key success criteria (SC) for using the PPP approach in the retirement village sector. Design/methodology/approach An empirical questionnaire survey was conducted with experts experienced in international PPP and retirement village. The analysis was conducted using one-way analysis of variance, mean score analysis, Kendall’s coefficient of concordance and factor analysis. Findings Results indicate that out of the 16 recognized SC, the most significant ones are SC1: “Affordability”, SC11: “Reduced social isolation of residents” and SC14: “Improvement of emotional wellbeing of residents”. Furthermore, results from the factor analysis technique indicate that the 16 SC can be classified into five major factor groupings, and these include SCG1 – “Financial performance of project”; SCG2 – “Adherence to design and technical specifications”; SCG3 – “Adherence to local council/authority’s environmental health and socio-economic requirements”; SCG4 – “Social inclusion and risk management”; and SCG5 – “Advancement in emotional wellbeing and physical health of residents”. Originality/value The study will sufficiently assist retirement village stakeholders, retirement village project participants and related government authorities of the best measures to put in place to maintain the sustainable development of the global retirement village market.