MTL co-invests in senior living developer, service provider

Muang Thai Life Assurance Plc (MTL) has co-invested in Naya Residence and LivWell Living, a developer and service provider of senior living properties, to expand its portfolio and capitalise on Thailand’s transition into a super-aged society.
Sara Lamsam, chief executive of MTL, said this investment would enable the company to diversify its insurance products, particularly those catering to the needs of the elderly.
“We are interested in the senior living residence sector but lack expertise in this area,” he said. “This co-investment with two partners will allow us to introduce new offerings for customers aged 40 and above, assisting them in planning for their retirement.”
He said customers who plan for retirement by selecting annuity insurance can designate senior facilities within MTL’s network as beneficiaries.
This initiative will begin with Naya Residence by LivWell, a senior living project, as the first independent living facility, allowing customers to use their insurance benefits as part of their retirement living expenses.
MTL co-invested in Naya Residence, the developer of Naya Residence by LivWell, and LivWell Living, the senior living service provider for the project, holding a 40% stake in each company.
Naya Residence was founded in January 2024, with its major shareholder being the Nithivasin family, owners of Narai Hotel and Narai Property.
The company initially had a registered capital of 1 million baht, which was increased to 65 million baht in September 2024.
LivWell Living, established in 2015 with a registered capital of 1 million baht, saw its capital increase to 31.5 million baht in September 2024 after MTL’s co-investment.
Ornruedee Na-Ranong, chairman of Naya Residence, said MTL’s investment will aid the company in expanding its senior living projects and boosting demand for these offerings.
“Initially, we planned to develop 70 units for the project and, currently, we have 30 units available for rent,” she said. “With MTL as a co-investor, we can accelerate the addition of new properties and attract more customers.”
Thailand has already become an aged society, with 14 million seniors aged 60 and above, accounting for 20% of the total population.
Over the next 15 years, the country is expected to transition into a super-aged society, which will heighten the demand for senior living residences.
Situated by the Chao Phraya River in Nonthaburi’s Muang district, Naya Residence by LivWell offers independent living for seniors with 30 one- and two-bedroom units ranging from 62 to 120 square metres.
Rental prices of between 50,000 and 77,000 baht per month include services such as round-the-clock registered nursing, 24-hour emergency response, health and exercise activities, monthly physiotherapy, bi-weekly housekeeping, weekly linen changes, and access to the swimming pool and club facilities.
Since beginning operations three years ago, the occupancy rate has reached 60%, with most tenants being Thai. Among the foreign tenants are citizens of Switzerland and the US.