PETALING JAYA: The iconic Employees' Provident Fund (EPF) building in Jalan Gasing here, which has been vacant for several years, will have a new lease of life soon.
The building, which is unmissable for anybody driving along the Federal Highway, will be transformed into a senior care facility within the next few years.
The project is being undertaken by Pacific Senior Living Sdn Bhd (PSL).
The company is part of the Columbia Pacific Management Group, a global investor, developer, and operator of modern healthcare and senior living facilities.
Malini Selva, PSL marketing communications manager, said the company had leased the EPF building with the plan to turn it into a senior care facility.
However, she declined to provide more details about the project.
"We will announce the details of the plan once it is finalised," said Malini.
The company currently operates Acacia, a senior living facility which offers specialised facilities, such as in-house physiotherapy services and hobby workshops, catering to diverse resident interests and needs.
"We are new in Malaysia and we are offering a new concept in senior care. We are not like the typical old folks' home because we offer resort-like living for the elderly," said Malini.
She said Acacia, which is located at the former Merrida Hotel building in Klang, will not be the company's only facility in Malaysia.
"As part of our strategic growth, we are indeed considering expansion plans in anticipation of the escalating demand due to the projected increase in Malaysia's aging population," said Malini.
Other locations that PSL is exploring includes Kuala Lumpur and Petaling Jaya.
The EPF building, which served as the EPF headquarters from 1960 to 1995. has been closed since 2018 and has caught fire on two occasions in recent years,
The first time it caught fire was in February 2018.
It was reported that the fire was caused by plastic cladding outside the building which was ignited by sparks from the maintenance work carried out on the first floor of the building.
More recently, in May 2023, fire broke out again at the building, reportedly due to renovation work inside.
The plan to turn the building into a senior care facility comes as Malaysia faces becoming an ageing nation by 2030.
This is likely to result in an anticipated increase in demand for such facilities to care for senior citizens, especially those who don't have children or next-of-kin or those who want enjoy the twilight of their years independently.
According to the Department of Statistics, Malaysia, by 2030 the percentage of people aged 60 years and over in Malaysia will reach 15.3 per cent of the total population.
At the moment, the Social Welfare Department (JKM) operate 10 senior care facilities in the country, comprising of eight Rumah Rumah Seri, with a capacity of 1,640 residents, two Rumah Ehsan, with a capacity of 255 residents.
"As of December 2023, a total of 1,238 residents are residing at these facilities," said JKM.
The department said there are also 395 senior care facilities operated by non-governmental organisations and the private sector currently registered with JKM, which are benefiting 8,548 senior citizens.
However, these facilities may not be enough to cater to the projected demand for such service.
JKM said this is based on the World Bank's Social Protection and Jobs Global Practice study in 2020.
"Based on the study, the supply for such facilities, operated by the government, NGOs and the private sector, would only be able to fulfill less than five per cent of the potential demand," said JKM.