GEORGE TOWN: Eden at Botanica CT, a nursing care residence and a low-density active living resort, has partnered with AIA Pension and Asset Management Sdn Bhd (APAM) to integrate retirement savings into its senior living development in Balik Pulau, with purchasers receiving a RM25,000 contribution into a Private Retirement Scheme (PRS) fund.
The collaboration was formalised through a memorandum of understanding signed by Eden at Botanica CT director and MTT Group of Companies chairman Datuk Seri Kenny Ong, and APAM general manager Nur Aini Ali Kasim, on June 23.
According to the Department of Statistics Malaysia (DOSM) projections, Penang’s population aged 60 and above is expected to increase from 14.87% in 2020 to 26.2% by 2040, while the state has already crossed the United Nations threshold for an ageing society, with 7.7% of its population aged 65 and above.
“Our ageing population is both a challenge and an opportunity to rethink what retirement living should look like,” Ong said, adding that the initiative was intended to create a community rather than an old folks’ home.
He said the development was conceived as a place where older adults could continue living independently while having access to support services when needed.
Located within the Botanica CT township in Balik Pulau, the development comprises 350 residential units and is expected to be completed in 2027.
“Units are priced from RM491,900 for a one-bedroom unit with a built-up area of 742 sq ft,” MTT group property and asset director Leonard Theng told SunBiz.
He said maintenance and sinking fund charges are RM234 a month, while a RM219 monthly care fee covers services including 24-hour caregiver standby, daily exercise classes, vital-sign monitoring, weekly doctor visits, computerised medical records, and a shuttle service within Botanica CT.
“About 30% to 40% of the project’s 350 units have been sold or booked to date,” he said.
While anyone of legal age can purchase a unit, one of the primary occupants must be aged 60 or older or be a person with a disability (OKU).
Adult children below that age may also live there as secondary residents.
The development allows purchasers to own their units rather than lease them.
Under the arrangement, buyers will receive a RM25,000 contribution from the developer to be invested in APAM’s PRS funds, as well as complimentary personal accident insurance coverage of up to RM250,000.
The community will also have access to wellness programmes, healthcare support, social activities and everyday conveniences.
Facilities will include licensed nursing care, 24-hour carers, smart assisted-living technology and optional support services.
A care residence and medical centre are also planned within the wider township.
Elaborating further, Nur Aini said retirement planning was becoming increasingly important as Malaysians faced the prospect of longer life expectancy.
“What makes PRS particularly important is the reality it addresses – many Malaysians risk outliving their savings. PRS was designed as a proactive solution,” she said.
The PRS is a voluntary long-term retirement savings and investment scheme introduced by the Malaysian government in 2012 and regulated by the Securities Commission Malaysia.
APAM, a wholly owned subsidiary of AIA Bhd, had RM1.34 billion in assets under management as at Dec 31, 2025.
Penang state executive councillor for social development, welfare and non-Islamic religious affairs Lim Siew Khim, who witnessed the signing ceremony, said housing, healthcare, retirement planning and community support could no longer operate separately.
“They must be integrated in ways that empower people to age confidently, independently and with dignity,” she said.
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