The Hong Kong Housing Society has launched a quality retirement scheme for affluent senior citizens that it calls "Joyous Living."
The scheme, involving a total of 1,538 units, will comprise two projects at Tanner Hill in North Point and Wetland Park Road in Tin Shui Wai.
Units will be between 500 and 1,000 square feet in size.
But before moving in, seniors will have to fork out the entire rent in one go and pay extra maintenance and management fees each month.
Chief executive Wong Kit-loong said the one-off rental payment depends on the size of the unit and the person's age.
The society is targeting retirees aged 60 and above and expects residents to move in around 2015-16.
"Joyous Living serves as a one-stop, worry-free quality retirement living platform modeled on the best and most feasible practices in Australia, the United States, Canada, Singapore and Japan," society chairman Yeung Ka-sing said.
"This is long-term planning to take care of the housing development for the elderly and to manage financially well- off seniors."
For example, a 70-year-old who expects to live there for 10 years will have to pay HK$3 million upon joining the scheme.
"The entry contribution and fees will be determined with reference to market rates based on the user-pays principle at the time of subscription, hence no asset or means test is required," Yeung said.
"Joyous Living projects require huge capital investments and have a long payback period."
While Tanner Hill will offer 588 units, the Wetland Park Road project will provide 950 as well as a hotel and serviced apartments.
"Everything will be tailor designed for retirees. And these projects will adopt universal design and incorporate senior- friendly features and facilities, including wellness, rehabilitation and day-care centers and a nursing home," Yeung said, adding that residents will have to pay for using these facilities and services.
The society will operate the project on a self-financing basis.