STS Development Joins Hands with Mastern APAC to Accelerate Senior Care Facility Development

STS Development announced on the 29th that it has signed a Memorandum of Understanding (MOU) with Mastern APAC, the Singaporean subsidiary of Mastern Investment Management, to attract investors for the development of senior care facilities. Established in 2004, STS Development is a leading commercial real estate developer that has carried out more than 50 projects nationwide—including hypermarkets, complex retail centers, Living Power Centers, studio apartments (officetels), and logistics centers. Recently, the company has also expanded into real estate development for senior care alongside officetel projects such as Hillstate Cheongnyangni The First and Sinseoldong Xi Rne. South Korea is experiencing one of the fastest rates of population aging in the world. As of 2022, the total fertility rate stood at 0.78 children per woman of childbearing age, and over 20% of the South Korean population is projected to be aged 65 or older by 2025. Expecting demand for senior care to grow significantly, STS Development is operating senior care facilities using real estate it owns in Korea. Having already secured a building permit for its first location near Bundang Seoul National University Hospital, the company plans to continue establishing additional branches near major hospitals. In July 2022, STS Development also created a joint venture with Caredoc, a senior care service provider, establishing a new business model in the sector. Through its investment partnership with Mastern APAC, STS Development plans to accelerate the realization of an integrated care facility platform for seniors and, eventually, all age groups. An official from STS Development stated, "As the aging population accelerates, life care for a positive and healthy lifestyle among seniors has become increasingly important. Beyond facilities dedicated to seniors such as retirement communities (silver towns) and nursing hospitals, we will advance real estate and operational business development targeting all age groups in need of care, while maximizing returns for investors." Mastern APAC, which signed the MOU with STS Development, is an overseas entity established in Singapore by Mastern Investment Management in 2022, securing broad investment opportunities across Asia. According to Mastern APAC, the company can deliver tailored investment solutions based on key investment criteria and preferences identified through meetings with approximately 600 investors and real estate affiliates in Singapore over its first 12 months.