Having seniors move in with their adult children is "over," said Chris Comer, CEO of property developer Castlewood Group, based in Singapore. "The world is becoming more and more Western."
"I'm not saying the Asian values of the family unit have been compromised. It's just not under one roof," he added.
Caring for the elderly can be a touchy subject in Singapore, an aging nation with around 8 percent of the population over the age of 65 and another 10 percent between the ages of 55 and 64.
(Read more: Singapore: A Wealthy Nation That Can't Afford to Retire)
In 2009, a Singapore minister set off a local outcry when he suggested Singaporeans consider sending elderly parents to cheaper nursing homes in Johor Bahru in Malaysia, just across the channel separating the two countries. Comer noted many Singaporeans view the Johor Bahru area, which is subject to periodic crime waves, as unsafe.
But building sizable care homes and retirement villages in land-strapped urban areas such as Singapore is simply too expensive, Comer noted. "The natural need is for the elderly to move into an affordable scene in a climate that's friendly and close to the grandkids," Comer said.
In many Asian cities, "property prices have gotten to such a level that the option to liquidate the family home is gone," as the leftover cash from buying a downsized apartment isn't enough to retire on, Comer said.
"More people will look overseas, but in close proximity" to their home countries to ensure they can afford their retirement, but still see their families, he said.
Castlewood is planning retirement villages, one near Thailand's Chiang Mai, a mountainous area known in part for its strawberry farms, and another near Phuket, near the ocean; the projects, located around two hours from Singapore by plane, are targeted toward middle-class Singaporeans.
(Read more: Exit Plan – How to Retire Abroad: Thailand)
In China, the retirement village concept is really taking off as it becomes less common for seniors to live with their children, said Tony Wang, managing director at Belmont Village Senior Living (Hong Kong).
Daughters-in-laws, especially among the newly-weds, are increasingly reluctant to stick to tradition and live with their husbands' families, he said. "It's really about their relationships," he noted. "It's becoming common that they don't always have the same background or living habits."
In Beijing and Shanghai, about 50 percent of seniors are empty nesters, with their children living either elsewhere in the city, in other Chinese cities or even abroad, he said. About 9.4 percent of China's population is over the age of 65, with another 11 percent between 55 and 64 years old, according to the CIA Factbook.
(Read more: Megatrends: The World's Aging Population)
"There's great potential for the senior living center as a strategy. A lot of investors and insurance companies are making a lot of investments in retirement communities," Wang said, noting it's one of the few segments foreign companies are allowed to invest in.
Wang's company is developing a project with a Chinese partner, which Belmont would operate.