Housing 21 deputy chief executive and commercial director Pushpa Raguvanran said the initiative will provide housing and care for 30 years, as well as allowing some seniors to remain in their homes.
In an article written for LocalGov.
co.uk, the director also stated the special partnership allowed the project to be affordable for the local authority.
News of the project's cost-effectiveness comes a day after Deputy Minister for Social Services Gwenda Thomas launched a consultation in Wales to investigate how healthcare for older persons will be financed in the future.
It is predicted that as the older UK population ages, there will be a £6 billion funding gap for care services.
"Because of major changes - both demographic and societal - we have to think very carefully about how the care system will need to change
," Ms Thomas said.
In Wales, there are currently 72,000 people aged 85 and over. That number is expected to increase to 93,000 by 2018. Those between 64 and 84 are projected to increase from 469,000 to 582,000.
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