The finance will help back the development of more than 100 homes at the Hugh Fraser retirement estate, formerly the Crookfur estate, in Newton Mearns, Glasgow.
The new homes combine residential supported living with digitally-connected smart home technology.
They are among the first in Scotland to use voice and motion-activated technology to provide round the-clock assistance, security, reassurance and companionship.
The new smart home systems, from switching on lights by voice activation to setting voice prompts for medical appointments, will enable residents to maintain their independence and wellbeing for longer.
Technology provides 24/7 active monitoring with intelligent software which learns a resident’s daily routine, tracking typical behaviour, and then proactively alerting staff if part of that routine has been missed.
Residents in the new suite of homes, which is named after the philanthropist Don McCarthy, are all retirees with connections to the retail sector or related industries.
Smart homes will 'transform lives'
Richard Boland, chief executive of the RetailTrust trade charity which is behind the development, said: “We’re really excited by the possibilities this new technology offers, and the opportunity it provides to revolutionise the traditional supported living sector.
“Over the next five years, this new development will provide 100 much-needed residences, offering affordable, high-quality housing to the local area where people can experience an independent, safe and socially connected retirement for longer.”
Douglas Spowart, relationship director for small and medium-sized real estate and social housing for Bank of Scotland, said: “The new housing at the Hugh Fraser retirement estate is such an important project for the local area.The homes will transform the lives of many older people living in and around Glasgow.”
The Hugh Fraser retirement estate has provided accommodation, care and support services to more than 1,400 retail retirees since 1967. The estate, which was donated by the late Lord Fraser of Allandar, seeks to enhance the quality of life for residents, helping them to lead active and independent lives.
The RetailTrust charity offers support to the four and a half million people working in retail and the supporting service industries and their families.
The Hugh Fraser Foundation provided £500,000 to support the latest phase of the estate’s redevelopment.