RETIREMENT VILLAGE - A FEASIBILITY STUDY

Abstract

Retirement housing for the elderly, which has existed in Florida and other American states for some time is being considered in the context of Singapore currently. To undertake the provision of such housing for the elderly, a developer must understand that while housing fulfills a temporal need for shelter, it also becomes infused with emotional qualities. The home is a place for retreat, a place of security and comfort that provides a sense of continuity and familiarity. For the elderly, these qualities of home become more important when the outside environment seems threatening and unfriendly. Thus, it becomes necessary to understand individual needs, desires, aspirations, as well as the physical and emotional changes that occur with ageing. In all real estate development, risk is involved. To better cope with the risk factor, it is a prerequisite to perform risk analysis prior to the commencement of development. A comprehensive risk analysis can enable a developer to have a greater awareness of the various possible outcomes of a project. The present research is an attempt to find out if there is a demand for Retirement Village in Singapore. The study also explores the risk of attempting such real estate venture with fluctuations in the market conditions.