FEASIBILITY STUDY - RETIREMENT VILLAGE IN SINGAPORE

Abstract

Applying the concept of "luxurious lifestyle for the retirees", retirement village is a fast growing industry around the world, especially in western countries such as United States, United Kingdom, Switzerland, Australia, New Zealand etc. Of late, the retirement village concept has also made some impact in Asia, particularly Japan. Retirement village has already established its foothold firmly in the traditionally conservative Japanese culture. Singapore which has one of the world's fastest aging population, is currently ranked the ninth richest nation in the world However, she has yet develop a specific housing type to accommodate its rich elderly. The health needs of the elderly are much greater than the younger segments of the population Loneliness and boredom can often trigger depression. / As such, it is necessary to provide a special type of housing to cater to the needs of the elderly. The development of retirement villages could be a solution to address this problem. This dissertation examines whether it is feasible to develop a retirement village in Singapore. A case study, i.e Salvation Army's proposed retirement village at Upper Bukit Timah Road and a market analysis is done to determine its viability Based on prevailing construction, land cost etc., the breakeven selling price of a 1 bedroom unit is estimated to be $202,500 and a 2 bedroom is about $352,000, reflecting about $440 psf, for a 30 year lease.