RETIREMENT VILLAGE - A LIFESTYLE OPTION FOR SINGAPORE'S ELDERLY

Abstract

Between now and 2030, Singapore will witness an unprecedented profound age shift. The numbers of residents aged 65 years and above is expected to increase from the current 305,600 to 873,300 in 2030. By then, one in five residents will be 65 years or older. This coming surge of seniors, which starts when the first batch of our baby boomers reach 65 years of age in 2012, will have a tremendous impact in every facet of our society and in particular, on the senior housing market. The problems associated with “ageing in place” further urge us to look into alternate elderly accommodations such as the retirement village.

The main objective of this research is to determine the general preferences of the current and future elderly toward their desired design aspects, amenities, services and locality of future retirement villages in Singapore. A survey questionnaire was used to solicit the views and responses from a sample size of 200 respondents. Analysis of Variance (ANOVA) and Multinomial Logistic Regression are the two methodology used to analyze the findings and to draw inferences from the data. The use of these statistical tools aims to aid the researcher in determining the housing needs and preferences of residents of future retirement villages in Singapore.

As indicated in the survey findings, the majority of the respondents aspire to live independently. Most of them perceive retirement village as a lifestyle choice that meet their housing needs. Out of the 44 suggested features pertaining to the retirement village, the findings revealed that the top five desired attributes are safety design features, medical centre, mini mart, well furnished apartment and shuttle bus services.