EXAMINING THE VIABILITY OF RETIREMENT VILLAGES IN SINGAPORE

Abstract

The issue of an ageing population is a growing concern in Singapore and the need to provide resources for this group of people, be it housing or healthcare, is imminent. This paper seeks to examine the viability of retirement villages in Singapore, from determining the key needs of the elderly to what they value the most. It also serves to determine the general willingness of the population in moving to a retirement village. Lastly, an affordability model is drawn up to predict the income level needed and to define the target group of retirees in Singapore. A survey on 300 people aged 35 and up was carried out in Toa Payoh HDB Hub. The results showed that the respondents are mostly more concerned about their emotional needs in their ageing years. Respondents who stayed in private condominiums are more willing to move to a retirement village. The findings also showed that family and health are most valued by the respondents. Lastly, it is shown that retirees who lived in private condominiums and landed properties are better positioned financially to afford a 30-year stay in a retirement village after cashing out their place of residence. This shows that retirement developments are feasible if they are targeted at the top 20% of the society financially. The key implications of this dissertation are that it contributes to past research with a local perspective. It also helps private developers determine the response and the suitable mix of amenities. Recommendations for these are provided at the end of the paper to ensure that it meets most of the needs that retirees require with the best marketing methods to reach out to the appropriate audience.