DEMAND OF RETIREMENT VILLAGES IN SINGAPORE: THE STUDY ON VIABILITY OF USING FORMER SCHOOL SITES AS RETIREMENT VILLAGES

Abstract

As Singapore’s ageing population continues to face decreasing fertility and increasing singles, there is a need to consider the provision of more retirement living options to help elderly in Singapore live an independent and active retirement life. Decreasing fertility rate would mean that enrolment numbers for schools is likely to continue decreasing. Coupled with the increasing numbers of elderly in Singapore, it may suggest that we truly need lesser schools and instead, more places like retirement villages are needed to support this changing demographics. Hence, the solution of having former school sites redeveloped into retirement village will be looked into. This study aims to understand the demand for retirement villages in Singapore by examining the level of willingness to move into a retirement village among individuals. Data was obtained through questionnaires with respondents age 45 and over and Interview was also conducted with residents of Kampung Admiralty to understand attractiveness of the place. Majority of the research hypotheses were formulated based on key demographic variables and a linear regression was used to examine the relationships between several variables identified. After affirming demand, the viability of redeveloping former school sites into retirement villages will be looked into. An interview was conducted with Mr Rahul Mittal, director of Planning & Design from CISTRI on success of retirement villages and the viability of school being redeveloped into retirement village. Hence, the remaining hypothesis focuses on the possibility of this conversion. The formulated hypotheses were then evaluated using findings from both qualitative and quantitative research and the findings suggest that is a potential for retirement villages in Singapore and the possibility of conversion from schools to retirement village could be actualised.