POTENTIAL FOR A RETIREMENT VILLAGE IN SINGAPORE

Abstract

As Singapore’s population continues to advance in age, there is a need to focus on housing provision for the elderly. In view of the changing attitudes and expectations of the elderly population, a retirement village is thus proposed as a suitable housing option that helps to cater to their needs. Despite a lengthy discussion, the development of a retirement village in Singapore did not materialise due to market uncertainty. This study aims to explore the potential of developing a retirement village in Singapore through the demand perspective, by investigating how the changing expectations of the new elderly generation have generated the demand for a retirement village. It also attempts to examine the reasons and various demand factors affecting the willingness of the elderly to live in a retirement village. The data is obtained by conducting surveys on the new ageing citizens of age 50 to 65. The research hypotheses were formulated with regard to key socio-economic variables including education, income and marital status, and evaluated using one-way ANOVA tests. Other significant survey findings were also analysed using descriptive statistics. The study found that new ageing citizens with higher educational attainment and income level, as well as those who are single generally have a greater willingness to live in a retirement village. This can be explained with the change in preference for independent living and the lack of support from children for the singles. This finding implies that there is certainly a potential demand for a retirement village by these groups. However, it was also noted that the development potential of a retirement village in Singapore may be challenged by the supply factors.