INVESTIGATING THE FACTORS THAT HINDER THE VIABILITY OF RETIREMENT VILLAGES IN SINGAPORE

Abstract

Retirement villages have been greatly influenced by various challenges that affect their viability in providing effective services to seniors. At present, the effect is experienced in Singapore, despite the country’s world-renowned retirement village called Kampung Admiralty (Coconuts Singapore, 2018). Unlike overseas countries such as the United States, Singapore is unable to adopt the same concept and to replicate it based on the local context.

This study aims to investigate the factors that influence the viability of retirement villages in Singapore. It also aims to formulate various ways to ensure the increased viability of retirement villages. The study was guided by various objectives including the investigation of how transitioning to new homes, cultural norms, affordability of retirement homes, as well as administrative issues and other government interventions influence the viability of retirement villages in Singapore. The study used various theories such as Disengagement Theory, Theory of Continuity, and Role Theories of retirement to analyze the data and to draw a conclusion based on the theorem. Additionally, the study focuses on studying the factors that influence retirement villages within the period of 2010 to 2018. Notably, the study covered two retirement homes: Hillford and Kampung Admiralty. The data of this study was obtained by administering questionnaires to 502 individuals.

The study found that transitioning challenges, cultural norms, affordability of retirement homes, and administrative and other government interventions highly influence the viability of retirement villages in Singapore. Therefore, various recommendations have been laid in the study to ensure that retirement villages will be effective and viable in providing services to the seniors.