RETIREMENT VILLAGE: A VIABLE HOUSING OPTION FOR THE ELDERLY?

Abstract

The Singapore population is ageing at a rapid rate. In consideration of the changing socio-economic and socio-cultural profile of the elderly today, as well as the differing perspectives of desirable lifestyles when they retire, a retirement village could be proposed as an alternative housing option for those who desire an independent and active lifestyle during retirement. This study aims to ascertain the target population’s demand of a retirement village through the assessment of the population’s current level of awareness and receptivity. Respondents from the age of 50 are surveyed as they would become the target segment in the following years. The study considers reasons affecting respondents’ desired requirements and their willingness to move into a retirement village. Majority of respondents are unfamiliar with the concept of a retirement village and prefer not to move into one. The key reasons are preference to stay with their nuclear family and ageing in place. The low awareness among the target segment has also been identified as a likely factor. The study shows that home modification, rather than a retirement village, may be a more appropriate solution for Singapore’s current group of elderly given the strong preference to age-in as indicated by the survey results. However, survey results used to extrapolate the demand amongst Singapore’s elderly of retirement village in Singapore suggests that there is still sufficient demand for a retirement village.