QUESTION FROM JOURNALIST:
Can you comment on the 30-year land for retirement housing? Does this make it more viable?
REPLY BY TAN KIN LIAN:
I prefer a special arrangement for the land to be tendered only for retirement housing. This will reduce the competition for the land from other type of use. It will bring down the price to a more affordable level for retirees.
It may be costly to buy a project for 30 years and to tear it down. The building cost has to be amortised over a short period.
It is better to allow for a longer period to amortised the building cost, for example 60 or 99 years.
The retirement housing can be owned by a cooperative, which can rent out to the retirees for a lifetime or a shorter period. The housing can be rented out to new tenants, after the retiree has passed away or moved out.
A retirement housing has the following advantages to the retirees:
- it is built to suit their special needs
- they have friends of similar ages that can spend time together
- they can go to the community to mix with younger people
I hope that my suggestions will give another perspective to reduce the cost to the retirees.
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