Tan Kin Lian's Blog: Retirement Housing in Singapore

Tuesday, March 18, 2008

Retirement Housing in Singapore

1. Someone wrote to the Straits Times Forum proposing the development of retirement housing in nearby countries, where the cost of land is lower.

2. It is economically feasible to build the retirement housing in Singapore. The cost of land can be reduced by better utilisation of land. Here is my concept of a future retirement town to be build in Singapore.

a) Located in a corner of Singapore, say in Lim Chu Kang.
b) Comprise of 100 blocks of 100 units, i.e. total of 10,000 units
c) All internal transport by light rail transport (LRT) and personal automated transport (PAT)
d) LRT to connect to a nearby MRT station
e) Large car parks to be located outside of the town, for use by residentials and visitors
f) Medical facilities operated by private clinics to serve the residetials
g) Housing units to be owned by a residential REIT and rented to residents
g) Residents can invest their retirement savings in the residential REIT
g) Covered walkways to connect to parks, sports facilities, social clubs and food outlets
h) Easy for children to visit the elderly from other parts of Singapore and vice versa
i) Some blocks to be rented to foreigners interested in this lifestyle
j) Employment opportunities for the residents
h) The residential units and public areas are designed to be friendly to the elderly.

3. Employment opportunities. The residents can work in the social clubs, food outlets, care centers, call centers and remote work offices in the town to earn a supplementary income.

4. Residential REIT. The residents can invest a large part of their retirement savings in the residential REIT. The dividends from the REIT can be used to offset their rental payments, and leave a balance for their living expenses. They can also encash their units in the REIT gradually, during their lifetime, to provide a supplementary income.

5. The residents are encouraged to join a social club to meet friends, take part in social activities and also have their meals. This is similar to the lifestyle of the posh social club in London, but can be operated at low cost.

6. I hope that this idea will be taken up by the Government or a private consortium of sector sector developers.

11 comments:

Anonymous said...: It's an interesting idea. If I am retired there, I would have more peace and quiet to be in Second Life.; March 17, 2008 2:15 PM
Anonymous said...: Low Cost Living in Hatyai:
1.1 Coach from JB to Hatyai: RM80 or $38
1.2 Return Trip: 580Bht or $25.52
2. Studio Rentalwith Aircon: 4500 Bht or $198
3.1 Three Meals: 100 Bht or $4.40 Muslim/Chinese
3.2 Lunch Buffet at Lee Garden Sky Restaurant: 129 Bht or $5.70
4. Gym/spa/pool memership: 1000 Bht or $44.
5. Dentist: 1000 bht or $44
6.1 University Hospital available 24 hours.
6.2 Subsidised charity hospital 24 hours.
7. From Hatyai to Songkhla Beach: 30 Bht or $1.10 (100km)
8. Mega Mart: Big C, Texco Lotus, Diana, Robinson, Odean
9. Massage: $11 or 250 Bht per 1 to 2 hrs
10. Mosque/Church/Bhaha/Buddhist Temples; March 17, 2008 5:09 PM
Anonymous said...: How is the law and order in Hatyai?
No point low cost if security no good. Might as well go Malaysia.; March 18, 2008 8:50 AM
Anonymous said...: Resident in Hatyai are Chinese (Teochew, Hakka, Hainan) majority.
Muslim and other races live together since 19 century. It is relatively safe to enjoy your meal in Hatyai (NOT deep southen-Thailand 200km away!).

Alternatively, Buy a semi-detach house 5km away from Pacific Plaza (Penang State) at RM50k or S$22k. Lots of empty house there for you to start a retiree village!; March 18, 2008 1:44 PM
Anonymous said...: Good suggestion for a Retirement Village, but I would prefer someplace where the cost of living is very affordable and cheap. My choice is one of the island in Malaysia or Indonesia. Our Govt can request to lease one of the island to build a retirement village for Singaporeans.

Hansolo
19/03/08; March 19, 2008 9:53 AM
Anonymous said...: I like that advertising feature of company employing matured worker.

That Indian courier company boss, reflect a man who is practical and humble.

He started by saying his company trained matured worker to do the job, and now turn around, the matured worker helped his company to work better, the other way round.

This is a role model of how a company should value the matured workers.

That lady that featured the old technician in the hotel, did not bring out the picture as positively as that courier company boss.

In old age, matured worker can do such delivery work and move around for "fun" and stay in such retirement village.; March 21, 2008 6:06 PM
Anonymous said...: 2 years ago, there was an HDB eastate in Lim Chu Kang being vacated. Infrastructure is still available there. Can Mr Tan discuss your idea with HDB? Good Luck to you.; March 24, 2008 5:54 PM
Anonymous said...: Hi Mr Tan,
Good location for retiree village, please also survey existing MARSILING APARTMENT.
Location : Junction of Woodland St 13 and Woodland Center Raod
Bus No : 170 (Rochor to JB) 912 (Woodland Station to woodland ICA)
Hisotry: Formal property of Malaysia Navy. Now, URA(?). Managed by a local property agent.
Transport: 5 min walk to Masiling MRT Station.
Fengshui: 5 min walk to PUB reservoir (fishing allowed), 10 min walk to Woodland Town Park East (mountain !), 10 min walk to Woodland Swimming Pool/Gym and Sport Complex, 15 min Bus trip to Sugei Buroh Reserve and Beach.
Traditional Hawker Center: 10 min walk.
Health Care: 10 min walk to Woodland Polyclinic or NTUC Elder Care.
Woodland Community Library: 20 min.
Haircut with Massage: 40 min walk to JB Meiling Tower at RM16 ($7.05); March 26, 2008 5:20 PM
Anonymous said...: Hi Mr Tan,

would like to find out if you are leading this endeavour? It's very meaningful and interesting. Thinking that such new kind of living (though for the old age), could be the beginnings to effect our current infrastructure as well as urban space. Wonder if there's anyone that I can speak with on this and see if I can contribute my services in anyway?; April 05, 2010 8:59 PM
Unknown said...: I am trying to set up a retirement resort in Chiang Mai Thailand. With Air asia now flying direct it is more feasible. Cost of living is very low with SGD 10.00 more than enough per day. This resort will have full facilities including swimming pool, walking paths lakes and vegetable and flower gardens. Property available for 30 year lease. interested?; December 13, 2010 2:22 PM
early retirement planning said...: I am seriously thinking of retiring in Chiang Mai Thailand too. The housing is cheap and with all the retirement savings fund, it really stretched my money to the maximum. And did I say the local tourism and numerous things you can do there.; September 21, 2011 3:21 PM