A report on Channel News Asia discussed the recent successful release of Singapore’s first retirement village. The Hillford at Jalan Jurong Kechil was a sellout, with all 281 units snapped up in a day (link).
In the report, URA says it will monitor and review the outcome of Singapore’s first retirement village before deciding if it will release more land for similar projects in the future, or tweak any parameters.
I would like to say, without waiting for further outcomes, URA should put a stop to such insane projects.
If the URA wants to act in the interest of the elderly in Singapore, why would it allow the development of such private projects which are charging $1000 psf over a 60-year lease period? It is pegged to the private resale market, which seems to be approaching breaking point.
It is apparent that pegging the sales of retirement villages to the private resale market is a way to deplete the savings of the elderly and retired, leaving them with nothing to leave behind for their next generation. To amplify the hypocrisy of building “retirement villages”, there is no age restriction for buyers. This is to say that young people can compete with the older folks for such units, and the development can be purchased for speculative purposes. I am not sure if foreigners are allowed to buy these as well, or whether such units can be freely leased to foreigners.
I am not saying young people should be denied the opportunity to invest or buy a particular living style. Everyone should be given fair access to housing. There will always be a spectrum that should cater to all segment of the society, including foreigners but shouldn’t “retirement villages” be exactly for the purpose as its name suggest?
The last I checked, we seem to be a small island aspiring to accommodate an ever increasing number of people. The government has always said that land is scarce. Precisely because of this, every piece of land sold to the private sector will be out of reach for most Singaporeans, especially the elderly or retirees. This short-lease, highly-priced project disguised as a retirement home for the elderly would not go down well with the average Singaporeans as it is another money-making scheme that is priced out of many Singaporeans’ reach, especially the elderly.
I hope the government would stop seeing land sales as a way to increase its coffers. There are other sustainable ways for the government to rake in revenue without further impinging on the welfare of its people and by further depleting the retirement savings of the citizens of Singapore.
Kampong Boy