Retirement marks a new chapter in life, and choosing the right type of property is essential to enjoying this phase to the fullest and having all of your needs met. In Singapore, with a growing number of retirees, a competitive property market, and a range of options, finding a retirement property for you can be overwhelming.
In this article, we are going to break down the key steps and considerations to help you find a home that won’t just meet your needs but also enhance your quality of life during retirement with enriching opportunities and community.
Understanding Your Needs: Your Retirement Vision
When you are in the process of finding the ideal home for your retirement, you must start by defining your retirement vision. This begins with gaining a comprehensive understanding of your lifestyle preferences, needs and your level of financial preparedness.
Lifestyle Choices
Consider the various aspects of your lifestyle, including your activity levels, social connections, hobbies and interests, and whether you prefer an urban or suburban lifestyle. If an active lifestyle excites you or is one you are accustomed to, look for properties close to parks, greenery or community centres that offer outdoor activities.
Similarly, if you prioritise being close to your friends and family and prioritise maintaining these connections, consider locations that are either nearby or ones that can facilitate frequent visits to and from your loved ones. There are benefits to both a suburban and urban lifestyle, with city life offering you convenience and access to essential services, shopping, dining and public transport. On the other hand, a suburban location can provide you with a quiet and relaxing atmosphere with more nature and green spaces.
Gaining clarity on the various aspects of your lifestyle and your needs will allow you to find a property that significantly enhances the overall quality of your life.
Budget
Being financially prepared for your retirement is another key factor in defining what your vision looks like for this chapter in your life. Assessing your savings, pension plans, income sources, and investments can help you set a realistic budget for purchasing a property and managing its ongoing expenses. These may include maintenance fees, utilities, property taxes and other costs associated with owning a home. Additionally, you should take note of potential expenses that could arise in the future and factor them into your budget. Especially as you age, you may encounter unforeseen costs related to changes in your living arrangements or healthcare. Finally, familiarise yourself with government grants or financial assistance programs offered in Singapore – some of which we are going to explore later on.
Retirement Housing Options in Singapore
Singapore offers retirees several housing options for their golden years, including public housing, private housing and living communities. Each of these categories offers unique benefits and caters to various preferences and lifestyles.
Public Housing (HDB)
Public housing in Singapore is primarily managed by the Housing and Development Board (HDB) and is a popular choice amongst various demographics – from first-time homebuyers to retirees looking for their next home. Some key features make HDB flats a good choice for many residents. Let’s go over a few of them.
Affordability: HDB flats are generally a more affordable option than private properties, making them an ideal option for many retirees. Moreover, there are various subsidies and grants available to help seniors purchase these homes.
The Lease Buyback Scheme (LBS) was created to help seniors (aged 60 and above) in Singapore monetise their HDB flats while continuing to live in their homes. With this monetising option, senior homeowners can sell a part of their lease back to HDB, allowing them to receive a lump-sum payment and live in their current home for the remaining years on the lease they did not sell back. For instance, if a lease has 75 years remaining, homeowners eligible for the LBS can sell 35 years of the lease back to HDB and continue to live in their home for the next 30 years.
Another option HDB offers seniors seeking a home for their retirement is the Silver Housing Bonus (SHB). This scheme offers seniors the opportunity to downsize from their larger flats to smaller ones, allowing them to purchase a home for their retirement while simultaneously freeing up larger units for younger families. If eligible, seniors can receive up to $30,000 to purchase a smaller flat and fund their retirement.
Accessibility: Most HDB developments are strategically located close to essential services including healthcare facilities, bus and MRT stations, and shopping centres, ensuring that retirees have easy and convenient access to all that they need. Additionally, as part of HDB’s new Silver Upgrading Programme (SUP), precincts with a higher number of seniors will receive neighbourhood upgrades like new fitness trails and gardens by 2029 to help the elderly stay active and age comfortably.
Private Housing
Private housing options offer retirees a wider range of options and more flexibility. Private housing options in Singapore include apartments, condominiums, and landed properties.
Condominiums and apartments typically come with a set of amenities and facilities such as swimming pools, gardens, gyms and security within the development. These amenities enhance the overall living experience for residents by offering convenience and accessibility. Moreover, these developments are often not too far from public transport and essential services in the neighbourhoods. Additionally, as property values in Singapore tend to appreciate over time, retirees may view private properties as a long-term investment to secure their future after retirement.
For those seeking a more luxurious lifestyle that meets their preferences and tastes, opting for private housing will open them up to a range of options from high-end condos in prime locations to bungalows in serene, quiet neighbourhoods. The diversity of private housing in Singapore can allow retirees to choose their ideal living environment for their golden years.
However, it is crucial to note that while private housing can offer greater amenities, this option also comes with higher maintenance fees, property taxes, and other expenses associated with private housing that may have to be factored into their budget.
Senior Living Communities and Retirement Villages
Senior living communities and retirement villages are specifically designed for senior citizens and retirees, and they offer tailored services and amenities that allow retirees to have an accessible, comfortable and convenient living experience.
These communities are designed with seniors in mind and feature accessible layouts, safety features and facilities that cater to the needs of older residents. They also provide senior residents with services such as housekeeping, healthcare assistance and meal plans. Moreover, these communities often organise events and host activities that help seniors foster connections and maintain a healthy, active and social lifestyle.
One such community initiative in Singapore is the Community Care Apartments (CCA), developed by the HDB in collaboration with the Ministry of Health (MOH) and the Ministry of National Development (MND). The CCAs aim to provide suitable housing options for seniors over the age of 65 who want to maintain their independence while having access to essential care and support services.
Private Retirement Housing Projects
Private retirement housing projects in Singapore provide seniors with independent living options that feature amenities and services tailored for them. These developments cater to elders who seek community and the comfort of modern amenities that incorporate age-friendly designs and layout that are easy to navigate. Examples of these housing projects include The Hillford and Jadescape.
The Hillford
The Hillford, located in Upper Bukit Timah, is an integrated development that combines residential and commercial spaces offering a range of facilities that support active ageing for seniors. These facilities include a wellness centre with a range of wellness services like fitness classes, health screenings and physiotherapy services, and amenities ranging from restaurants, salons, and convenience stores within the development.
Jadescape
Jadescape is a private condominium located in Shunfu Road, designed for residents seeking a high quality living environment with a wide range of amenities and facilities. While the development caters to a broad demographic, it offers features that are appealing to seniors as well.
The development comprises a mix of 1,208 residential units and 6 commercial units, making it highly accessible and convenient for residents. Moreover, the units at Jadscape come equipped with smart home technology, allowing residents to control temperature, lighting and security systems with ease. It is also the first development to offer a room designed specifically for the elderly. The Gold Standard 1 Bedroom comes with smart features that enable real-time monitoring of the elderly by their caregivers to ensure their safety. Additionally, the entire unit is designed with senior-friendly features such as ramps at the entrance and balcony, kitchen cabinets with pull-down hydraulic racks, grab bars and slip-resistant floor tiles.
Assisted-living Development by Perennial Holdings
Last year, Perennial Holdings won the tender for a private assisted-living development at Parry Avenue. This project was first launched by the Urban Development Authority (URA) in collaboration with MOH, with the aim to enhance senior living options in Singapore.
The development is planned to comprise 200 residential assisted-living apartments, a nursing home, a senior care centre and a wellness club. Moreover, the development will also have a 1.5ha community park, creating a nurturing environment for seniors, ensuring they can enjoy their golden years with a sense of community and all the support they need.
Key Factors For Choosing Your Retirement Home
When selecting a home for your retirement in Singapore, there are several factors to take into consideration as these can have a significant impact on your living experience and quality of life.
Accessible Design and Layout
As your mobility needs change, finding properties with accessible designs and layouts can be very helpful. For instance, properties with single-level layouts may be a good choice for retirees as these reduce the need for stairs and make it easier for seniors to navigate their homes safely. Wide doorways and hallways are also essential as they can accommodate wheelchairs or walkers if needed.
Other accessible features to look for or install include grab bars, non-slip flooring and smart home technology that can enhance safety and accessibility in different areas of your home.
Amenities and Services
The availability of amenities and services that enhance convenience, and accessibility, and offer enrichment is an important factor in the search for the ideal retirement property. Proximity to healthcare and medical facilities is essential. Some retirement communities offer on-site healthcare services or have arrangements with hospitals and clinics nearby.
If you are looking at private housing options, consider properties that offer easy access to public transport at walking distance, making it easier to reach medical centres, shopping centres and any social activities you partake in. Additionally, consider your hobbies and lifestyle preferences. Look for properties with on-site amenities such as pools, gyms, or gardens, or those situated near communities offering organised events and clubs that align with your interests.
Financial Considerations
Being well-informed about the financial and legal aspects that impact your retirement property can help you ensure a seamless transition to your new home and a new chapter of your life.
Financing Options for Seniors
The Central Provident Fund (CPF) is a mandatory savings scheme that enables Singaporeans to finance their property purchase. Seniors aged 55 and above can use a portion of these funds to help with either a down payment or monthly mortgage payments for their homes.
For seniors who opt for private housing, home loans with a fixed interest rate from various banks and financial institutions that are offered for retirees can be used as well.
In addition to these options, the Lease Buyback Scheme (LBS) and the Silver Housing Bonus (SHB), which we mentioned above are both initiatives by HDB that enable seniors to purchase homes and put funds towards their retirement savings.
Should You Work With Professionals?
Since choosing a retirement property is a significant decision, working with professionals can simplify the process in many ways. Throughout the process of choosing your retirement property, you can receive assistance and guidance from professionals such as real estate consultants, financial advisors and lawyers that can ease the complexities of finding and successfully purchasing the right property for you.
Real estate consultants can offer you valuable insights into Singapore’s market and the options available to you, helping you find one that fits your needs and negotiate better terms for you. Financial advisors can help you assess your finances and guide you through the financing options available to you based on the type of property you choose. Finally, legal advisors or lawyers can guide you through the property purchase process with the right documents and legal compliance.
Closing Thoughts
Choosing the right property for your retirement is a pivotal decision that has a significant impact on your quality of life in your later years. Deciding on a property that is ideal for you is all about aligning your living alignment with your needs and preferences.
By focusing on these unique needs and lifestyle choices, understanding the financial implications, and having a thorough understanding of what Singapore’s property market has to offer through research and working with professionals, you can navigate this process seamlessly and secure a comfortable and enriching environment to live in your golden years.
Get In Touch With Us
Is finding the ideal retirement property a part of your retirement plans? If you are looking for the perfect home for your golden years and need assistance or guidance, feel free to reach out to us here. Our team of experienced consultants is more than happy to answer any questions you have regarding your property journey.
