When it was reported that the Jalan Jurong Kechil site ‘booked’ since 2008 would be turned into Singapore’s first retirement village, there was applause all round.
For an aging society we can be a pretty pompous bunch (shopping over volunteering for elderly care, driving flashy cars we can’t be arsed to give old folks a ride in) so we figured providing affordable purpose-built apartments so the next generation of retirees can live independently was sending the right message.
Until recently, when it was announced that The Hillford project scored by World Class Developers had sold out its 281 apartment units. Sounds like good news, except when you look into it a little bit, it smells like yet another gimmick in material world Singapore.
Here’s why:
1. According to Today, the hundreds of people that turned up at the showroom on Jan. 17 and eventually bought up the lot, were made up of 20, 30 and 40-year-olds — hardly the age groups you’d expect to be jumping at the opportunity to score a retirement home. Don’t tell us we shouldn’t judge a book by its cover (we’re looking at you, “URA spokesperson”) and all that — Singaporeans may complain a lot, but we love working. And this recent HSBC survey says that even at 57, most of us only plan to semi-retire. Also, if you can afford to retire at 28, then you can afford to retire elsewhere, amirite?
2. In the same Today report, flight steward Darren Chua said he wanted to buy an apartment for his parents, but may rent it out instead. “‘The quantum is relatively low for the location,’ said Mr. Chua, noting the potentially high rental yields,” the report read. If this 26-year-old thinks this way and based on URA’s “non-prescriptive” rules about owning the property he can do what he wants with the place, then other 20, 30 and 40-year-olds are thinking this way. Which means folks living off their savings and whatever measly CPF they can withdraw will soon have to pay through the nose for a place in this supposed retirement resort.
3. And when a 55-year-old person spoke up, pointing out specifically that elderly-friendly features such as grab bars in toilets were missing, the same URA spokesperson said explained no further than to say they’re adopting a “market-led approach to provide flexibility for the developer” i.e. leave the developer to their devices, and reminded prospective buyers to scrutinise the facilities and amenities provided “to see if they would meet their expectations and needs”. Sorry, what? So in simple terms this is just like any other condo development except it’s cheaper — fastest wallets first! — and makes us look like we actually care about retirement? Pfft.
4. Despite there being talk to curb the development and cashing in of shoebox apartments, the ‘anti-shoebox’ rule was lifted for The Hillford. Which, if you visualise it, looks like a welcome mat for potentially bad investments. Also, shoebox apartments are mentioned in Forbes’ notorious prediction about Singapore’s credit bubble situation.
Photo: Channel NewsAsia
