Retirement village or yet another investment opportunity?


UncleFai

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Mar 10, 2010
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#1
Gould young people compete with retiring folks for housing?
 

ricohflex

Senior Member
Feb 24, 2005
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#2
Yes. Because this is private sector development project. Anyone can buy. Th so-called young people who buy are not really thinking of staying there, as claimed on TV when they were interviewed. They are investors who hope to rent out the place to rich elderly.
 

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ManWearPants

Senior Member
Jul 14, 2008
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#3
The developement is at a very good location. For someone in his 30s, 60 years tenacy is sufficient. In fact too long under current blood sucking regime. The price is cheaper than those 99 years lease. I think it can be good for young adults as well.
 

Bukitimah

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Nov 28, 2010
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#6
Good luck to those who are looking for investment opportunity. Idea is great but $ don't make sense. If it is location, that is a very busy road mind you.
 

ricohflex

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Feb 24, 2005
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#8
There is one big pitfall in this "retirement resort".

The services and facilities, the 24 hour concierge, the full time manager of the "resort", the social activities - all cost money.

This aspect was not specially highlighted and looked in detail.

This monthly cost is recurring and is not fixed. It can increase drastically soon and continue to increase every year. You never stop paying this until you die.
 

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petetherock

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Oct 9, 2006
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#9
I wonder if banks will lend money for a 60 year lease, and if the subsequent buyer will also be able to get any financing..
 

richiemccaw1

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Feb 21, 2013
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#10
My mom was asking me why I didnt consider a unit here as my matrimonial home. It's actually fairly affordable at $300k as compared to a $500+k HDB nowadays?

Anw I fully agree the location is less than ideal. In fact a real retirement village should be near a hawker centre and wet market, plus other amenities. The site in Bt Timah is a fair distance away from the shops in the nearest HDB flat cluster.

The concept is not bad though I gotta say. If the services and facilities provided are more useful and more likely to be used than current condo facilities then perhaps the monthly maintenance fees would be more palatable.
 

ricohflex

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Feb 24, 2005
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#11
I just heard this on CNA TV as they have a show SG+ on retirement housing.

"the 24 hour concierge" - if you need a light bulb to be changed and you call the concierge, he does not change it for you. He just acts as a middleman. He will get so & so to come and change the light bulb for you. That is all.

I think this will not be free of charge. Please pay $$$ for this concierge special service + light bulb changing sub-contractor service. In the mean time, the concierge may extract a "commission" from the
light bulb changing sub-contractor, which will in the end be paid by the retiree in the "resort".

 

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Halfmoon

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Feb 26, 2005
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#12
I just heard this on CNA TV as they have a show SG+ on retirement housing.

"the 24 hour concierge" - if you need a light bulb to be changed and you call the concierge, he does not change it for you. He just acts as a middleman. He will get so & so to come and change the light bulb for you. That is all.

I think this will not be free of charge. Please pay $$$ for this concierge special service + light bulb changing sub-contractor service. In the mean time, the concierge may extract a "commission" from the
light bulb changing sub-contractor, which will in the end be paid by the retiree in the "resort".

In Singapore, "Free" is not possible... SG are greedy animals, and all come at a price!!!
 

Kit

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Jan 19, 2002
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#13
I shan't comment on the development but would like to share some info on the location since I know the area very well.

Jalan Jurong Kechil is quite a wonderful and accessible location. Its about 40 mins bus ride to the city with 2 direct buses. Future Beauty World MRT station is 3 bus stops away. 5 mins to the entrance of PIE. All these connectivities and the location is still relatively quiet. Community club, market, shops, etc are no further than those in HDB estates.

A lot of these units were bought by young couples. I guess it was a golden opportunity to buy a condo at relatively low prices. Trade off is smaller living spaces though.
 

Bukitimah

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Nov 28, 2010
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#14
I shan't comment on the development but would like to share some info on the location since I know the area very well. Jalan Jurong Kechil is quite a wonderful and accessible location. Its about 40 mins bus ride to the city with 2 direct buses. Future Beauty World MRT station is 3 bus stops away. 5 mins to the entrance of PIE. All these connectivities and the location is still relatively quiet. Community club, market, shops, etc are no further than those in HDB estates. A lot of these units were bought by young couples. I guess it was a golden opportunity to buy a condo at relatively low prices. Trade off is smaller living spaces though.
I believe this is exactly why most 'non senior citizen' are buying. If that is the trend and acceptable, then we should release more land at 60 years lease with smaller units. The whole objective of retirement village is ???
 

Kit

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#15
There are loopholes, no doubt. Probably should have set a minimum age limit for buyers. However, this development does stir up some interesting thoughts. Cheaper private homes with shorter land tenure. Personally, I will not go for it though.
 

ed9119

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Mar 11, 2002
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#16
maybe these young people are buying for their aging parents or for their own future retirement

it will be shameful if young people move in to live
 

Aug 10, 2007
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#17
60yr lease is not worth it. The money you paid only last for one generation.

Pls consider freehold .. though more expensive, ita something you can pass on to your kids in future.
 

Kit

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#18
maybe these young people are buying for their aging parents or for their own future retirement

it will be shameful if young people move in to live
They are keeping the units for themselves. (At least those interviewed by MSM are)
 

Kit

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#19
60yr lease is not worth it. The money you paid only last for one generation.

Pls consider freehold .. though more expensive, ita something you can pass on to your kids in future.
Nothing is for sure. Freehold or not, it can be taken away from you in a snap. This is Singapore remember?
 

richiemccaw1

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Feb 21, 2013
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#20
They are keeping the units for themselves. (At least those interviewed by MSM are)
My mom suggested I buy a unit here too. But I thought it weird to stay in a retirement village? Plus I can't afford it too...lol
 

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