Studio Apartment scheme can help support seniors’ retirement need: Khaw

SINGAPORE — Senior citizens who sold off their old flats and moved to a studio apartment have made around S$200,000 each from the scheme.

This is the amount they gained after paying off outstanding loans for the old flat and fully paying for the new studio apartment.

National Development Minister Khaw Boon Wan revealed this in his blog today (May 7) as he described the Studio Apartment scheme as one which has become “valuable in supporting seniors’ retirement needs”.

He noted that between 2006 and last year, 7,600 households have booked a studio apartment.

Of these, two-thirds were below 65. Half were living alone, being divorced, single or widowed.

About 70 per cent were former owners of a 3- or 4-room flat.

“We are taking studio apartments one step further by weaving them into integrated developments, like the Kampung Admiralty which we broke ground for recently,” said Mr Khaw. “The two blocks of studio apartments will have easy access to a hawker centre, public plaza, healthcare, childcare and eldercare services, all under the same roof.”

The co-location is deliberate to promote inter-generational interaction and bonding with their children and grandchildren, he added.

“We will continue to experiment and try out new layouts to see what will work best for our seniors, and to enable them to age actively where they live, in their familiar HDB town,” said Mr Khaw. CHANNEL NEWSASIA