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Substantial gain for seniors after downgrading to studio apartment

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7,600 households booked a Studio Apartment (SA) between 2006 and 2013, according to National Development Minister Khaw Boon Wan in his latest blog entry on May 7, 2014.



He revealed that 70 percent of them formerly owned a three- or four-room flat.  Their net sale proceeds are around $200,000 per flat, after paying off outstanding housing loan for their previous flat, and fully paying for the new SA.


About 3,800 of them are divorced, single or widowed and live alone.  Mr Khaw said SAs are “particularly attractive to seniors living alone, who will otherwise find maintaining a large flat a chore.  Because many SA seniors live alone, they will need family and community support.  Hence, we are determined to help families who want to stay near to each other realise their dream.”



Figures show that 22 percent of SA owners remain in the same HDB town.

 

HDB is currently weaving SAs into integrated developments, such as the two blocks of SAs at Kampung Admiralty.  “The co-location is deliberate to promote inter-generational interaction and bonding with their children and grandkids,” Mr Khaw wrote.



Two-thirds of the 7,600 households are below 65.  SAs provide an additional housing option for seniors, and are fitted with elderly-friendly fixtures such as grab bars and alert alarm systems.

 

Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story.  To contact her about this or other stories email muneerah@propertyguru.com.sg

 

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