Updated: 05/07/2014 23:40

Senior citizens made around S$200,000 when they sold off their old flats and moved into a studio apartment



Senior citizens made around S$200,000 when they sold off their old flats and moved into a studio apartment

Senior citizens who sold off their old flats and moved to a studio apartment have made around $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 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. 

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

Mr Khaw says going forward, studio apartments will be weaved into integrated developments, like the Kampung Admiralty which broke ground recently.

He says the co-location is deliberate to promote inter-generational interaction and bonding with their children and grandchildren. 

Mr Khaw says his ministry will continue to experiment and try out new layouts to see what will work best for seniors, and to enable them to age actively where they live, in their familiar HDB town.

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