Studio apartments 'effective', downgraders have net proceeds of $200,000: Khaw
Published on May 7, 2014 1:43 PM
Housing Board flat owners who downgrade to a studio apartment have net sales proceeds of around $200,000 each, after paying off the outstanding loan for their old flat and fully paying for the new one.
These former owners of three- or four-room flats form 70 per cent of the 7,600 households who booked studio apartments from 2006 to 2013, Minister for National Development Khaw Boon Wan said in a blog post on Wednesday.
Studio apartments, which can only be bought by those aged 55 and above, have elderly-friendly features such as grab bars and alert alarm systems. Two-thirds of those buying these flats were aged below 65, and half were living alone, noted Mr Khaw.
Studio apartments are "effective in helping seniors in their retirement. They are particularly attractive to seniors living alone, who will otherwise find maintaining a large flat a chore," he said.
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