The government of Singapore has made a concerted effort to invest in the creation of new models of eldercare, shifting from the traditional homecare. The newest model of assisted communal living is gaining prominence in Singapore, allowing seniors to maintain their independence while at the same time ensuring that help is at hand if needed.
Facilities in which public flats equipped with a care package for the elderly are being built. In addition to this, other models of care are also being explored, including the creation of more nursing homes and upscale assisted living facilities for the middle to high-income group, as highlighted in YCP Solidiance’s latest report titled “The Future of Eldercare in Singapore”.
Opportunities in Public Housing Projects
In support of the public housing projects that the government is looking to release in Singapore, opportunities exist for companies with expertise in the building and designing of layouts for such projects, of which tenders will be with the Ministry of National Development and the Ministry of Health. With an increasing awareness of assisted communal living in Singapore, it is expected this number of such projects will steadily increase.
Further, such projects are expected to come complete with care facilities, and it is mandated that an eldercare service provider operate these care facilities on the compound. As such, opportunities also exist for eldercare service providers looking to explore new models of care in the Singapore market, who will be required to operate these care facilities.
Premium Facilities for Private Housing
Private assisted communal living is a concept that has only been explored in Singapore since 2019, targeted at the elderly with a higher level of purchasing power for housing options. They often include facilities beyond the basic service offerings, from motion sensors to voice assistants, to improve the quality of life of individuals living in the spaces. In addition, these facilities often include leisure activities, swimming pools, and outdoor gardens with barrier-free access.
With limited players in the market, there exists a largely untapped opportunity for companies with intentions to enter the private assisted living market in Singapore. This is given that Singapore’s elderly population has one of the highest purchasing powers in the region, in which the elderly are expected to contribute approximately USD 44 billion yearly, or the equivalent of 16.8% of Singapore’s actual GDP in 2019, to the economy by end 2020.
This market is expected to further grow in the future, given that when this model of care is fully developed in 10 to 15 years, it will be targeting adults that are currently aged between 45 to 55 years old.
Homely Nursing Homes
Traditionally, nursing homes in Singapore have followed a standard model of a medicalised setting, in which the most efficient usage of space for elderly living facilities would naturally involve having a large group of residents shares a room. However, there has been an increasing push towards “ageing with dignity” among influential voluntary welfare organisations in Singapore.
This push involves the transition of the general nursing home model to provide a more homely environment for its residents, through giving residents the option to live in home-like single and double rooms, and to take more ownership over the space they live in.
Currently, such nursing home models are few and far between. As such, companies can find opportunities in entering the market with a homely nursing home model, and target consumers with middle to high purchasing power. This can be done by exploring partnerships with local organisations to encourage more discourse on the matter to drive towards a new normal of homely settings in public nursing homes as well.
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