04 Feb '12, 12am

Senior-friendly amenities like elder-care centres hurt resale flat prices: Property agents

Some property agents and consultants said the value of a property located near any centre serving old folk, such as a day-care centre or hospice, can cause home prices to dip by as much as 20 per cent. -- ST PHOTO: JOYCE FANG Elderly residents may appreciate having an elder-care centre in the neighbourhood, but property agents say these senior-friendly amenities can turn off some potential buyers. Some property agents and consultants said the value of a property located near any centre serving old folk, such as a day-care centre or hospice, can cause home prices to dip by as much as 20 per cent. Mr Eric Cheng, chief executive of ECG Property, said a majority of his home-buying clients offer between 3 per cent and 5 per cent less in cash over valuation for flats with elder-care centres nearby. 'Buyers will take advantage of the centre to negotiate with the seller, who will ...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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