This policy is for more than 20,000 old residential elevators in Singapore with a service life of more than 20 years. The core requirements include: the core safety components such as elevator traction system, control system, and door operator system with a service life of more than 20 years must be replaced and upgraded by the end of 2028; the updated elevator must comply with Singapore's latest SS 550 elevator safety standard, and must be installed with elevator remote monitoring system, fault early warning system, and emergency leveling device; the policy also clarifies the government special subsidy for HDB elevator renewal, with the maximum subsidy ratio up to 90%. After the implementation of the policy, the Building and Construction Authority of Singapore will establish a full-life cycle supervision ledger for old elevators, and elevators that have not been updated on schedule will be forced to stop using. This policy will directly drive the rapid growth of Singapore's elevator renovation market.