TS, sorry to hear you got retrenched. I've been there before so I understand how you feel. I don't know much about living in JB beyond what is shared here, so what I'm going to say may sound off-topic.
I don't know if this is the first time you got retrenched, or what kind of retrenchment package you got, or how much savings you have on hand. All I can say is that when I got retrenched, mentally I got destabilised. Not that I went crazy, but I definitely went into a period of "survival mode" where I thought about all kinds of ways I can cope with it. Sad to say, most of them are harebrained ideas that only come to the desperate. Amongst other things, I almost signed up for one of Adam Khoo's courses
I don't know how recent your retrenchment was, but I suggest a two-month cool-down period before you take any major decision, such as relocating to JB. At 41, unless you've already got a bundle saved up and can go into semi-retirement, your main goal is probably to seek re-employment as soon as possible. I'm sorry to sound like I'm piling on the pressure here, but I've found that being out of the workforce for too long is detrimental to my own prospects. I took too long to find my next job, but I was lucky that I did. However, if this happens to me again, I would seek employment as soon as possible. During this time, focus on optimising your spending as best as you can, and start job hunting. Reaching out to your network regarding job opportunities is more crucial during this time, than upping sticks to another country.
The good news is that, as I've found out, the gahmen does provide support to retrenched workers. As you are over 40, the support is more generous. You can find out more
here.
Anyway, not sure if you know all the above I've said already, but main thing I'm saying is don't take the decision to relocate too fast. Apologies in advance if what I've said is not applicable to you. Beyond what the other forummers have said, you may also want to consider what kind of medical support your parents (who are quite elderly) can get in JB. That's the only other point I can think of, other than the painful point of commuting for work between JB and Singapore that's already mentioned.
Good luck!