Innovative group plans to build retirement villages, all based on the Life Right model, in major centres to meet the increasing demand
With people living longer and a shortage of retirement property options, there is huge potential in this market for “superior products that offer a great lifestyle for residents as they get older”, says Rabie Property Group chief executive Leon Cohen.
To this end, the group will be launching three new retirement villages, at a total cost of R2.5 billion, in Cape Town over the next six months under a new brand, Oasis Life.
These retirement developments follow hot on the heels of the sell-out of Rabie’s Oasis Luxury Retirement Resort in Century City where all 376 sectional title apartments were sold out six months ahead of the sixth and final high-rise apartment block being completed.
“In fact, the first three planned villages are just the start,” says Cohen. “We are also exploring opportunities in other major centres aiming to create a national footprint of retirement villages, all based on the Life Right model, within the next five to 10 years.”
Cohen says Rabie has a 40-year track record of delivery and has been responsible for many of the country’s landmark developments including Century City, West Lake, Royal Ascot, Burgundy Estate, and Clara Anna Fontein.
The first three Oasis Life villages will form part of the group’s existing mixed-use developments – Clara Anna Fontein in Durbanville, Burgundy Estate, and Century City.
Oasis Life Clara Anna Fontein will comprise 125 homes and an exclusive clubhouse consisting of a dining room, coffee bar, lounge, activities room, meeting room and library as well as primary health-care facilities staffed by a nurse.
Phase one of the development, which is now being launched, will comprise 56 one-, two- and three-bedroom homes all with their own exclusive-use gardens.
Unlike most other retirement developments where communal facilities are only provided towards the end of the development, the retirement clubhouse component of Oasis Life villages will be built as part of phase one.
Residents in the first Oasis Life village will also have access to the Clara Anna Fontein Lifestyle Centre with its dining room and coffee bar, lounges, meeting rooms, a restored 18th-century manor house, a fully equipped gym, two tennis courts, a squash court and a solar heated 25m swimming pool.
Homes will be between 101m² and 273m² including garages and undercover patios with prices from R2.3 million to R5.5m. Oasis Life Clara Anna Fontein will be pet-friendly with residents able to keep small and medium-size pets.
The first hand-overs are scheduled to take place during early 2020.
Why the Life Right model?
The Rabie Property Group chief executive Leon Cohen believes life rights – which provides the purchaser with the legal right to live in a home for as long as they and their nominated partner/spouse live – offers buyers the greatest benefits and financial flexibility as options can be tailormade to suit individuals’ special circumstances.
“One of the biggest pros for purchasers is the fact that it guarantees professional management, taking away many of the hassles such as maintenance and insurance facing body corporates. Purchasers also have more certainty about levies and won’t face a special levy at any time.”
Most importantly, the developer is in for the long haul, Cohen says.
“By retaining ownership of all homes as well as the common property, it is in the developer’s interest to maintain and keep up the village and facilities to a high standard.”