Visual International launches affordable lifestyle retirement concept
Johannesurg, 16 September 2014, Biznews
"As the fastest growing sector in South Africa, the middle-income market is desperately under-served by the retirement estate industry," says Charles Robertson, Managing Director of Visual.
"Many retirement estates provide exclusively upmarket offerings that are far beyond the pockets of all but the most affluent South Africans. For most of our hard-working population, a retirement lifestyle is simply out of reach," he adds.
By launching …my Place Lifestyle Retirement Suites at its Stellendale Village in Kuils River, Visual is taking retirement living forward in this country and making the first big leap in opening up the retirement lifestyle to many more South Africans, he adds.
"Our research shows that over-50s enjoy a sense of community and belonging. They often still want to work and earn income, and make a positive contribution to society and others. Safety is also very important to them," explains Robertson. "Importantly, while they may have limited resources, they still expect good quality from everything. Those who own a house would prefer to give it to a child, rather than sell it."
The Visual team have taken all this into consideration when developing …my Place Lifestyle Retirement Suites at Stellendale Village.
"It has taken some time to cultivate the …my Place Lifestyle concept, to make sure it is a meaningful and relevant solution that meets the real needs of real South Africans," says Robertson. "We put our strong property development and community building experience together with Retirement Villages SA, a real estate company in Cape Town with extensive experience in the retirement field, to develop this fresh concept."
Northbank One is the first phase of …my Place Lifestyle Retirement Suites at Stellendale Village, and will bring to market 88 single- and double-occupancy suites as well as a handful of cottages.
It also creates the space for over-50s to meet their lifestyle needs, putting their priorities first. …my Place lifestyle offers an enjoyable and safe living experience, with around-the-clock manned security and patrols, as well as perimeter electric fencing. It shares expansive interior communal spaces and generous public open spaces. Only quality workmanship is accepted and set in sustainable, attractive landscaping. The estate also offers a modern restaurant.
Strong community spirit
t's medical and care facilities are provided by Geratec, a full-service provider of outsourced services to long-term care facilities and retirement homes throughout South Africa. General management is provided by Retirement Villages SA. It also has an active and effective management committee.
Importantly, it fosters a strong community spirit and is seamlessly connected to the larger community of Stellendale Village – a vibrant residential community comprising more than 480 homes and apartments, in addition to the …my Place Lifestyle medical and retirement facilities.
It is a community that will grow over the next few years with an added 700 homes and apartments, a private pre-primary and primary school, Saxdownes Junction shopping precinct, as well as a crèche and coffee shop. Moreover, opportunities are created for estate's occupants to be involved in meaningful activity and for earning an income.
All this comes at an affordable cost.
As an investor, each owner gets full title, rather than a life-rights option. This makes it a great buy-to-let investment. Options range in price from around R439,000 for a single-occupancy suite with en-suite bathroom, to two-bedroom cottages for about R771,000.
Robertson confirms there is already a waiting-list of people to rent the suites and cottages. The rental cost for a single-occupancy suite with 25 meals per month, a quick weekly clean and a wash-load of laundry each week starts at R4,900 per month. At the top end, a two-bedroom cottage, also with 25 meals, a short clean and a weekly load of washing per person, comes in at around R8400 per month. The units all provide pre-paid water and electricity consumption.
Eventually there will be 844 serviced residential suites at …my Place Lifestyle Retirement Suites at Stellendale Village, introduced in five phases.