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New retirement resort set to launch in the WinelandsWith researchers predicting that around 10 million South Africans will be retiring in the next 25 years, it comes as no surprise that myriad retirement developments are popping up all over the country, especially in light of the fact that retirement properties are one sector of the market that has been drastically underdeveloped for many years.
Trevor Harris, Broker/Owner of RE/MAX Winelands, has recently been appointed as the sole selling agent on a new retirement and assisted living village in the Cape Winelands area of Paarl. To be officially launched in May this year, the Oude Chardonnay Retirement Resort has been designed with two hectares of gardens that offer residents with breathtaking 360 degree mountain views of the Drakenstein, Simonsberg, Paarlberg and Franschoek mountains. Conveniently located, the development is close to the Paarl town centre and is around the corner from the popular Paarl Mall.
Harris explains that Phase 1 of this development will consist of 36 freehold units, available to buyers on a plot and plan basis. Buyers will have a choice of two-bedroom units, measuring around 87m2 with prices starting from R890 000 or three-bedroom units measuring 131m2 priced from R995 000.
Phase 2 will consist of 96 assisted living and frail care units with full faculties starting at R495 000 per unit while Phase 3 will include a further 80 plot and plan units.
"These lifestyle units will be sold on a freehold basis, with full recovery plus profits when resold," explains Harris. "There is no lower age limit on purchasers, although residents will have to be 55 years or older. This makes Oude Chardonnay ideal for those who want to secure a home for their parents in their old age but who would like to see a return on their investment at some stage. It also makes the project suitable for straight buy-to-let investors."
Adrian Goslett, CEO of RE/MAX of Southern Africa, says that more and more South Africans are investing in retirement developments, and for good reason. "There is a strong demand in South Africa for secure lifestyle retirement developments. In fact, the demand often outstrips supply, with many of the top retirement villages boasting long waiting lists."
The freehold homes at the Oude Chardonnay Retirement Resort have been designed in a modern Cape Dutch style and will include features such as straight line gables and wooden pergolas.
Harris notes that this retirement resort will include a complete medical centre in which there will be assisted living units with a single bedroom, a bathroom and a kitchenette. "The medical centre has a communal dining room, a living room, a library and a hairdresser and those living there will have nurses close at hand 24-hours a day. Nursing and medical assistance will be available at the touch of a button from the houses.
"The area surrounding the village will be secured by electrified fencing. Guards will be on duty on a 24/7 basis and a golf cart porter service, to be owned and operated by the Home Owners Association, will be available to carry residents to the dining or medical facilities or to visit friends in the village," says Harris.
Harris concludes by saying that the picturesque and convenient location along with the competitive pricing makes these units a good investment opportunity. "Many people recognise the long-term value of these kinds of developments, investing long before retirement age and renting them out until the time comes for them to move in. This gives these investors the opportunity to plan for their old age and invest at today's prices, ensuring that their capital investment holds its value, and often, even increases in value. In this way, they can rent out or sell their family homes for income during their golden years, and enjoy being part of a retirement community when it is most needed."