Weekend Argus (Saturday Edition)
Developers rising to welcome new face of retirement
THE retirement sector is changing, mostly because of the shift in the ageing paradigm and accommodation expectations is worlds away from the conventional model.
“The traditional concept of apartment block-styled old age homes that offer little more than a room and threesquare meals a day now falls far short of needs and expectations which range from active lifestyle estates to residential villages that offer frail care,” says Arnold Maritz, the co-principal of Lew Geffen Sotheby’s International Realty in Cape Town’s Southern Suburbs. “Today’s active retirees expect top-class lifestyle amenities and, instead of single rooms, they are wanting self-contained, low-maintenance units that afford them more independence and freedom.
“To meet these changing needs, developers have shifted their focus to create a more holistic offering, with an emphasis on lifestyle, wellness and vitality within secure communities. In most areas, these properties are in high demand and short supply with long waiting lists,” says Maritz.
He says development in the retirement sector is curtailed by two factors.
“It has become a challenge to acquire suitable tracts of land at a reasonable price in order to keep the price per unit within an affordable range and in line with the general housing market of the area.
“At the same time, construction is also much more expensive, especially to build the popular modern lifestyle retirement villages with individual homes and all their amenities … The developments require far more land than the traditional apartment block-style old age homes.”
Investing in retirement property early could be a good financial move, says Maritz. Early investment enables you to purchase your future retirement home at today’s prices and gives you the opportunity to plan for your old age and ensure your capital investment holds its value, and often, even increases in value.
“And, if you buy freehold rather than life rights, early investors can rent them out until the time comes for them to retire, thereby subsidising their investment and minimising monthly bond repayments.”
IMHOFF MANOR DEVELOPMENT
The recently launched development for sale off plan is Imhoff Manor in Imhoff Lifestyle Estate, Cape Town.
“Kommetjie is … appealing as it offers a slow-paced seaside village lifestyle in scenic surrounds whilst being only a 40-minute drive from the city and an hour from the airport,” says Natalie Cooper, the area specialist for Lew Geffen Sotheby’s International Realty.
Imhoff Manor comprises two and three-bedroom architecturally designed luxury homes with large patios.
Once complete, amenities will include a medical centre offering medical and care services as needed, a swimming pool, a clubhouse and state-of-theart security.
“All the designs options are light, bright and contemporary and thoughtfully designed with high-end, low-maintenance finishes and open plan interiors that can accommodate mobility aids.”
Priced between R3.550 000 and R5 550 000, and, with completion due in three years, it gives buyers the opportunity to purchase their future retirement homes at today’s prices.
“And, having established 11 retirement estates The Devmark Property Group are pioneers in this sector with decades of experience in developing and managing retirement estates so buyers can rest assured they are making a secure investment.”