JSE AltX listed property company, Visual International, is launching a new lifestyle retirement concept for over-50s in South Africa’s middle-income group — …my Place Lifestyle. By doing so, it will meet an immense and growing demand for affordable, quality and enjoyable retirement living.
“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.”
Robertson turns to the Old Mutual 2013 Retirement Monitor Summary to show how many South Africans have to deal strained resources in their retirement years. The study states that only 4% of South Africans believe they are adequately provided for in retirement, while 36% believe they will have enough saved. This leaves a staggering 60% of South Africans with various levels of limited financial means for their retirement.
“These people often have to rely on living with their children and grandchildren, which isn’t always the ideal solution,” notes Robertson.
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, many more South Africans.
“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.
It’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. Already a vibrant residential community comprising more than 480 homes and apartments, in addition to the …my Place Lifestyle medical and retirement facilities, this community 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.
For owners, …my Place Lifestyle Retirement Suites at Stellendale Village are designed as a positive and sustainable investment experience from Visual’s trusted team with a proven track record. As investors, 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.
“At this price point, …my Place Lifestyle Retirement Suites at Stellendale Village is unlike just about anything else available to over-50s in South Africa,” confirms Robertson.
Eventually there will be 844 serviced residential suites at …my Place Lifestyle Retirement Suites at Stellendale Village, introduced in five phases.
And, with its carefully considered innovative solution to a real need across South Africa, Visual has plans to roll out its …my Place Lifestyle model, elsewhere in the country.