New retirees entering the property market are increasingly looking for options that support both their desire to continue living independently , and their potential future needs for healthcare .
Property and Investment / Hybrid Model
COMMUNITY , HEALTHCARE , AND
LUXURY LIVING
New retirees entering the property market are increasingly looking for options that support both their desire to continue living independently , and their potential future needs for healthcare .
The Somerset
The Somerset
Retirement villages can provide residents with an invaluable sense of community , along with the necessary practicalities such as 24-hour security , high-speed internet , and cleaning services . On-site healthcare , however , is available at only a few establishments .
People now live longer than previously , which means that a new set of health issues is emerging in the senior population . Frail care is not something many new retirees need to think about immediately , but because more and more families live at a distance or commit to small-scale urban living that cannot accommodate seniors , it is an important factor to consider when choosing a lifestyle retirement option .
A 2017 property report placed two Cape Peninsula Organisation for the Aged ( CPOA ) retirement villages among the top 10 South African retirement estates , based on factors such as design , space , maintenance , activities and facilities . Among CPOA ’ s most attractive features is easily its on-site healthcare centres .
CEO Michael Zipp says that this is one of CPOA ' s core competencies : ‘ Whether or not residents need the care centre upon moving in , they know that there are always emergency response services available day or night , and that is obviously a big advantage .’
CPOA
manages 26 villages with a total of 2,300 residents . Twenty of its villages are available to middle and higher income groups for life right , sectional title or long-term rental options . This income subsidises the remaining six homes , which are welfare establishments .
Each CPOA village offers a different lifestyle . For example , Quadrant Gardens in Claremont , which CPOA is developing in partnership with Corevest ( Pty ) Ltd , will be an upmarket urban retirement complex that will cater for seniors who enjoy the urban lifestyle of the area , and want to remain close to familiar medical service providers and surrounding attractions .
‘ New retirees are accustomed to having amenities close by , and enjoy going to the movies or the gym , and many also want to remain economically active to some extent ,’ says Zipp . ‘ And because land in Cape Town is very expensive , this means that apartment-style retirement living is becoming more popular .’ Quadrant Gardens will offer assisted care packages , and its care centre will be able to accommodate residents who need 24-hour care .
When complete , the Somerset Lifestyle & Retirement Village , one of the estates ranked among South Africa ’ s top 10 , will have a 20-bed care centre , and 270 units for independent living . These will be a mix of houses , cottages and apartments . Some seniors want to leave more money in their estates , and others prefer more money available to them for the duration of
30 | www . estate-living . co . za