Property and Investment / Hybrid Model
Constantia Place
their life . Therefore , The Somerset residents are given a choice between freehold or life right options .
The life right model offers security of tenure for life and improved financial peace of mind . With this model , 100 % of the original capital is refunded when the resident sells or passes away , but part of the capital growth on resale is forfeited . There is less upfront investment because ownership of the property does not change , which means that it is cheaper and easier to complete the transaction . ‘ With the life right option , CPOA takes care of all external maintenance and repairs , gardening and general tidiness ,’ explains Zipp . ‘ It ’ s hassle free for the resident .’
Depending on the scheme , CPOA offers a profit share of up to 25 %. For example , no profit share is offered at the more popular and established homes , such as Constantia Place , another of the top 10 estates in South Africa , and which has a long waiting list . However , at The Somerset Lifestyle & Retirement Village , residents are living on a site that is still under development , and therefore they are offered a 25 % profit share . Purchase terms are flexible . For example , part of the purchase price can be deferred and then deducted from the refund later on .
CPOA offers a number of care packages , with the on-site care centres being the operational hubs for these services . Zipp says that people want to try to remain independent and in their usual environment for as long as they can , so care starts with nurses or caregivers visiting the residents ’ home to assist with activities of daily living , for example , getting dressed or making
Constantia
Place
beds . As residents need more assistance , their care packages can change .
Because people now live longer , there are also increasing incidences of dementia and Alzheimer ’ s . This means that care centres need to be able to take care of people ’ s mental health on a 24-hour basis . Depending on the stage of the illness and and the nature of their symptoms , residents suffering from dementia may need to be cared for separately . CPOA provides specially trained caregivers , and offers dedicated memory care in five of their homes . They also organise special , appropriate activities that provide social interaction and stimulation , and promote overall well-being .
The newly opened Memory Care Centre at Sea Point Place , for example , dedicates 14 of the 40 beds to residents with dementia . ‘ It ’ s a stunning facility ,’ says Zipp . ‘ We did a lot of research into the special needs of dementia patients to make sure that we can look after them well .’ Sea Point Place is an upmarket sea-front village in Three Anchor Bay that offers both long-term rental and life right apartments , with a profit share of 15 % on the life right option . It provides a weekly domestic service and laundry facilities , and has a hairdresser , coffee shop and library on site .
Zipp says that often the move into a retirement facility is triggered by the death of a spouse , couples needing to downsize , or their children moving to live far away . He says : ‘ Retirees don ’ t want to become isolated ; they want to remain
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