With the baby boomer generation now set to live up to 25 years longer than their parents’ generation, one of the most pertinent issues is that of how we deal with advancing age – our own, or that of our parents. The boomers are not prepared to ‘go gentle into that good night’ with a whimper and a moan.
Location is a huge component when it comes to investing in property, possibly even more so for retirement property. Even though the new generation of older and/or retired people exhibits a much younger can-do attitude than their parents did at their age, convenience and proximity of all necessary amenities is important because, as you get older, distances can seem more daunting. So that’s one of the reasons Shoreline Sibaya is being snapped up by cohorts of people who have attained – or are approaching – the age of wisdom. Developed by Carmel Properties, a division of Carmel Care, this pet-friendly estate is focused on four critical pillars – lifestyle, security, care and sustainability – and aims to create a more affordable product that does not compromise on quality or lifestyle.
Position, position, position
As the sole agents for Shoreline Sibaya, one of KZN’s fastest selling Retirement Estates, Piccadilly Properties’ retirement specialist, Natalie Bradfield says:
”KwaZulu-Natal’s idyllic weather, friendly people and great lifestyle amenities make it the ideal retirement destination. With easy access and close proximity to the beach, bush, Drakensberg and the airport, residents in the greater Durban area enjoy easy access to places of leisure and relaxation.”
Shoreline Sibaya is situated within the acclaimed 1,000-hectare Sibaya Coastal Precinct, which offers the benefit of being positioned close to the sea, forest and convenient retail centres, and houses some of KwaZulu-Natal’s most sought after freehold stands. It’s conveniently close to King Shaka International Airport, an easy drive to the city of Durban, and offers convenient access to the wildlife destinations and tropical beaches of northern KwaZulu-Natal.
This prized location brings a better capital appreciation expectancy for those looking to the future. The Sibaya Coastal Precinct is an astute property investment, with the various residential developments expected to enjoy a significant capital appreciation between securing a unit and subsequent transfer. This capital appreciation can be further enhanced in the case of an off-plan retirement estate based on demand, and the fact that Shoreline Sibaya is the first retirement estate within the precinct.
Care and wellness
One of the things that makes Shoreline Sibaya special is their Care Centre, which forms the heart of the estate and guarantees that residents will be provided with tailored care aimed at supporting independence and ensuring optimum quality of life.
Research has shown that there has been a substantial move away from the often disempowering and demotivating frail care services (which are excessively expensive to run and maintain) towards care services that encourage independence in the comfort of one’s own home. And that’s the basis of the Shoreline Care Centre concept.
The frail care centre is much smaller than is usual, but that’s deliberate, because the emphasis is on allowing people to stay in their own homes and receive 24/7 care for as long as it is required. The Care Centre will have a six-bed sick bay on the ground floor of the centre for those residents who need roundthe-clock care, and there are ten assisted-living suites on the top floor. These rooms will include a modest kitchenette, fully equipped bathroom with hand rails and panic buttons and are targeted at those not financially able to buy into the estate, as well as those who are reluctant to buy. The rooms will be available to rent, on a monthly basis and the rental will include daily meals and 24-hour care.
The second floor will have rotating consulting rooms for doctors and other healthcare practitioners, e.g. physiotherapists, occupational therapists and medical specialists.
When buying into the estate, each resident will receive a full medical assessment and personalised wellness or care plan to ensure that they remain at optimal health. Bradfield elucidates:
“Residents will have personalised care plans that will be revised once a year, in order to maintain independence and ensure a great quality of life. They will also have access to members of a multidisciplinary team, such as audiologists, physiotherapists, social workers and dieticians.”
Sibaya Coastal Precinct provides residents of Shoreline Sibaya with beautiful sea views and an abundance of open, green landscaped areas, including 300 hectares of lush coastal forest and 7.5 kilometres of sandy beaches. Those looking for safe open-air activities can stretch their legs on the 75 kilometres of paths, trails and boardwalks, and there are some fantastic waves for the many ‘silver surfers’ who are living proof that this generation is ageing dynamically.
Every member of the security team is trained in first aid, and there are two panic buttons in each unit, as well as biometric access, cameras and a state-of-the-art control room to ensure the safety and health of each resident.
The estate features modern single-level sectional title apartments with one-, two- and three-bedroom options, all of which are surrounded by beautifully landscaped gardens, and have access to the Care Centre with a registered nurse and 24-hour telephonic support.
Once completed, there will be 400 units, built over two phases, with phase one consisting of 213 apartments, and occupancy taking place towards the end of 2019.
The bottom line
Following research which highlights that more than 70% of retirees now look for a property price point of between R1 million and R2.5 million, studio apartments at Shoreline Sibaya start at R1.45 million, with one-bedroom apartments beginning at R1.8 million, two-bedroom units from R2.4 million, and the larger three-bedroom apartments from R3.4 million.
The exponential growth and interest in retirement property as an investment opportunity is also why the developers have permitted potential buyers to invest at any age, although the units can only be occupied once the owner turns 55. It pays to think ahead. As Bradfield says: ‘There is huge demand for retirement properties around the country, and – as South Africa’s fastest-selling development – Phase one of Shoreline is already 70% sold out.’
When purchasing off-plan, buyers also benefit from having no transfer duty payments, and Carmel Properties have additionally agreed to cover the levy stabilisation fee of each owner to help reduce upfront costs. Annual levies are based on the square meterage of units, and a proportion of the costs goes towards the services provided by the Care Centre.
By partnering with Lombard Insurance Company Limited, who are a niche, specialised risk insurer, Shoreline Sibaya has claimed the title as the first and most innovative retirement development to provide a financial solution for retirees looking to buy retirement properties without (or before) selling their existing family homes.
‘This ground-breaking solution to securing a guarantee for off plan developments for retirees will bridge the gap in retirement investment and allow retirees to plan ahead for their golden years without fear,’ says Bradfiled. ‘
‘This is a first for the retirement industry,’ explains Alan Beesley, Director, Carmel Properties.
“… and we are incredibly thrilled that we can now present this opportunity to help retirees secure their dream retirement in Shoreline Sibaya. By utilising this service, investors are able to plan ahead and take the next step into retirement easily. It can be a challenge to free their money and then have to wait for the development to complete construction. This solution helps bridge that gap and gives them a fair chance to invest in unsurpassed off-plan developments, like Shoreline Sibaya.”
Construction is well under way, and the first residents are set to move in towards the end of 2019.