R255m Palm Royale luxury retirement block goes ahead

Posted On Friday, 12 October 2012 10:05 Published by Commercial Property News
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Palm Royale, a new R255million sectional title apartment block, is to be built as part of the award-winning Oasis Luxury Retirement Resort at Century City.

Palm RoyaleThe go-ahead follows the achievement of pre-launch sales of close to R100million, the near sell out of the first two apartment blocks and the recent acquisition of a 50% stake in the Oasis Joint Venture by the Rabie Property Group.

Colin Green, a director of Rabie, said Palm Royale will comprise 58 luxury two and three bedroom sectional title apartments priced from R2,45million to around R8million.

The apartments, which will be set in a high rise block of 11 storeys, range in size from around 110 square to 237 square metres and vary from garden apartments to ”homes in the sky”.  Many of the apartments boast spacious balconies suitable for entertaining.

All units will have basement parking bays while a number of store rooms will also be available.

To date the Club House, the Care Centre and the first two blocks of apartments – Palm Grove and Palm Spring – have been built. Only two of the 174 apartments in these blocks remain to be sold with sales to date exceeding R330million.

The sumptuous facilities of the Oasis Club are also to be extended and Palm Royale will be linked undercover to the Oasis Club. The well-equipped Oasis Club,  which offers both indoor and outdoor facilities, includes a 25m indoor heated pool, massage room, sauna, steam room, fully equipped gym, a library, lounge areas, a restaurant, bar and billiard room.

Owen Futeran of Harries Consortium – Rabie’s partner in the Joint Venture – said lessons learnt to date had been applied to the orientation and design of Palm Royale which will offer larger and even more upmarket accommodation than previously.

“An analysis of purchasers to date shows their profile varies considerably from retired owner occupiers to people in their fifties who are still actively employed and who have bought into the Oasis for the quality of lifestyle it offers. We have also seen a number of investors buying to let or buying for their own future use. The fact that we are selling on a sectional title basis, as opposed to life right, makes it very popular with investors and with those looking to safeguard the value of their assets.”

The Oasis Care Centre offers hotel-style assisted living apartments and frail care. Its license was recently upgraded by the Department of Health from a Sub Acute discipline to a Physical Rehabilitation discipline. It has also been issued a Practice Number by the Board of Health Funders of SA  (BHFSA) which allows for Medical Aid patients to be admitted.

Construction of Palm Royale is expected to start in November this year with handovers scheduled for March 2014.

Last modified on Monday, 17 June 2013 19:18

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