The official launch of the Milkwood Lifestyle Retirement Village Port Shepstone was held on the 8th July 2016. It was well attended with over 200 guests and the Mayor’s speech was very positive. The most frequent question asked during the launch, was ‘When will construction start?’ ell, we are happy to announce that the site clearing has started and once all the gum trees have been cleared, the machines will start earthworks.
Plan approval for the 6 show units have been submitted to council and all departments have commented favourably. The first plan approval is expected within a few days. Weather permitting, the first 6 houses (which are the show units) will be complete by early December 2016. However, there will be a limited time to view the show units as three of them are sold and occupation of the units is required by the end of January 2017.
Plans for the balance of phase one are expected to be approved by the end of October. Occupation will start around the end of April 2017 until the end of June. Phase one includes a 23-bed frail care unit and two bedroom apartments in block A. The services for phase one are installed up to the site boundary, the electrical mini-sub is operational, the sewer packaging plant for the estate is operational and the water is installed. The gatehouse is also complete and a sales centre is onsite.
Prices for the phase one units will be kept at the launch price until the end of September. 2-bedroom apartments go from R799,000, a 2-bedroom, 2-bathroom simplex with a garage from R1,070,000, and 3-bedroom simplexes from R1,270,000. Transfer costs are included in the purchase price. These are sectional title owned and therefore any capital growth belongs to the owner.
Questions and answers relating to Milkwood Lifestyle Retirement Village Port Shepstone
Who can purchase a retirement village unit? Being sectional title owned, any person can own a unit. The unit can be owned by the occupant, or family members for a person over 50 to reside and investors.
What happens to the investment when the owner/resident passes away? The unit will form part of the owner’s estate and should be included in the last will and testament. The home is sectional title owned so the investment would be the same as any property owned. The property may be sold or rented.
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