February 4, 2014

Oasis Palm Royale show apartment now available for viewing

A furnished show apartment is now available for viewing in Palm Royale the latest block in the Oasis Luxury Retirement Resort at Century City, where more than R185m of sales have been concluded five months ahead of completion.

Colin Green, a director of the developers, the Oasis Joint Venture which comprises the Rabie Property Group and a Harries Projects consortium, said the R260m Palm Royale block boasted a number of green building initiatives to reduce its carbon footprint.

These, he said included LED lighting throughout, timers and photocells in the common areas together with movement sensors. “In addition, performance glass has been used which not only reduces heat penetration but also reduces sound transmission.

Furthermore load limiting relays have been used in the apartment distribution boards which means that the geyser will switch off when the oven is turned on.”

Other green initiatives employed include the use of treated effluent piped from the Potsdam Wastewater Works for the irrigation system while the ponds and water features make use of storm water recharging for top up purposes.

“In addition low VOC paints have been specified throughout and all garden waste generated will be mulched/chipped for re-use in the planted areas,” he said.

Green said construction of Palm Royale was on track for completion in May this year with 19 of the 58 apartments still available for “discerning buyers looking for a superior retirement home with world class facilities”.

Among its many unique selling points, Palm Royale offers residents optic fibre connectivity at speeds ranging from 5 Mbps to 1 Gbps via Africa’s fastest and one of a kind Open Access Network at highly competitive rates from one of several service providers.

“This creates a healthy competitive environment where residents are free to select a service provider of their choice and to swap service providers should they be unhappy with the service they are getting. High speed connectivity allows residents to use their smart TV / internet to its full potential and the cutting edge technology is capable of keeping abreast with new products and changes in the market.”

Green said a primary health care package was included in the monthly levy which entitles residents to three free bed nights per annum at the on-site care facility which is licensed by the Department of Health and Board of Health Funders of SA.

“There is a qualified Sister on duty 24 hours a days and the Care Centre caters for emergency advice, assistance, or admission of apartment residents, depending on the seriousness of their situation.  “The Care Centre also has an assisted living and frail care facility, as well as an Alzheimer’s / Dementia wing and also offers physical rehabilitation.”

Green added that apartments at Palm Royale were being sold on a sectional title basis.
“This means that the properties are an asset and purchasers or their heirs benefit from the capital appreciation over time. Only 20% of the profit once sold is payable to the levy stabilisation fund.”

The show apartment is available for viewing by appointment. For further details contact the Sales Office on 021 528 7310.

October 21, 2013

Palm Royale sales top R150million

Since April this year a further R50million in sales have been notched up at Palm Royale, the third phase of the Oasis Luxury Retirement Resort at Century City, bringing total sales to date to over R150million.

With nine months to go until completion and transfer,  30 of the 58 sectional title apartments have now  been sold. This represents 52% in number and 57% in value, says Owen Futeran of the developers, the Oasis Joint Venture which comprises the Rabie Property Group and a Harries Projects consortium.

Futeran said the greatest demand to date had been for the larger three bedroom units, which had accounted for 20 of the 30 sales with two bedroom apartments making up the balance of sales.

Being developed at a cost of R260million the spacious two and three bedroom apartments range in size from around 100 square to 237 square metres and vary from garden apartments to penthouses.  Priced from R2,5million to just over R8million, many of the apartments boast spacious balconies suitable for entertaining with wonderful mountain and sea views.

Futeran said all apartments will have basement parking bays while a number of store rooms were also available. The first two phases of the Oasis development consisted of Palm Springs and Palm Grove apartment blocks and a Club House, which boasts amenities a five star hotel would be proud of and which all residents automatically enjoy membership of. These facilities include a 25m indoor heated pool where regular water aerobics classes are given by a qualified teacher, a massage room, sauna, steam room, fully equipped gym, a library, lounge areas, a restaurant, bar, bridge room and billiard room.

Also completed in phase one is the Oasis Care Centre which offers hotel-style assisted living apartments, frail care and a specialised Alzheimer’s/Dementia unit. It has a Physical Rehabilitation Licence and Board of Health Funders of SA PR number for qualifying patients. Palm Royale will be linked undercover to the Oasis Club, the facilities of which are also to be extended in terms of the current construction contract to include a new 200 seater multi-purpose recreational/entertainment venue with a patio looking out over ponds and beautiful landscaped gardens.

Futeran said resales in Palm Springs and Palm Grove were also going strongly with three apartments recently having been sold by their agents. “And  demand for rental apartments is also extremely high and as we stand now there is absolutely no rental stock available and we have a waiting list of would-be tenants,” he said.

For details go to Palm Royale or phone Cindy, Linda or Lorenda on 021  5287310 or 082 4957168. For Care Centre enquiries phone Lizzie Brill on 021 5287301.

September 2, 2013

Oasis owners enjoy good capital growth

Oasis-Palm-Royale-Sep2013

Units in the first two phases of the Oasis Luxury Retirement Resort at Century City have shown significant capital growth since the first sales were undertaken in 2005.  In total, 24 of the 174 apartments in the Palm Springs and Palm Grove blocks have since been sold on by original purchasers at prices which have been on average 23,55% higher than the original purchase prices.

Owen Futeran, a director  of the developer, the Oasis Joint Venture – which comprises Harries Projects and the Rabie Property Group – said the average length of ownership of these  on-sold properties before resale  was  four years four months, which equates to an average annual growth rate of 6,37%.  He said other than three distressed sales where sellers could not hold on for a better price, sellers had in the main shown good capital growth although this had varied quite considerably with the larger, more expensive units generally showing stronger  capital growth.

“The highest price increase of 54% was recorded for a three bedroom penthouse in Palm Springs which was purchased for R1 980 000 in 2005 and resold  in 2009 for R3 050 000 – giving an average annual growth of 13,6%.  Then there was one unit bought for R2 020 000 in 2005 and sold for R2 975 000 two years later – a capital growth of more than 47% or 21.65% per year.”

Futeran said that in line with the rest of the market, the sharpest increase in property values at Palm Springs and Palm Grove had been seen between 2005 and 2007 before the market dipped.

He pointed out that in terms of resales at Oasis the 5% agents commission comes off the gross profit, after which the seller pays 20% of the net profit towards the levy stabilisation fund for the resort.

The first two phases of the Oasis development consisted of Palm Springs and Palm Grove apartment blocks as well as a Club House, which boasts amenities a five star hotel would be proud of and a trail blazing Care Centre offering state-of-the art health care facilities and services.

Palm Royale, construction of which will be completed in the first half of next year, will be linked undercover to the Oasis Club, the facilities of which are also to be extended in terms of the current construction contract to include a new multi-purpose recreational/entertainment venue with a patio looking out over ponds and beautiful landscaped gardens.

For details go to www.oasisretirementresort.co.za or phone Cindy, Linda or Lorenda on 021 5287310 or 082 4957168.