Last week out members were presented with an excellent talk by Dale Singlton who is employed by Keyton – the new operators of 75 Retirement Villages
across Australia. The villages were operated by Lend Lease but the business has been taken over by Keyton with Lend Lease retaining a 25% stake. Keyton have over 800 staff in Australia and over 17,000 residents are enjoying the retirement living experience. Dale is the Senior Sales Manager of 5 local operations (Waterford Park, Peppertree Hill, Waterford Valley Lakes, The Links at Waterford and Waverley Country Club); all but Waterford Park are in Rowville. Waterford Park is on the border of Knoxfield and Rowville.
The purchase and sale of villas is quite complicated and all villages except Peppertree Hill involve contracts to occupy, mostly on a deferred Management Fee although there are options available where the Management fee can be paid upfront. In the case of Peppertree Hill the residents actually own the property and therefore pay Stamp Duty on the purchase. The purchase process is simple and relies on the previous owners setting a price and this price being accepted by the purchaser. There is room to negotiate to achieve an agreed price and, in some cases, where a villa is in one of the best locations and with many purchasers very keen to do a deal it may end up being a sealed offer and the best one wins. There were a few sharp intakes of breath when some of the higher prices were mentioned.
Before new occupiers move in the villas are repainted, new carpet laid and all gas and electrical components checked. Each villa has a small garden at the front and a secure backyard which is the responsibility of the occupier; many villas have rear verandas etc and have highly developed gardens etc.
Village amenities vary but generally have a Community Centre – some have swimming pools and Spas, Libraries, Bars, Kitchens and BBQs, and Lawn Bowls, Tennis Court, as well as indoor snooker and carpet bowls etc. Others have “Men’s Sheds” and Gymnasiums. The villages have resident committees and social committees, and resident participation is welcome. All villages have security systems in place and each site has controlled entry etc.
As we get older we need to think about the costs and benefits of our living decisions – most villages offer great deals and facilities that are highly desirable. As an example, Waterford Park has a Medical Doctor visit weekly, a Podiatrist providing service each week, a hairdresser on 3 days a week, a village bus and a wellness services provider.
Dale was peppered with questions which he was able to respond in detail. Members found his presentation interesting and informative.
