The Jeevan Saath complex is to be built on 4911sqm of land at 205 Butler Boulevard, Butler, Western Australia. The land is situated approximately 42km from the Perth CBD and 13km from the Joondalup City Centre; please see LOCATION for more details. Development Approval for Jeevan Saath has been received and, subject to securing construction finance, it is hoped that the Jeevan Saath complex will be completed within 2 years after construction finance.
There has been reasonable interest in Jeevan Saath and its unique offering to date.
Buying off the plan can have many benefits, such as:
The 10% deposit is placed in a lawyer’s trust account which cannot be accessed by the seller until the handover of the apartment. All interest that accrues on the deposit, accrues for the purchaser and is paid to the purchaser on settlement from the lawyers trust account.
We understand that “How much?” is only half the question and that “What is on offer and How Much” is the full question
To make a good decision it is best to review what is on offer and then compare this with other housing options on offer and their related costs.
Read MoreThe financial outcomes between the different types of ‘tenure’ can be very significant. For example of two cases published
Lease for Life
Strata Title
Read MoreThe main areas for comparison in respect of apartments are
A complex which is restricted to persons aged 55 and over will not only be less noisy but will have people of similar ages to spend your time with. Jeevan Saath is for residents aged over 55.
One needs to compare all the areas which are usually made up of living, store, balcony areas as well as car bay provided. Apartments at Jeevan Saath are large and yet easy to maintain. The total area for most apartments will be around 120m2
The total communal area as well as the number of apartments who have access to these areas is a major consideration in any lifestyle complex. In most apartment complexes, the communal area per apartment is so little that use is limited and restricted with you ending up within your apartment walls. One complex, currently being marketed has approximately 1,200 sqm of communal facilities for 118 apartments, that is 10sqm per apartment. Jeevan Saath will have over 3,000 m2 of communal facilities for 67 apartments, that is 45m2 per apartment; a difference of 35 m2 per apartment which worth a lot in construction and fit out costs.
A lifestyle complex for persons aged 55 and over, with resort style facilities embracing Indian culture…….there is nothing like this currently available or envisaged for Perth!
For the expected Apartment prices, what you would typically get in today’s market get is just a normal apartment….not a lifestyle apartment with all the resort and lifestyle facilities that Jeevan Saath will provide !
We understand that “How much?” is only half the question and that “What is on offer and How Much” is the full question
To make a good decision it is best to review what is on offer and then compare this with other housing options on offer and their related costs.
Apart from Home ownership, which most people are familiar with, there are different types of housing ‘tenure’. These include Lease, Lease for Life, Purple Title, Retirement Village, Residential Park, Residential Aged Care, etc, all of which are governed by different Legislation.
These housing options are not only different in the rights of occupation, but have different related costs such as deferred management fees of varying percentages for a number of years, refurbishment fees, exit fees, selling fees, etc. For more information when considering your present and future housing needs, please refer to ‘Housing Choices for Seniors’ at https://www.commerce.wa.gov.au/consumer-protection/housing-choices-seniors
So how will Jeevan Saath work? - An Apartment at the Jeevan Saath Complex will be based on Strata Ownership covered by the ‘Strata Titles Act 1985’.
A lady purchased a new home in a ‘Lifestyle Village’ for over 55’s for $500,000. She signed a Lease for Life Contract with the Developer to pay a weekly Management Fee and moved into the home where she enjoyed 15 years of companionship and security living the village.
When she turned 80, she decided to move into an aged-care facility. The developer arranged to sell her home which she was informed had increased in value and accepted an offer for $900,000. After selling fees, she received $880,000. Under the terms of the Lease for Life Contract, she paid $250,000, a large percentage of the sales proceeds, in Deferred Management Fees plus Sinking Funds, Termination Fees and other costs.
The lady was left with $630,000 which is only 26% more than the $500,000 purchase price after 15 years.
Another lady purchased a new home in a Strata development for over 55’s. She bought her new home from the Developer for $500,00 and the title was transferred into her name. She paid a weekly strata fee and moved into the home where she enjoyed 15 years of companionship and security in the development.
When she turned 80, she decided to move into an aged-care facility. She and her family had the freedom to choose the sales agent and made all the arrangements to sell her home, which had increased in value and sold for $900,000. After selling fees, she received $880,000. As she had strata tile ownership there were no Deferred Management Fees, Sinking Funds, Termination Fees and other costs to pay.
This lady was left with $880,000 which is 76% more than the $500,000 purchase price after 15 years!