Residents at Love Decency Kindness Healthcare’s flagship village in Tuggeranong, Canberra (site pictured), will be able to pay an exit fee of $175,000 – called a membership fee – upfront, as a monthly payment of $3,083 (for a total of $185,000) or when they leave the village of $195,000, according to Aged Care Gurus Principal Rachel Lane.
There are also no capital gain or loss and the operator pays any refurbishment fees and selling costs.
The exit fee is also the same irrespective of the price of the apartments, which range from $650,000 to $950,000.
Ms Lane comments that this could represent a significant saving, with a 30% exit fee on a $950,000 apartment totalling $285,000 compared to $175,000 on a fixed price.
The $200 million development which bills itself as “launching Australia’s most advanced senior living communities” will feature 380 serviced apartments and an aged care facility.
The group says their promise is that “when a person joins our family as a resident, they will not have to move again.”
LDK will also be offering a free Community Membership to all Australians aged over 70 and their carers with access to a free advice line plus other services.
LDK now plans to build villages in Melbourne, Sydney, Brisbane and Adelaide over the next five years.