Palm Royale retirement flats underway - Market News, News
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23 Jan 2013

Palm Royale Retirement Flats Underway

Property News

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Construction of Palm Royale, a R255 million sectional title apartment block in the Oasis Luxury Retirement Resort at Century City, is underway.

Colin Green, Director of Rabie Property Group, and Nick McKinley, Director of WBHO, on site where construction has started on Palm Royale.

The bulk earth works and construction of a 4 metre berm on Ratanga Road was given to Baseline Civils and completed in mid-December last year.

Esor Frankie moved on site to undertake a R1.6 million piling contract, which is due for completion at the end of January.

The main building contract for the 11 storey block of 58 apartments has been given to WBHO. The contract will begin in January 2013 and is scheduled to be completed at the end of April 2014.

Colin Green, a director of Rabie Property Group, which acquired a 50 percent stake in the Oasis Joint Venture last year, says the two and three bedroom units are selling for between R2.5 million and R8 million and total sales to date have exceeded R100 million.

The apartments range in size from 102 square metres to 263 square metres and vary from garden apartments to "homes in the sky". Many of the apartments have spacious balconies suitable for entertaining, storerooms and all units will have one or two basement parking bays.

Palm Royale comprises phase three of the award-winning development. The first two phases consisted of the Club House, the Care Centre and the first two blocks of apartments called Palm Grove and Palm Spring. Only one of the 174 apartments in these blocks remains to be sold with sales exceeding R330 million.

The sectional title apartment block will be linked undercover to the Oasis Club, the facilities of which are also to be extended in terms of the current construction contract.

The Oasis Club,  which offers indoor and outdoor facilities, includes a 25 metre indoor heated pool, massage room, sauna, steam room, fully equipped gym, a library, lounge areas, a restaurant, bar and billiard room. New facilities will include a hobby room and a 200 seater multi-purpose entertainment venue positioned over a large water body.

The Oasis Care Centre, which is on the property, offers assisted living apartments and frail care. Itslicense has been upgraded by the Department of Health from a Sub Acute discipline to a Physical Rehabilitation discipline. It was also issued a Practice Number by the Board of Health Funders of SA (BHFSA), which allows for Medical Aid patients to be admitted.

For more information click here.

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