By Dennise Williams, Staff Reporter
GOT YOUR attention? Well, it's not that type of 'Go-Go'. What is envisioned is an exclusive gated real estate development targeting retired returning residents.
Kingsley Thomas, chairman of the National Housing Trust (NHT) explains, "We have been losing out on this market because of crime and because returning residents have been ripped off by friends, family and contractors whom they entrust to build their retirement home." The vision is to create communities of exclusive homes for retirees. Mr. Thomas said that the target market would be:
Go-Go younger, active elders
Slow Go not so active but can help themselves
No Go geriatrics that need round the clock nursing care
"The concept has developed in the United States but not here in Jamaica. We want to change that."
LIFESTYLE
In the United States, this type of environment is characterised by developments that seek to profitably sell a lifestyle in which seniors can be have the comforts of home with the convenience of medical care in a relatively worry-free environment.
Standard fare in these developments includes private dining rooms for family gathering, game room, hair styling salon, crafts room and libraries. Nursing staff is generally on duty 24 hours a day. The minimum age to enter the retirement community is 58 years of age.
While Mr. Thomas did not give specifics in terms of how the units would be sold, in the United States there are generally three ways to gain access to the retirement community. The cheapest option is the licence in which the occupant basically rents the unit. Next is the long-term lease that usually lasts 99 years. Finally there is a strata title ownership, which is the same as buying into any regular townhouse development. What makes the retirement villa special is the separate service agreement that sets out what type of services the resident will be entitled to.
GATED COMMUNITY
"The concept is to build architecturally designed villas. We are going to provide a community with a focus on healthy lifestyles with nurses, jogging and walking trails, swimming pools and community centre facilities for socialising among residents. And this will all be within a gated community."
The Financial Gleaner understands that the concept would be launched within three months. The villas, according to Mr. Thomas, will be a joint project between the NHT and Jamaica National Building Society (JNBS). Mr. Thomas said, "We will be marketing the properties overseas. Our campaign will initially begin in the United Kingdom, United States and Canada." Six building sites have already been identified, although Mr. Thomas is coy in terms of revealing the exact locations. "I can't tell you the specific sites because then the price of land will go up." However, we were able to ascertain that sites will be in St. Ann, St. James, Westmoreland, in the hills of St. Catherine, and a 50-acre spot in Manchester.
THE COST OF RETIRING OVERSEAS
Mr. Thomas would not say what sort of costs retirees would face in the local retirement communities but a survey of retirement villas in the United States can give a clue as to what Jamaican retirees might expect to pay. In St. Simon's Island in Georgia, one-bedroom apartments sell for US$107,825 while three-bedroom villas sell for US$722,800. In Palm Springs, California, the price of a 1,900 square foot unit start at US$300,000. Fanning Springs, Florida, is a bit more affordable in the sense that homes range in price from US$181,790 to US$329,000. If you prefer to rent, in Lacey, Washington, a studio rents for US$1,600 monthly while a two-bedroom apartment goes for US$2,500. And that's just for one 'Go Go', as an additional occupant will be assessed at US$300 per month. The 'No Go's' will have to pay a little more. The assisted living units cost US$2,096 monthly for a one-bedroom while a two-bedroom costs US$2,775. An additional person will have to pay US$700.
And all of that is just for the roof over your head.
The service agreement is another story all together. These monthly fees range from US$1,700 to US$3,955 and generally cover housekeeping, bed, linen and towel service; social, recreational and educational activities and regularly scheduled transportation to doctor appointments. At the low end of the monthly fee scale, one meal is guaranteed while the top end of the scale guarantees three.
