First phase of GreenAcres Retirement Village to be completed next year

KUALA LUMPUR: The first phase of the GreenAcres Retirement Village in Ipoh, Perak will be completed and delivered to its tenants next year.

Located in Meru, Ipoh, GreenAcres Retirement Village is said to be the first retirement village development in Peninsular Malaysia. The 5-phase development by Total Investment Sdn Bhd was first unveiled in 2014.

The 13-acre project carries an estimated gross development value of between RM70 million and RM80 million. It is slated for completion by 2020.

The first phase comprising 26 units of villas will be completed by mid next year, said Total Investment executive director John Chong.

“The 26 villa units [in the first phase] are open for lease and so far 16 have been booked. Half of the future tenants are locals [from Ipoh] and the other half are from different states such as Penang, Selangor, Kuala Lumpur and Johor,” said Chong.

The units are for lease and only for those who are 55 years old and above.

“We will have apartments and landed units in this 13-acre development. Although we can make better profits by selling the units, we may lose control [of the project] in the future. Can you imagine if an owner were to resell it to a non-senior resident or pass it to his or her children. Eventually, GreenAcres will no longer be a real retirement village,” Chong explained.

The villas in phase 1 come in four layout designs from 1-bedroom to 2-bedroom types with built-up areas ranging from 734 sq ft to 1,105 sq ft. The leasing deposit ranges from RM300,000 to RM452,000.

The life-long leasing deposit is for one couple in one villa. Tenants will not need to pay any monthly rent after that. However, tenants will need to pay the monthly utility fees and maintenance fees of 47 sen psf.

“Let’s say a couple chooses the RM300,000 unit, they can stay in the fully-furnished home for life. If they decide to move out earlier, we will refund part of the leasing deposit according to the property market price at that time. Our earnings stream is from the maintenance and management fees,” Chong said.

The first phase also has a clubhouse, which will house facilities like a restaurant, lounge area, mini cinema, karaoke room, gym, hall, games and reading room, wellness programmes and village shuttle service. Excursion activities will also be planned.

The second phase will comprise low-rise apartments, which are planned for launch sometime next year.

“Our villas and apartment units are elderly-friendly in terms of layout. There is also a panic button in each unit. It is not an old folks home and no one is under surveillance. Residents have the freedom to go anywhere in or out of the village and have guests for short stays,” said Chong, adding that besides the age requirement of 55 years old and above, one must also be mobile.

Founder of GreenAcres and co-founder of Total Investment YL Siew said for those who need more medical care and who are less independent, GreenAcres will be developing an aged-care facility under phase 5.

“Medical staff will be stationed 24/7 in the facility for instant treatment. Besides that, there is a private hospital across the road from the retirement village,” she said.

This story first appeared in TheEdgeProperty.com pullout on Nov 25, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com pullout here for free.