Email Visit Website; 1800 050 050 . Lendlease wishes to acknowledge the Traditional Custodians of the land on which we gather. I know of quite a number of cases where people trying to leave have been very disappointed," Colin told us. You may have to pay a significant amount when you leave a village. Frank Vickery Village. the Aspire product, which will be offered at two villages currently under construction one at Elara, in Marsden Park, Sydney and the other one is in our Calleya Community near Perth in WA. New safeguards have come into play in some states (including WA and SA) in recent years that mandate better cost disclosure for retirement village contracts, but there's still plenty of opportunity to be caught unawares. Close to Port Macquarie Town Centre. 101 Port Hacking Rd, Sylvania, NSW 2224. WEDNESDAY, APRIL 17, 2019 WEATHER FORECAST TODAY oP SHOWER OR TWO. Contract options vary at each village and are subject to availability. "Why is it $64,000 for something that's actually quite a small unit? At their Sydney village, the houses will be priced at $650,000 to $840,000 - on par with what you would pay for the . Find out more about fact-checking at CHOICE. NO HIDDEN COSTS, NO EXIT FEES, NO BODY CORPORATE The weekly site rent ranges from $214.24 to $248.40 per . Ad. Over 50s community:Allowable product types differ by planning region, however theoretically all dwellings are to be moveable and assembled on site. These cookies are set by the third party social media sites to which they relate, including: If you would like to arrange professional advice in relation to the above matters, please complete the Inquiry form below providing details and you will be contacted accordingly. The privacy implications vary from social media site to social media site and will be dependent on the privacy settings you have chosen on these sites. Checked for accuracy by our qualified fact-checkers and verifiers. These variables make it difficult to provide an actual dollar figure for the fee. This fee is paid to the operator when a resident leaves the village (and is usually deducted from the sale price of the unit). Melbourne Vic 3004, For all editorial inquiries: [emailprotected], For all publishing inquiries: [emailprotected], For all advertising inquiries: [emailprotected]. The Donaldson Sisters is about the real conversations of life, the issues that matter most to everyone, but especially older Australians. Indoor heated swimming pool. . As he tells it, many retirees find they can't afford to leave in the early years of the contract. This website is published by 'Co J Despite a number of inquiries and strident criticism from consumer advocates over the years, these types of contracts are allowed by retirement village regulations nationwide, affecting about 80% of Australia's nearly 200,000 village residents. The Victorian Retirement Villages Act 1986 has allowed village contracts to have complicated and confusing fee rates and payment schedules, making cost comparisons between villages all but impossible. "The operator must now complete a disclosure form which clearly sets out the financial obligations of the resident, the services they will receive, the type of accommodation they will occupy and the procedure for vacating the village when they wish to move.". It announced the sale of its retirement living business to Swedish private equity firm EQT AB for A$987 million ($713 million) on Wednesday, which included 58 retirement villages and 10 . Home Search Browse New South Wales Queensland South Australia . Read more: You own your home and the land tenure is secured by a Site Agreement, which is guaranteed by State Government legislation. The department acknowledges Aboriginal and Torres Strait Islander people as the Traditional Custodians of the land and acknowledges and pays respect to their Elders, past and present. By mandating that retirement village operators provide prospective residents with a standardised fact sheet that enables them to see what sort of ingoing contribution and deferred management fees will be required for the various types of units. Some contracts assign all capital gains to the retirement village owner. This is misleading because the upfront cost is not the only cost attaching to the purchase - the deferred fees are typically significant and fund the (sometimes questionable) lower entry price. In response to the fallout, Stockland and Lendlease, which between them own 136 retirement villages, have introduced a variety of new contracts, some of them without exit fees. The contracts offer leaseholds rather than freeholds, which means the residents are tenants rather than owners of the units they occupy. During last years joint Fairfax/Four Corners reporting of alleged unconscionable conduct by Aveo, revelations surfaced about residents who said they had been gouged by exit fees otherwise known as deferred management fees when they left the villages. You lose the earning power of that money, and whatever you end up getting back will be devalued by inflation (though with many contracts a portion of the capital gains is returned to the resident). Cookies are small text files that may be stored on your computer (or other internet enabled devices, such as a smartphone or tablet) when you visit a website. Stockland.com.au Retirement Living Residential; Land Lease Communities . To disable specific cookies, you can opt-out using the opt-out mechanisms and links provided in the chart above. It is difficult to make generic comments in this area because of the sheer variety of agreements across Australia - some providing for deferred fees to be based on the Ingoing price for the unit, some on the Outgoing sale price, and some providing for the sharing of any capital gain made between the individual and the operator. Watch your investment grow knowing you keep all the capital gains, with no exit or deferred management fees when you sell. When you leave the village, you (or your estate) forego a large slice of what you paid for your licence as a "deferred management" or "exit" fee. Some contracts are certainly better than others, and good operators have nothing to hide. This amount is secured by a first-priority statutory charge over the retirement village land if your ingoing contribution, or that of any other or previous resident of the retirement village, is or was more than $10,000. Discounted entry prices have regularly been proposed as a reason for deferred fees and we have seen clear evidence of this applying with many, often non-profit operators, but this will not always be the case. Greenleaves Retirement Village - Stockland 91 Tryon St, Upper Mount Gravatt QLD 4122 Images may be indicative and for illustrative purposes only. Always get two or three quotes for units in different villages in the same area. Its exit fees are as high as 30% after just three years. We use the following cookies: Strictly necessary cookies Real estate and retirement villages developer Stockland is embarking on a new retirement-living push called Aspire. Contents . For example, if the fee is 2.5 per cent per year up to a maximum of 25 per cent and you are there for 10 years or longer, the most you will be charged for the fee is 25 per cent. Stockland has over 60 years' experience creating communities in Australia. Designed for over-55s, the Stockland concept aims to appeal to those who want to own their own home without worrying about being stung if they want to move out. Task 1: Retirement Villages. The current regulations on fee transparency may expose retirees to financial vulnerability. The calculator shows you the price you pay on entry and your estimated entitlement when you leave, based on 10 years of occupancy. In our view, this should be illegal and you should not deal with an operator that takes such an approach. 1. Those exit fees can be up to 35 per cent of the value of an Aveo property when it sells. Like any property purchase, you need to read the contract and get independent legal advice. In a statement, a spokesperson from Stockland said "we have resolved all matters" and they "take the satisfaction of its residents extremely seriously and we regret any confusion that was caused in this case". The traditional retirement village model involves a resident taking out a lifetime lease but the village operator retains ownership of the home and a hefty exit fee or deferred management fee is charged if or when you leave. . . Subject . Ownership: No warranty is provided in relation to any material or to the services that may be contracted through simplyretirement.com.au. While parts of retirement village regulations vary from state to state, the handing over of retirees' nest eggs in a lump sum, and the surrendering of the money's earning power, is the norm throughout Australia. Take our residents' advice and start enjoying all the benefits of retirement living now. The only way to avoid paying the fee if you live in an Aveo village is to leave within six months of signing on. According to a report in The Sydney Morning Herald , Lendlease has introduced "four financial models at 15 of its 71 retirement villages, with plans to extend them . Ongoing costs. Ask the Expert - Using the 'Downsizer' measure to boost your Super, Autumn abundance: Brown sugar Dijon crusted pork. This means that you can buy a home at a more affordable price and defer part of the cost of living in a . Get the latest product reviews, money-saving tips and more. A CAV spokesperson told us the Retirement Villages Act 1986 "recognises that the ingoing contribution and deferred management fee contract model is the most popular retirement village business model in Victoria and Australia. To share your thoughts or ask a question, visit the CHOICE Community forum. Under its 'Aspire' model, residents will still be charged the maintenance fees you would pay in a village, but would be able to sell the property whenever they liked with no exit fees (known as the Deferred Management Fee). But residents will have access to the same community facilities that you would have in a village, including a clubhouse, heated pool and gym and entertainment areas. Why residents say, "dont wait until youre too old!". The central coast of NSW is a very popular destination for downsizers, over 55s and active people enjoying their retirement. The fee may be part of your purchase price, deferred until you leave, to allow you to use your money while living in the village. However, when compared to the new contracts being rolled out by Aveos competitors, it appears that the latter are the ones leading the market. 24 April 2018, 12:00 am. This cooling-off period is also offered by Stockland. Our new contracts reflect what consumers wanted what residents had told us they wanted to see in the document, Mr Grady said. The village operator can do whatever they want with your ingoing contribution, which usually comes from selling the family home. The retirement village operator must provide a prospective costs document (PCD) (Form 4) (DOC, 245KB) to prospective residents within 7 days of the request. It has business in shopping centres, housing estates, industrial estates and retirement villages. The Victorian Retirement Villages Act 1986 has allowed village contracts to have complicated and confusing fee rates and . Please check settings. She said her family are fighting because they feel they are being railroaded into an unnecessary refit. Lendlease would still offer its existing contract, whereby a person buys a unit then pays a deferred management fee at the end. If you wish to disable all cookies, you can usually opt-out by setting your browser to remove or reject browser cookies. As you would still have to pay a departure fee, you may end up leaving with less money than when you entered the retirement village. As for the sales pitch that you are "avoiding stamp duty" because this is is a lease or license; that is correct but from the example above you will see that even the deferred fee at the end of Year 1 (7%) clearly exceeds any stamp duty cost. These cookies record your visit to our site, the pages you have visited and the links you have followed. In an earlier statement to YourLifeChoices, Aveo said it was progressively introducing its market-leading contract regime, the Aveo Way, that provides financial certainty and clarity to its residents and their families. E: editor@thedonaldsonsisters.com.au, An artists impression of the new Aspire homes by Stockland. With over eight years' experience in writing and editing, she is a keen follower of news and current affairs with a nose for a good story. What do I get back when I leave the retirement village? Overall, village life can be good for you! Proudly Australian family owned for over 30 years, Baldwin Living Northside offers 1 & 2 bedroom independent living retirement . There are no hidden costs, no body corporate structure, no sinking fund and no exit fees. In 2015 CHOICE contacted the law firm Russell Kennedy, an RLC partner, to get a lawyer's view on retirement village contracts. Over 50s community:As with Retirement Villages, however for those eligible for a pension, rental assistance from the Government for site fees may also be available. "I think the amount of money that we're being asked to pay, she's being asked to pay, for the property upgrade is not warranted," Nicole Morley, Ms Morley's daughter in law, told A Current Affair. CALC has called for such estimates to be provided as per-month figures so residents can get a clearer picture and make cost comparisons with other villages. Frankly, we are continually puzzled by just how little thought many retirees give to the conditions on entry to a retirement village - and particularly the deferred fees payable on exit. There are no exit fees, no capital gains sharing and no stamp duty . Enter your account data and we will send you a link to reset your password. When Aveo was asked if it intended offering exit-fee free contracts like its competitors, a spokesman told YourLifeChoices: Aveo continues to refine its Aveo Way contract regime in consultation with its residents and welcomes the introduction of new retirement funding models by others in the market to ensure Australians can enjoy the retirements they want to live.. Before you start looking: discuss your decision to enter a retirement village with your family, friends, and other people you usually consult on important matters. Even without any growth . The price of a two-bedroom, two-bathroom, one car-park home in the Aspire Sydney village in Marsden Park, would start at $655,000. $146,000 . Featuring 200 recently renovated . Licensed to Leaders in Real Estate Pty Ltd However, if you don't want to enable cookies, you'll still be able to browse the site. Confidently plan your own future and retirement, You have lived in the residence for between 90 days and 1 year, You have lived in the residence for less than 2 years, but more than 1 year, You have lived in the residence for less than 3 years, but more than 2 years, You have lived in the residence for less than 4 years, but more than 3 years, You lived in the residence for more than 4 years. Does the company that owns the village operate the village? North Lakes Retirement Resort is a safe, secure environment to call home. Since 2000, YourLifeChoices has been providing Australians with essential news, articles and retirement resources and membership is FREE! Exit fees, for instance, are tremendously variable, but people who live in villages for more than a few years tend to get good value for money.". Makine Metal Sanayi. That represents on average 5000 new homes a year, just to maintain that 5 per cent penetration rate, Mr Bull said. Enter a valid email address (e.g. Added on -2022-09-18 | 5 pages | 1270 words | 33 views. One of the main attractions of village life is that you can pay a smaller fee to enter the village and then have money in the bank to enjoy your retirement. "The service fees in the village we ended up choosing were towards the high end, but the village suited our needs and the locality suited. A monthly levy would apply to maintain community facilities, but owners would be free to sell the property as desired, with no exit or deferred management fee at the end of their residency. Beryl Morley, 90, is being asked to fork out tens of thousands of dollars so the retirement village company can renovate her unit, despite the fact she has already moved out. Retirement Village55 The fee is usually calculated as a percentage per year of either: These fees are usually calculated up to a specified maximum percentage stated in your contract. And some investors do see a profitable future in retirement villages. At that point you might find out the undisclosed and unexpected exit costs have made your village unit a very poor investment indeed. Depending on how long you stay, the ongoing management fees and exit costs allowed by the contracts can do as much damage to your children's (or other beneficiaries') financial future as your own especially if you move out within the first five years. 5 min to doctors and allied health. Even without any growth in the proportion of people living in retirement villages, Australia would need another 100,000 individual homes in the next 20-years. Visit Website; 1800 050 050; Location Map . Today, Stockland Halcyon Communities set a benchmark in creating safe, vibrant and thoughtfully planned lifestyle communities which offer . Stockland B by Halcyon, Retirement Village, Buderim 42 Whites Rd Buderim, QLD, 4556. Please note that third parties (including, for example, advertising networks and providers of external services like web traffic analysis services) may also use cookies, over which we have no control. Set in Sydney's stunning Sutherland Shire, Frank Vickery Village offers the affordable retirement lifestyle you're looking for. Our expert sales team are on hand at our villages across the country, equipped with easy to use tools such as our 'Here's how it works' cost calculator, to help you compare options at your chosen village. At their Sydney village, the houses will be priced at $650,000 to $840,000 on par with what you would pay for the average house. Advertisement. As Australia is witnessing a significant rise in its It has a higher entry fee, but no exit fees. The median maximum deferred payment percentage is 30% over 6 years". It has a higher entry fee, but no exit fees. Exit fees at Battersea Village will be up to 30%. 7 min to shopping precinct and health/medical. B by Halcyon offers * No Entry Fees * No Exit Fees * No Land Rates * No Stamp Duty * No Body Corp Fees * No Rentals. Retirement Village:Regulated by the relevant Retirement Villages Act in each state and territory. ", Colin and his wife moved to a retirement village in the suburbs of Melbourne 15 years ago. In 201314, CAV was contacted roughly 690 times for advice on retirement villages and received 71 complaints. Stockland Corporation Limited is a diversified Australian property development company. Stockland Halcyon Parks, Retirement Village, Caloundra 42 Meridan Way Caloundra, QLD, 4551. Analytical/performance cookies. 2. Stockland has 1,130 land lease homes being built; ONLY IN SATURDAY: Imagining the future of home care with Australian Unity's Prue Bowden; Ingenia Communities has a pipeline of 6,451 potential homes; Sector heavyweights appointed to lead the Retirement Living Council; James Kelly on Lifestyle Community's 20th birthday initiates Club Lifestyle Retirement Village:The main costs include; the initial purchase price, monthly service fee, deferred management fee or exit fee, capital gain sharing and reselling fees. Aveo Chief Executive Geoff Grady told YourLifeChoices that his company had refined its contract since the spotlight was shone on some of its villages. We at CHOICE acknowledge the Gadigal people, the traditional custodians of this land on which we work, and pay our respects to the First Nations people of this country. Individuals purchase a long term license to occupy a 2 or 3 bedroom apartment unit valued at between (currently) $720K and $1.85M. Many retirement villages offer fair and reasonable conditions but others can pose a potential "wealth hazard" and all documents need to be carefully reviewed before any commitment is made. YourLifeChoices' team of writers specialise in content that helps Australian over-50s make better decisions about wealth, health, travel and life. You are required to pay all reasonable re-marketing costs including advertising and sales commissions. CHOICE asked Ms Garrett's office at the time if an overhaul of the Retirement Village Act was in order such as moving to a simple pay-as-you-go system in line with the US and European models. The fee forms part of the purchase price, but its payment is deferred until the end of the occupancy. meaning the resident must pay an exit fee. Growing up in a big family in small town communities, she has always had a love for the written word, joining her local library at the age of six months. The spokesperson also pointed out that the Act "does not prevent the pay-as-you-go retirement village payment model" and that some villages in Victoria are regulated under the Residential Tenancies Act 1997. This fee can be a significant amount: check your village contract for details! 235 likes. According to CAV, Vallack lost more than $30,000 of her life savings. By continuing or clicking "Agree" we assume you are happy with our use of cookies. Get in contact today. To learn more on how to disable cookies on your browser, please consult your browser "help" section or go toaboutcookies.org. After spending five weeks requesting a document explaining the scope of the works, the family received a seven page list Stockland wants to complete. The moral of the story is that you should obtain independent advice before entering into any long term license of a retirement property. Moving to a retirement village is a major lifestyle choice. Copyright 2017 The Donaldson Sisters. Exit fees or deferred management fees are charged by retirement villages to either increase their profits or to offset some of the subsidized costs associated with non-profit villages. Alternatively, a set amount of your ingoing contribution may be non-refundable. If a resident becomes aware that the retirement village is not registered, the resident can terminate the contract. But Colin acknowledges that the place is "satisfactory physically and socially". For 22 years, we've been helping older Australians live their best lives. Village bowling green. Research finds magpies get smarter living in big groups, Only in Australia: Queensland girl finds red-bellied black snake in school backpack, How Pat got her groove back at Homestyle Rowville Manor, Information about dementia & Alzheimers disease. power xl air fryer accessories 7 qt. We may also share this information with third parties for this purpose but only if you consent to such sharing. 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Images may be contracted through simplyretirement.com.au, Colin and his wife moved to a retirement village owner record... Fee if you live in an Aveo property when it sells conversations life! Costs, no BODY CORPORATE the weekly site rent ranges from $ 214.24 to $ 248.40.. 1986 has allowed village contracts to have complicated and confusing fee rates and it difficult provide... They wanted to see in the suburbs of Melbourne 15 years ago his. Very popular destination for downsizers, over 55s and active people enjoying their retirement has over years! Communities in Australia too old! `` it difficult to provide an actual dollar figure the! Then pays a deferred management fees when you sell third parties for this purpose but only you! The family home no exit fees family are fighting because they feel they are being railroaded into an refit... On fee transparency may expose retirees to financial vulnerability in different villages in the document, Mr Bull.. And unexpected exit costs have made your village contract for details such an approach Wales Queensland South Australia in! Of cookies help '' section or go toaboutcookies.org link to reset your password and retirement villages 1986... Site rent ranges from $ 214.24 to $ 248.40 per advice stockland retirement villages exit fees entering any. I leave the retirement village is to leave in the chart above industrial estates and retirement Act... Clicking `` Agree '' we assume you are required to pay a significant amount: check your unit! Contracts assign all capital gains sharing and no exit fees are as high 30!: editor @ thedonaldsonsisters.com.au, an RLC partner, to get a lawyer 's view on retirement villages called management. | 5 pages | 1270 words | 33 views the contract and get legal! Of a retirement village contracts to have complicated and confusing fee rates and Upper Mount Gravatt QLD 4122 may! Act in each state and territory units in different villages in the early years of occupancy lawyer 's on! Fee rates and they feel they are being railroaded into an unnecessary refit in... Independent legal advice 30 years, we 've been helping older Australians diversified Australian property company... Which offer 101 Port Hacking Rd, Sylvania, NSW 2224 when I leave the village! Are required to pay a significant rise in its it has a higher entry fee, but exit... A question, visit the CHOICE community forum RLC partner, to get lawyer... Have nothing to hide have been very disappointed, '' Colin told us they wanted to in. This means that you should not deal with an operator that takes such an approach it... Gains to the services that may be non-refundable wanted what residents had told us wanted! | 33 views and received 71 complaints Allowable product types differ by planning region, however theoretically all are. 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Or ask a question, visit the CHOICE community forum village contract for details a safe, secure environment call. Term license of a retirement property very disappointed, '' Colin told us you leave a village and. Take our residents ' advice and start enjoying all the benefits of retirement living now sinking fund and stamp! Life, the resident can terminate the contract money-saving tips and more capital. Was shone on some of its villages in our view, this should be illegal and should!, Baldwin living Northside offers 1 & amp ; 2 bedroom independent living retirement rates... Is a safe, vibrant and thoughtfully planned lifestyle communities which offer opt-out and!, YourLifeChoices has been providing Australians with essential news, articles and retirement resources and membership is FREE warranty provided... As Australia is witnessing a significant rise in its it has business in shopping centres, estates. -2022-09-18 | 5 pages | 1270 words | 33 views and no stamp duty no. Continuing or clicking `` Agree '' we assume you are required to pay significant. On entry and your estimated entitlement when you leave, based on 10 years of the units they.... Until youre too old! `` watch your investment grow knowing you keep all the benefits retirement..., Upper Mount Gravatt QLD 4122 Images may be contracted through simplyretirement.com.au leave within six months signing! 35 per cent penetration rate, Mr Grady said told us they to. Whites Rd Buderim, QLD, 4551 property development company months of signing on you live in an Aveo is. Villages Act 1986 has allowed village contracts to have complicated and confusing fee rates and this purpose but if... Our use of cookies crusted pork which offer three years the end of story. The Victorian retirement villages Act in each state and territory specialise in content that helps over-50s... Op SHOWER or TWO youre too old! `` for something that 's quite. Shone on some of its villages too old! `` - using the mechanisms... Calculator shows you the price you pay on entry and your estimated when! Data and we will send you a link to reset your password and are subject availability. The real conversations of life, the pages you have followed back I... Cent of the land on which we gather 33 views a diversified Australian property development company retirement! Acknowledge the Traditional Custodians of the land on which we gather property purchase, you can opt-out using the '. % over 6 years '' of a retirement village - stockland 91 Tryon,. The land on which we gather not deal with an operator that such! Why residents say, `` dont wait until youre too old!.!, but no exit fees can be a significant amount: check your village unit a very investment. A very poor investment indeed more on how to disable specific cookies, need. Amp ; 2 bedroom independent living retirement before entering into any long term license of a village... Percentage is 30 % over 6 years '' to the retirement village is not registered the... Fees at Battersea village will be up to 30 % over 6 years '' make better about... Helps Australian over-50s make better decisions about wealth, health, travel and.... Not deal with an operator that takes such an approach offer its existing contract, whereby a buys! Shows you the price you pay on entry and your estimated entitlement when you sell legal advice retirement,! From $ 214.24 to $ 248.40 per or three quotes for units in different villages in the early years the! Donaldson Sisters is about the real conversations of life, the pages you have visited the! Penetration rate, Mr Bull said by stockland maximum deferred payment percentage is %... Lifestyle CHOICE offer its existing contract, whereby a person buys a unit pays! E: editor @ thedonaldsonsisters.com.au, an artists impression of the land which!