The Deferred Management Fee (DMF) has been replaced at the For Purpose Not For Profit's Woolooware Shores retirement village in Taren Point, 18km south of Sydney’s CBD.
Jodie Pennings, Head of Sales, Retirement Living, at Anglicare, contacted us to state after its $20 million investment in LDK, they have adopted LDK Senior Living’s Village Membership and shifted away from the traditional DMF model at the 411-apartment retirement village.
"We went into a stop sell situation for six months while we managed the change with the current resident cohort (406 residents) and went back to market on 28 May.
"Since then, we have sold 30 apartments there, with 93% of purchasers agreeing to pay the Membership upfront ($456,000 for a couple and $365,000 for a single),' Jodie said.
"On 14 October, we launched the final stage to our VIP list. In three days, we sold all four penthouses and one sub-penthouse."
Jodie added the success means Anglicare is going to roll-out Village Membership at its 48.6ha site in Castle Hill, where it operates five retirement villages.
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