Will Community Apartment Projects (CAPs) for retirement living be the new trend for the next five to 10 years?
Platino Properties started the trend and are still running with it. Then this year we have seen Alceon's Akoya Greenwich, designed by Marchese Partners I Life 3A, open after being heavily advertised and former NSW Premier Nick Greiner paid over $6 million for an apartment in Akoya.
Now there are two new CAPs projects, specially for over-55s. The former is Bayside at Mona Vale, 28km north of Sydney's CBD, which will feature 12 three-bedroom, two-bathroom apartments with lifts and two car parking spots priced from $2.85 million. Designed by PopovBass Architects and constructed by Built Australia, Bayside has commenced construction with completion in early 2025. Apartment prices start from $2.85 million.
The later is Hermitage (pictured) in St Ives, 18km north of Sydney's CBD, which is from WINIM and Team2 Architects with fund management by Burtonwood Investment Partners, promising "resort-style living enhanced by an unrivalled level of security". The site will include 26 two- and three-bedroom apartments with the two-bedroom apartments starting at $2.65 million and the three-bedroom apartments starting at $2.995 million.
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