GreenAcres Phase 1 sees 30% confirmed bookings

IPOH: TI Homes Sdn Bhd launched the first phase of its RM100 million retirement village GreenAcres this week, situated in Bandar Meru Raya, Ipoh. It currently has confirmed bookings of 30%. There are 170 villas and low-rise apartments within a gated community which are not for sale. Occupants sign a lifetime lease.

“The units are not for investment because you cannot buy them,” said executive director John Chong. “What we are doing is providing our tenants a lifetime lease. In ensuring continuous quality throughout the lease, we retain control of the development and its environment.”

To lease a unit, potential residents would pay a lifetime lease deposit of between RM300,000 and RM452,000 for units in Phase 1. The built-ups range from 734 sq ft to 1,105 sq ft. A monthly maintenance charge and contributions to a sinking fund range from RM350 to RM527.

GreenAcres’ first phase will cover 10 acres (4.04ha) of freehold land and will also feature a clubhouse. The completion date for the first phase is 2016. Once it is completed, the entire GreenAcres development will cover 13 acres.

“GreenAcres will be Malaysia’s premier retirement village, a purpose-built community that provides a superior lifestyle for citizens entering the golden years of their lives. It is a place where senior citizens can enjoy good quality living while remaining active and independent, where they can age gracefully and with full dignity,” Chong said.

The remaining three acres of land are earmarked for Phase 2 with an aged care residence component that caters for residents who become less independent in future. The aged care residence will provide more individual attention care and is expected to be completed by year 2019.

“The units are designed with elder-friendly features like grab bars in the shower, wider doorways and minimal kerbs — to anticipate a day when your mobility and strength might not be what it once was,” he said. “There is an active, 24-hour emergency call system so you can summon help in the event of any emergency. This gives you and your family the peace of mind of knowing that help is at hand should it be needed.”

TI Homes has over 400 acres of land bank for future development and is currently in the planning stages on what to develop.

This article first appeared in The Edge Financial Daily, on November 28, 2014.