Rabie acquires 50% in Oasis Joint Venture
Rabie Property Group has acquired from ArrowCreek a 50% stake in the Oasis Joint Venture which is developing the award-winning Oasis Luxury Retirement Resort at Century City.
Rabie, together with its Joint Venture partner, the Harries Consortium, are to continue with the development of the resort to realise its full potential.
The initial Joint Venture company acquired land and the rights in 2005 to develop 450 retirement residential opportunities, a Club House and a Care Centre. To date the Club House, the Care Centre and a total of 174 apartments in two apartment blocks have been built and handed over. Apartments range from one bedroom units through to three bedroom apartments and penthouses with only two of the existing apartments remaining to be sold. The total value of sales to date is just over R330million.
Roger Harries said they had a long waiting list of people wishing to buy into the next phase and the planning for additional residential apartments was well advanced. “Rabie coming on board will give us a new impetus to realise these plans,” he said.
Harries said the Oasis Care Centre offers hotel-style assisted living apartments and frail care. “It also includes a Sub-Acute Care and Post-Operative facility as well as a specialist Alzheimer’s and Dementia wing which are both licenced by the Department of Health and subject to stringent and regular inspection procedures. In addition the Sub-acute section has been issued a Practice Number by the Board of Health Funders of SA (BHFSA) which allows Medical Aid patients to be admitted.”
Harries said the Oasis Club is a luxurious and well-equipped indoor and outdoor centre offering an array of facilities including a 25m indoor heated pool, massage room, sauna, steam room, fully equipped gym, a library, lounge areas, a restaurant, bar and billiard room. “Our future planning also includes an extension to these communal leisure facilities,” he said.
Colin Green of Rabie Property Group said the Oasis Luxury Retirement Resort, which has won both national and international awards, was “truly in a class of its own” and was an important element of the Century City offering. “We are delighted to have the opportunity to get involved and add value. For us it is a natural progression of things allowing us to cover the full spectrum of residential development at Century City from starter homes through to retirement.”
For details on the resort go to Oasis Luxury Retirement Resort