The retirement residence: a win-win situation

A retirement residence complex is a win-win situation for all concerned.

Palace Modi’in (photo credit: AZRIELI GROUP)
Palace Modi’in
(photo credit: AZRIELI GROUP)
In the past couple of decades, the sheltered housing industry in Israel has grown significantly. The two main reasons for this growth are the increase in life expectancy and the rise in the standard of living.
Seniors want to enjoy their golden years. One of the ways for them to do so is to move into a retirement residence complex. These complexes are a holistic solution, where they can lead independent lives in a secure environment with a high standard of living.
According to the latest figures of the Central Bureau of Statistics, the senior population in Israel amounts to 11.4% and is rising. The constant increase in the senior population is increasing the demand for sheltered housing. As demand is brisk, occupancy rates are 90% on average. Most of the retirement residences in Israel are located in the center of the country, but we at the Azrieli Group Senior Housing realize that there is a need for such housing in the peripheral areas. We are currently developing three new complexes. One is in Lehavim in the South, and the other two are in Rishon Lezion and Modi’in in central Israel.
Many of the retirement residences are luxuriously appointed, and residency in them has become a status symbol. In our two homes of Palace Tel Aviv and Palace Ra’anana, we have a fully equipped spa with a swimming pool. In addition, the Ra’anana residence has a bowling alley, a beauty salon and a well-stocked library. Both homes provide residents with a host of hotel-like services such as room service, cleaning and gardening services, banking services and ticket reservations for films, plays and concerts, all without setting foot outside the complex. Indeed, residents feel that they are living in a luxury hotel environment.
Our retirement homes also ensure that the residents are entertained at all times. We organize activities such as bridge tournaments, dance classes, foreign language classes and symposiums on current events. In addition, residents can enjoy three full meals a day that are specially prepared by our chefs.
The financial arrangements for moving into a retirement residence are based mainly on a deposit. The amount of the deposit depends on the size of the residential unit. The larger the unit, the higher the deposit. The deposit ensures lifelong occupancy; but for the first 12 years, it is depreciated at an annual rate of 3%. The deposit is then returned to the heirs. In addition, residents pay a monthly maintenance fee, which is also linked to the size of the unit.
A retirement residence complex is a win-win situation for all concerned. For the elderly, it ensures them a high standard of living, a secure environment and a wealth of in- house activities to keep them stimulated and entertained. For the sons and daughters, it provides peace of mind knowing that their parents are safe and well cared for. What’s more, the grandchildren can visit their grandparents and enjoy the many sporting and recreational facilities.
For the love of Lehavim
Lehavim Palace is the first sheltered housing complex in the south of the country. It is being built in Lehavim, one of Beersheba’s three satellite towns (the other two are Meitar and Omer). It is an upper middle-class community of family homes surrounded by palm trees and gardens.
The Azrieli Group is investing NIS 250 million in constructing one of the most modern and attractive retirement residence complexes in Israel. It will consist of 350 two- and three-room terraced units, garden apartments and penthouses.
In addition to the well-appointed residential units, the complex will include a luxurious fully equipped spa, a large swimming pool, a restaurant, a large multipurpose recreation room, a library and more.
The writer is the vice president of assisted living and retirement housing at the Azrieli Group Ltd