For immediate circulation: 10 January 2014
GEARING UP TO MEET THE RETIREMENT HOUSING NEEDS OF BABY BOOMERS
Recognising there is insufficient affordable housing to meet the future needs of Australia’s rapidly ageing population, West Australian retirement village operator, Arcadia Group, continues to expand its portfolio of retirement villages.
Its latest acquisition, Craigview Grove village in Bicton south of Perth, brings the number of villages the company now owns and operates to six, totalling 545 villas with another 200 in its construction pipeline.
According to Managing Director Roger Kwok, research conducted by McCrindle Baynes in 2011 revealed that by 2028 there will be more people aged over 60 than under age 20 and that by 2050 the number of people over 65 is expected to triple to nearly 9 million.
“The most frightening statistic of all,” he said, “is that Suncorp’s Superannuation Report published in November 2013 warns that only one in five baby boomers has enough savings to retire. That’s a staggering fifty two percent of Australians who will be working beyond the official retirement age over the next decade.”
Mr Kwok went on to explain that five percent of Australians live in purpose-built retirement villages of one kind or another and that with the tightening of government revenue streams, the public sector’s ability to house seniors is under increasing pressure, a scenario he predicts will worsen over the coming decades. “To simply maintain the present percentage level we need to build 225 units nationally every fortnight through to 2020.”
Now in its tenth year, Arcadia Group built its first award winning village in Maddington back in 2003, followed by two others in Geraldton and nearby Port Denison. The Group’s purchase of Craigview Grove follows close on the heels of Lady Brand Lifestyle Village in Mandurah acquired in June 2011 and the Beaumont Apartments village in the exclusive western Perth suburb of Swanbourne in February 2012.
Craigview Grove has 71 two and three bedroom retirement villas and apartments, some excellent resident facilities and a friendly community atmosphere, which he says “fits in perfectly with the quality and culture of our other villages.”
In another move to bolster its expertise in the sector, Roger Kwok recently appointed Angus Kukura to the newly created position of General Manager Assets, Sales & Marketing in July 2013. “I have enormous respect for Angus’ industry knowledge and the innovations he has pioneered. His experience spans 16 years at a senior level with the St Ives Group and several years serving as a director on the Retirement Villages Association national board where I first met him.”
Roger Kwok did not discount seeking further existing retirement village acquisitions or the prospect of building new villages in Western Australia or elsewhere. “We already have our sights on some exciting development opportunities and we are always on the look-out to expand the Group by adding established villages that fit our criteria.” He said.
For further information please visit the Arcadia Group website at: www.arcadiawaters.com.au.
Both Roger Kwok and Angus Kukura are available for further comment on (08) 9218 8388