All townhouses at Roys Bay Estate are sold under an Occupation Right Agreement with each house having its own Stratum Estate in Freehold title.Purchasers enter into an Occupation Right Agreement and a Sale & Purchase agreement for their townhouse (subject to the registered memorandum of encumbrance by Roys Bay Estate).
All townhouse owners pay a weekly fee which covers village operational costs such as water for their townhouse, grounds and exterior building maintenance, general operating expenses across the whole estate, building insurance and the on-site manager. It also includes free access to all Clubhouse amenities, though bookings may be required during busy periods. Rates, power, internet, phone and contents insurance are excluded and are at the resident’s own expense.
The community will be managed by Roys Bay Estate under the Retirement Villages Act and is registered as a Retirement Village with a requirement for residents to be of general retirement age (55+ years of age).
A stand out feature is the capping of your exit payment. This is set at 7% of the Sales Value of your unit. Significantly different to standard industry practice which typically sits mostly around 30% (Refer FAQ’s Sheet)