A housing interest may be alienated on a sectional title, share block or life rights basis. Life rights is the right to occupy a unit for one’s lifetime (or spouse’s life time where applicable). The benefit of a life right in a PADCA owned property is the peace of mind of a professionally administered complex with preferential access to the range of PADCA services.
Padca offers two complexes on life rights basis, Clivia Place and Woodgrove Retirement Village.
The Clivia Place life right is based on a descending refund over 12 years. The cost of the units is in line with this original type life right.
The Woodgrove life right is one of the best in the country offering 70% of the resale (minus a 6% + VAT administration fee) to the outgoing Life Right Holder.