Stockland, one of the country’s biggest developers of both residential communities and retirement villages, announced recently that they were launching a “new retirement living concept” called Aspire in which residents receive all capital gain and not pay an exit fee.

These “new retirement communities” which will not operate under retirement village legislation, but rather as a standard residential development. Buyers would own their home on a strata or community title basis, and an owner’s corporation would be responsible for the ongoing maintenance and management of the community.

Like traditional residential developments, stamp duty is payable on the purchase.

However there is an age restriction for residents: every property would need at least one occupant aged 55 years or over whether it is the owner, the tenant or the beneficiary.

At the time of sale the owner will be responsible of all the costs associated with selling but there will be no deferred management fee (DMF) or “exit fee”.

Aspire Elara in Marsden Park Sydney is expected to have 114 single-storey two and three bedroom homes  with a clubhouse, heated pool, gym and bar, while  Aspire Calleya in Banjup Perth will have 142 homes and an outdoor pool, and will be co-located with an aged care facility. House prices will start at $655,000.