Platino Properties to spend $343M to triple first CAPS project with private aged care
Promoted as ‘a new form of living for over-55s that is not a retirement village,’ the strata-titled development in Frenchs Forest, 13km north of Sydney’s CBD, has become an undisputed success.
Jardin marked Platino Properties’ first over-55s Community Apartment Project (CAP), with apartments offered free of any Deferred Management Fee (DMF).
Platino CEO George Revay has since launched The Bellevue – Greenwich, 7km northwest of the CBD; and Pagewood Place – Pagewood, 8km south of the centre of Sydney.
Now in a $343 million proposal, Platino Properties has sought development consent to expand Jardin via the State Government’s senior housing pathway. The plan was approved on Thursday, 26 March.
The concept proposal comprises six buildings ranging from five to 13 storeys, delivered in two stages. Stage 1 will see the construction of three of the six buildings, ranging from eight to 13 storeys with three basement levels, providing a 20-bed residential care facility (RCF), 195 independent living units (ILUs), non-residential floor space and landscaping.
An additional 137 ILUs are expected to be delivered across the remaining three buildings in Stage 2, subject to a separate development application.
The Weekly SOURCE understands that Platino Properties has reached out to operators to manage the private aged care facility.
If all six buildings are approved, the site will deliver an additional 332 independent living units, bringing the total to 439, including those already completed or under construction.
Launched in October 2020, Jardin comprises 55 one-, two- and three-bedroom luxury apartments and penthouses across three storeys, with no DMF. Prices started from $680,000 for a one-bedroom, $1.1 million for a two-bedroom, $1.35 million for a three-bedroom and $1.7 million for a penthouse.
The second neighbouring development – a five-storey building of 52 apartments – sold out prior to completion and is currently under construction, with strong demand.
