Option-1:
This proposal outlines an option for securing housing for the Muslim Seniors Group through the collective purchase of units in a pre-construction condominium project. The focus is on identifying a development that aligns with the group’s needs, ideally one nearing completion to take advantage of favourable market conditions.
An Advisory Board will review suitable projects and present recommended options to group members.
Project Selection Process:
A shortlist of pre-construction condominium projects will be identified using predefined criteria. These criteria may include, but are not limited to:
- Location and overall neighbourhood suitability
- Proximity to essential amenities such as parks, transit, hospitals, and shopping centres
- Cost per unit and overall affordability
- Availability of custom modifications or adaptable layouts
- Expected completion timeline
Projects meeting these requirements will be evaluated by the Advisory Board and presented to the group for further consideration.
Individual Unit Purchase and Ownership:
Group members will have full freedom to select and purchase their own units, based on their needs, preferences, and budget. Each buyer will hold full individual ownership rights under standard condominium laws and regulations. No shared title or collective ownership structure is required.
Advantages:
a) Faster Occupancy
Units in near-complete developments may be available within a year, allowing seniors to move in relatively quickly.
b) No Shared Trust Fund Requirement
Only the funds required for purchasing each member’s unit need to be committed. No collective trust account or pooled financing is necessary. Buyers retain full control throughout the purchasing and occupancy process.
c) Strength in Group Negotiation
By negotiating as a group, members may secure more favourable pricing than individual buyers.
A discount of approximately 10% may be achievable, depending on market conditions and developer willingness. Final pricing will only be confirmed at the time of purchase.
Challenges:
a) Higher Cost Compared to Custom Development
Purchasing in an existing development may be more expensive than building a custom seniors’ housing project. Builders must factor in their profit margin, marketing costs, financing charges, and other expenses.
b) Limited Customization Opportunities
As construction may already be well underway, there may be fewer options for modifying unit layouts or common areas to accommodate the specific needs of Muslim seniors.
c) Mixed Resident Community
Some units may already have been sold to buyers from diverse backgrounds. This may require adaptation when organizing group-specific programs and activities.
Nevertheless, if a significant proportion of residents are Muslim seniors, the community may still have substantial influence on condo rules and lifestyle policies.
d) Discount Dependent on Market Conditions
While current market dynamics may support negotiating at least a 10% discount, this will depend on the project and developer. Strong collective buying power will be the key factor in securing favourable terms.
Conclusion:
This option offers a practical and relatively quick pathway to secure housing for Muslim seniors through collective purchasing in a pre-construction condominium. While it may offer less customization than a custom-built community, it provides faster availability, straightforward ownership, and potential cost savings through group negotiation.
MUSLIM SENIORS RESIDENCE 