Frequently Asked Questions
The Estate
Private Residence Club
What is the Waterford Private Residence Club?
The Waterford Private Residence Club is an exclusive Club which offers luxurious, purpose developed Villas on the estate on the Vaal River, near Parys.
The Club is modelled on international best practices, but has been extended to provide an offering that is unique in its combination of a luxury residence combined with exceptional privileges - such as exchange options with similar vacation "ownership" properties worldwide through an internationally recognized timeshare exchange operator.
Will the Villas be maintained to a high level of quality?
The Waterford Private Residence Club is unequivocally committed to maintaining the Villas and Club facilities to a Luxury standard. The reserves to achieve this have been built into the annual fees of the Body Corporate and of the Private Residence Club.
Are Members allowed to make changes to the Villas or its interiors?
No. The success of the Private Residence Club concept depends on maintaining professionally designed and delivered Villas. This is achieved through appointing professional consultants and interior designers and allowing them to deliver their very best work. Under guidance of the Resort Operator, the property and its Villas are constantly kept at the standard which can be expected of a top end operation.
Who designed the Villas and the estate?
The project is under the control of the Developer, Goldex 16 (PTY) Ltd, from concept to delivery. The various design elements have been contracted to highly competent architects, interior designers, engineers and other consultants, all of whom are highly respected professionals in their field.
Who created the Waterford Private Residence Club?
The Development company, being Goldex 16 (Pty) Ltd. The company is owned by shareholders who have developed other commercial properties in South Africa and are also in the process of developing other similar leisure properties in Africa. The shareholders engaged the services of The Private Residence Club Collection, the Resort Operator and other consultants for general advice and consultation regarding the development legal structure, affiliations, sales and marketing process, resort operation, Club Membership fees management and the rules and regulations of the various entities involved.
Who controls the Waterford Private Residence Club and its policies?
The Waterford Private Residence Club is run by the Resort Operator under guidance by the Developer - Goldex 16 (Pty) Limited.
How many Members will be available in the Waterford Private Residence Club?
In its first release, the Waterford Private Residence Club is offering up to 600 Memberships in 12 four bedroom Villas (or 1200 Memberships in 24 two bedroom Villas), with each Membership being 7 Days usage right (although larger and smaller (Midweek or Weekends) fractions are also available upon request).
Is this way in which the Waterford Private Residence Club established Memberships an accepted legal concept?
Yes - the Membership rights for each individual Member are entrenched by means of a Contract / Deed of Sale with an accompanying Use & Occupation Agreement.
The Developer and the various consultants are of the opinion that new groundbreaking activities in the field of vacation “ownership” and Private Residence Clubs of this type are needed in order to cater to the vastly growing demand and need for it.
What is a Private Residence Club?
A Private Residence Club represents a format by means of which Members in a vacation "ownership" scheme regulate the way in which their Membership rights and usage benefits are controlled, managed and regulated by a formal body – in the case of the Waterford Private Residence Club, being the Developer, as evinced through a formal Club.
The Private Residence Club embodies exceptional quality in terms of a vacation destination when compared with any resort accommodation available around the world. This is due to a unique location, architecture and design, and a high level of services and amenities.
Why was the concept developed?
The concept was developed to offer a unique vacation "ownership" product that combines the benefits of a vacation Villa with the amenities available from a luxury resort.
According to current studies, the average second home-owner uses their property only 17 days per year. The Private Residence Club offers an attractive, problem-free way to obtain vacation time usage.
What are the advantages of Private Residence Club Membership?
- You have access to a vacation resort at a fraction of the cost of owning your own villa, along with the added benefit of exchanging the villa at other top-end destinations around the world;
- You enjoy benefits which are not usually available to vacation home owners;
- You have the use of an extensive range of amenities such as watersports and a Golf Course, managed for you, to enjoy your leisure time;
- You can invite family, friends and clients to enjoy your Club Membership benefits;
- You can rest assured that the villa is professionally managed, avoiding maintenance hassles and concerns typically associated with vacation properties;
- You can minimise your financial investment whilst maximising your usage benfits;
- You will open up more vacation options to global destinations.
How does the Private Residence Club fit in with Fractional “ownership”?
The Waterford Private Residence Club is a type of "fractional ownership" concept in that it provides some of the attributes of ownership i.e rights of use for a specific period of time.
Is a Private Residence Club the same as time-share?
“Yes”, in principle its the same, although not quite as formal as a Timeshare Share Block scheme. Time “usage” in a Club format is used as a way in which to split up the use of the accommodation and amenities of the property.
Is Membership in the Waterford Private Residence Club the same as owning property?
No. But, you do enjoy some of the rights and privileges of ownership in property for the time that you use it. You can sell your Membership at any time and at any price, allow friends to use it, invite guests to share it with you and of course enjoy it yourself.
Who is the Private Residence Club really for?
The Private Residence Club is ideal if you want the benefits of access to a serviced vacation property on a secure estate and which is located in a very exclusive community - but you can’t justify the cost because of limited use. A Private Residence Club Membership allows you to purchase only the products, services and time increments that you actually can use.
Club Usage
How often can Members stay at a residence?
Members can stay as often as they choose up to the total number of Days that they have purchased, subject to the Use & Occupation Agreement rules.
Do Waterford Private Residence Club Members have guest privileges?
Yes, when our club Members and/or their guests are in residence the guests are most welcome at all the facilities of the Golf Course, watersports and suchlike - subject to specific use agreements.
Do Waterford Private Residence Club Members always stay in the same Villas?
Each of the Villas will be appointed to the same level of luxury and Members are not restricted to a particular Villa - unless they specifically request it. Upon joining the Private Residence Club, Members may provide their rights to a specific Villa in lieu of obtaining the right to use any similar Villa as well as for the other benefits of the various exchange programs and the value-added service providers.
How can I be sure that I will get the time I want?
By understanding the reservation policies and process which has been designed to be fair and equitable and ensuring that you avail yourself of those and also by deciding up front which Week(s) you want to buy. A Waterford Private Residence Club reservation and exchange consultant – through the Resort Management operator and the exchange operator - will always be available to deal with your request to ensure the best fit.
How does the Use Plan work?
Refer to the Use Plan section of the Use & Occupation Agreement which is available to Members upon request.
Do all Members have equal access and equal privileges at all times?
Yes. The Waterford Private Residence Club only has one level of Membership. This ensures that all Members have common interests and goals and that the Waterford Private Residence Club does not have mixed agendas relative to different Membership levels. All our Members are privileged and no one is permitted to monopolize holidays and other high demand dates during Floating/Flexible week periods at the expense of other Members.
Are members of the Waterford Private Residence Club able to exchange with any other clubs outside of the Waterford Private Residence Club?
Yes, through an exchange program with an internationally recognised exchange operator. More details in this regard may be obtained from the Resort Operator or the Developer.
Services and Amenities
Are the Villas maintained on a weekly basis at the highest level?
Yes. The Villas are cleaned and ready for check in on a Friday at 14h00 (unless a Midweek Membership is purchased, which starts on a Monday at 14h00 for 4 nights).
What Membership privileges are extended to a Member during his/her stay?
Members have full access to all the Private Residence Club’s facilities and benefits whilst in residence - including watersports and the Golf Course.
What amenities and services are included in the purchase price of the Waterford Private Residence Club?
- Membership to an internationally recognised exchange operator in order to make use of its exchange options;
- The ability to make use of a Rental Pool for time not used or exchanged.
Financial and Legal
Will the Villas be rented out to offset operational costs?
Not unless they are in the Rental Pool. The Developer may at its own discretion rent out Villas that it owns and that it elects to not place in the Rental Pool.
Do I need to use attorneys for the purchase of the Membership?
Yes. There is an administrative fee involved with having the Membership Certificate issued, which is included in the purchase price.
What is the legal structure of the Private Residence Club?
The Member buys the Membership direct from the existing owner / Developer. The Developer manages the whole estate. A Homeowners Association, which is a body consisting of Member representatives, assists the Developer with the management of various aspects of the Private Residence Club in conjunction with the Resort Operator.
The running of the Club and the use of the Club is regulated by means of a Use & Occupation Agreement which is also entrenched in the Homeowners Association Constitution.
The Member is protected by the rights entrenched in the Membership Use and Occupation Agreement and the use rules of the Body Corporate of the scheme and the usage rights as enforced by the Homeowners Association.
How is Waterford Private Residence Club Membership issued?
The Membership is provided by means of a Certificate of Membership for a period of 10 years. An accompanying Use & Occupation Agreement sets out the specific use rights and obligations and establishes the way in which the Private Residence Club is run.
What is the security situation at Waterford Estate?
Security is paramount and this has been built in as a key criteria.
What is the size and specification of the Villas?
They are spacious 4 or 2 bedroom residences with luxury bathrooms en-suite which are custom designed and decorated to luxury top end standards. Each residence is either 208m2 for a 4 bedroom Villa, or 104m2 for a 2 bedroom Villa.
What is the estimated Private Residence Club launch date by the Developer?
The first Villas in the first release will become available from 1 March 2014.
What do Members pay when visiting the Waterford Private Residence Club?
Members will pay only for expenses they incur in using the specific amenities at the Club (the use of the Golf Course and its facilities are free of charge to all Members).
Members will enjoy special rates on certain services covered by their Membership privileges.
Can a Member rent out his/her use time when not using it or exchanging it?
Yes. The Waterford Private Residence Club will operate a Rental Pool. A Member may elect to pool his/her/its time which will then be made available to the Resort Management agent to rent out.
Income will be distributed equally amongst the Members who pooled their time on a regular basis subject to the rules of the Rental Pool and after deducting all related expenses.
Members can under no circumstance rent out their time other than via the Rental Pool.
What happens when a Member does not pay Annual Membership Maintenance Fees?
The Club will continue to function and operate without any impact from any defaults. The management team and the Developer, in conjunction with the Homeowners Association! will institute the agreed legal actions to recover the fees from the Member.
When do I as a Member start paying Annual Membership Maintenance Fees??
From the time that the Villa Certificate of Membership is is issued by the tranferring attorneys (pro rata).
How will any increases in the Annual Membership Maintenance Fees be managed?
The Board of Directors of the Developer in conjunction with the Homeowners Association and Resort Operator will have the authority to approve Annual Membership Maintenance Fees within the norm of market-related rates, barring extraneous circumstances.
When will Annual Membership Maintenance Fees increase?
Annual Membership Maintenance Fees will be reviewed annually by the Developer, Homeowners Association and Resort Operator and increased, if necessary, with effect from the first of the new calendar year. During the first year of Membership this will be pro-rated for the period of Membership.
Do Waterford Private Residence Club Members pay Annual Membership Maintenance Fees?
Members pay an Annual Membership Maintenance Fee, which pays for the professional management and operation of the Waterford Private Residence Club and the Membership Program.
These annual fees are each Member’s pro-rata portion of the funds required to cover the costs.
Can more than one family or individual own a single Waterford Private Residence Club Membership?
Yes. The mechanism for this is determined entirely by the buyer and has to be set up independent of the Waterford Private Residence Club. The Waterford Private Residence Club will have one registered Member entity (a trust, CC, company or whatever entity the buyer has put in place).
Can a Waterford Private Residence Club Membership be resold?
Yes, the Membership may be freely traded, with a right of first option to the Developer at the same price as any offered to a bona fide Purchaser.
