In the promotional brochure distributed to prospective residents between 2021 and 2023, it was stated that individuals purchasing a villa or apartment within Mt Gilead Estate would retain 100% of capital gains upon selling their property and exiting the village.
Editor's Note: There is some uncertainty regarding the accuracy of the brochure.
The brochure suggests that residents will retain all capital gains accrued during their residency when they choose to exit/sell their premises.
Brochure produced & handed to prospective purchasers - Clearly states you keep 100% of capital gains
However, according to the contracts signed by many residents, the exit fee is calculated based on the purchase price or the sale price of the villa/apartment, whichever is greater. This presents a significant concern.
When exit fees are calculated from the sale price, it immediately diminishes a portion of any capital gains realized during the resident's tenure at the village.
If residents lose part of their capital gains due to these calculations upon exiting, the assertion that 'residents keep 100% of capital gains' is at best, misleading.
