R3 billion Evergreen Lifestyle Village earmarked for Zimbali Lakes Resort
Kuwait’s IFA Hotels & Resorts (IFA) announced today that it had concluded a Joint Venture (JV) deal with the country’s leading retirement brand Evergreen Lifestyles, Amdec Group’s retirement lifestyle business. This partnership ensures that the R3 billion retirement offering within Zimbali Lakes Resort will be unsurpassed and provides the launch pad for Evergreen’s expansion plans into KwaZulu-Natal.
Founded in 1989, the Amdec Group is a privately-owned property development and investment business, and is recognised as South Africa’s leading developer of New Urban Lifestyles. Their pioneering portfolio includes, amongst others, the iconic Melrose Arch mixed-use precinct, the renowned Pearl Valley and Val de Vie estates in the Western Cape, as well as their Evergreen Lifestyle brand with its six retirement villages.
With a key focus on increasing retirement opportunities nationally, Amdec recently confirmed a R675 million deal with the JSE-listed PSG Group, which will see the Evergreen Lifestyle brand expand to 3,000 homes over the next three years. The Evergreen Lifestyle Zimbali Lakes will account for around 750 of these retirement units.
Set within the much-acclaimed Zimbali Lakes Resort, Evergreen Lifestyle Zimbali Lakes will include sectional title apartments, to be sold on a Life Rights basis. It is geared around the retirement market’s demand for secure retirement living for over-55’s and will provide a dedicated on-site Healthcare Centre, assisted living facilities, frail care and an array of luxury lifestyle amenities. It will also give residents access to the resorts wide array of amenities, including a new 18-hole championship design golf course, its signature 30-hectare lake, sporting facilities, and routes to accommodate mountain bikers, runners, or those retirees just looking for a stroll.
Phil de Sylva, IFA Hotels & Resorts Senior Vice President Operations, confirms, “We are delighted to have partnered with a brand that shares in our vision, which is to revolutionize retirement living. More significantly, this agreement means that we now have the necessary capital to ensure that all facilities within Evergreen Lifestyle Zimbali Lakes will be 100% complete before the first resident moves in”.
He continues, “This is a major coup for the overall Zimbali Lakes Resort development as we have now concluded over R650 million in land sales, enabling us to commence construction in early 2018, with the first transfers expected to take place by the end of 2018 and occupations earmarked by end 2019”.
Evergreen’s six retirement estates currently have a combined total of 500 retirement units in operation.
“Evergreen have always positioned themselves as creators of great lifestyle experiences, instead of being just developers. Every Evergreen village is different, and our core focus is to create retirement opportunities in safe, idyllic settings, situated in popular suburbs close to amenities, hospitals, and sports and leisure facilities. Zimbali ticks all of these boxes, and we are therefore thrilled to be merging our brands to create Evergreen Lifestyle Zimbali Lakes,” explains James Wilson, CEO Amdec Group.
He continues, “Going forward a big focus for Evergreen will be to better educate the KZN market about the life-right model. Although this is the chosen model in North America, Australia and New Zealand, South Africans are still new to the concept. Essentially, buying into a life-right in a retirement village means you are buying a total retirement solution. It is like buying a carefree retirement product with built-in insurance when you get old and may need someone to care for you”.
Keller Williams Realty (KW) has been appointed as the official sales and marketing entity for the Zimbali Lakes Resort development. The KW team comprises 48 sales agents, with plans to increase their agent count to 80 by the end of 2018. “KW will be responsible for bringing more than R10 billion to market over the next 10 years, giving the brand a significant foothold into Northern KwaZulu-Natal, making it the leading Real Estate Agency in this area and the largest in the North of KZN”, says Werner Burger, CEO of IFA Hotels & Resorts.
He ends, “We are extremely proud of this partnership with Amdec and Evergreen Lifestyle, and know that together we will be able to offer one of the most sought-after retirement lifestyles in the country”.