R3 billion Evergreen Lifestyle Village earmarked for Zimbali Lakes Resort

R3 billion Evergreen Lifestyle Village earmarked for Zimbali Lakes Resort

Artist’s impression of sectional title units at Evergreen Lifestyle Zimbali Lakes.

Kuwait’s IFA Hotels & Resorts (IFA) and Evergreen Lifestyles, Amdec Group’s retirement lifestyle business have signed a joint venture to develop a R3 billion retirement phase at Zimbali Lakes Resort in KwaZulu-Natal.

Founded in 1989, the Amdec Group is a privately-owned property development and investment business, with a portfolio than includes the Melrose Arch mixed-use precinct, the Pearl Valley and Val de Vie estates in the Western Cape, and the six Evergreen Lifestyle retirement villages with a combined total of 500 retirement units in operation.

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,” says Amdec Group chief executive, James Wilson.

“The development 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-55s 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 resort’s wide array of amenities, including a new 18-hole championship golf course, its signature 30ha lake, sporting facilities, and routes for mountain bikers, runners, or walkers.”

Phil de Sylva, IFA Senior Vice President Operations, says this agreement means that IFA now has the necessary capital to ensure that all facilities within Evergreen Lifestyle Zimbali Lakes will be 100% complete before the first resident moves in.

“We have now concluded over R650m in land sales, enabling us to commence construction of Evergreen Lifestyle Zimbali Lakes in early 2018, with the first transfers expected to take place by the end of 2018 and occupations earmarked by end 2019.”

“Every Evergreen village is different, and our core focus is to create retirement opportunities in safe, idyllic settings, in popular suburbs close to amenities, hospitals, and sports and leisure facilities. Zimbali ticks all of these boxes, so it makes sense to be merging our brands to create Evergreen Lifestyle Zimbali Lakes,” says Wilson.

He says a big focus for Evergreen will be to better educate the KZN market about the life right retirement model.

“Although this is the chosen model in North America, Australia and New Zealand, it is still a relatively new concept in South Africa. 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 agency for the Zimbali Lakes Resort development.