DURBAN - Kuwait's IFA Hotels & Resorts (IFA) announced that they had completed a Joint Venture deal with retirement brand Evergreen Lifestyles.
Evergreen Lifestyles is the Amdec Group's retirement lifestyle business.
The deal ensures that the R3 billion retirement venture within the Zimbali Lakes Resort will be top of the line, with the provision of a launch pad for Evergreen's expansion into KwaZulu-Natal.
Amdecs's main focus is to increase retirement opportunities nationally and they recently confirmed an R675 million deal with JSE-listed PSG Group. This deal will see the Evergreen Lifestyle brand grow to 3000 homes over the next three years. The retirement units at the Evergreen Lifestyle Zimbali Lakes will account for 750 of those homes.
Set inside the Zimbali Lakes Resort, which is located on the Dolphin Coast in KZN, the Evergreen Lifestyle Zimbali Lakes will have sectional apartments that will be sold on a Life Rights basis.
IFA Hotels &Resorts Senior Vice President Operations, Phil de Sylva said "We are delighted to have partnered with a brand that shares 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".
It is set around the retirement market's need for secure living for people who are over the age of 55. The retirement village will have a dedicated on-site Healthcare Center, assisted living facilities, frail care and a host of luxury lifestyle amenities.
Residents of the retirement village will also have access to to the resorts wide range of amenities including a new 18-hole championship design golf course, its trademark hectare lake, sporting facilities and paths for mountain bikers, runners or retirees that want to for a stroll.
According to de Sylva, this is a major achievement for the overall Zimbali Lakes Resort development because they have completed land sales worth over R650 million. This will allow them to start construction in early 2018 and the first transfers to take place by the end of 2018. Occupation of units is allocated by the end of 2019.
Evergreen currently has six retirement estates that have an altogether total of 500 retirement units in operation.
The CEO of the Amdec Group James Wilson said "Evergreen has 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".
Wilson added that Zimbali ticks all of those boxes and they are thrilled to combining their brands to create the Evergreen Lifestyle Zimbali Lakes.
On the location for the retirement village, de Sylva said "As with the rest of the country, there is a huge demand for retirement opportunities in KwaZulu-Natal, and more specifically for the North Coast of KZN. Within this area, there is a significant need for retirement estates that not only offer premium lifestyle facilities but also comprehensive and reliable health care options. Evergreen Lifestyle had made a strategic decision to develop villages in all of the major metropolitan areas, and Zimbali, with all that it offers, is the perfect platform to do this".
- BUSINESS REPORT ONLINE