Zimbali Lakes Resort wins R3 billion deal for retirement village
This exclusive retirement lifestyle is based on the internationally used 'life -right' model.
A recently concluded R3 billion joint venture between Kuwait’s IFA Hotels & Resorts (IFA) and Evergreen Lifestyle, will see the newly launched Zimbali Lakes Resort become home to one of the most desirable retirement villages in South Africa.
IFA Hotels & Resorts senior vice president operations Phil de Sylva said this deal is a major coup for the overall Zimbali Lakes Resort development.
“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,” said de Sylva.
“We have now concluded over R700 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 Lifestyle is owned by private property development and investment business, Amdec Group, who boast a stellar portfolio of residential developments around South Africa, most notably the iconic Melrose Arch in Gauteng and Evergreen Val de Vie Estate in the Western Cape.
The newly-named Evergreen Lifestyle Zimbali Lakes will account for around 750 of these retirement units.
You may also enjoy: PICS: “One of a kind” Zimbali house for R70m
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-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.
Photo: supplied
Amdec Group CEO James Wilson said Evergreen are 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,” said Wilson.
“Going forward a big focus for Evergreen will be to better educate the KZN market about the life-right model. Essentially, buying into a life-right 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) will be the official sales and marketing entity for the Zimbali Lakes Resort development and IFA Hotels & Resorts CEO Werner Burger said KW will be responsible for bringing more than R10 billion to market over the next 10 years.
>> Be sure to prioritise the North Coast Courier on Facebook and follow these steps to ensure you never miss a thing!
>> Do you want to receive news alerts via WhatsApp? Send us a WhatsApp message (not an sms) with your name and surname to 061 718 4438.
Please read our WhatsApp broadcast list disclaimer.
Join the conversation on Facebook, Twitter and Instagram
Stay in the loop with The North Coast Courier on Facebook, X, Instagram & YouTube for the latest news.
Mobile users can join our WhatsApp Broadcast Service here, or if you’re on desktop, scan the QR code below.
