Initiative has already helped to inject about R1bn into development investments
It has been just 18 months since Retire KZN was introduced and it has already helped inject about R1billion into retirement investments in KwaZulu-Natal.
Furthermore, with a community of almost 3000 online members, it reaches an average of 193000 people on social media each month, and has also facilitated the start of two new retirement developments in the region, says Chris du Toit, commercial head of Tongaat Hulett Developments, which launched the Retire KZN initiative.
“Retire KZN has been a resounding success as it has transformed the perception of retirement in KZN,” he says.
“The interest from property developers looking at KZN for opportunities is growing, and with the key insights and information gathered, developers and investors have a better understanding of the needs of the retirement market and are delivering demand-led retirement products.”
Tongaat Hulett seeks to play a significant role in developmental change in KZN, maximising the value generated by optimal use of land through its conversion to most appropriate land use, says Du Toit.
“Creating Retire KZN has helped achieve this goal by positioning KZN as a retirement destination, building a solid community and facilitating new retirement opportunities with our development partners across a range of retirement models.”
Within the past year and a half, Retire KZN has helped facilitate the retirement opportunities in the Mount Edgecombe Retirement Village as well as Shoreline Sibaya.
Nestled on the North Coast of KZN, Mount Edgecombe Retirement Village was the first retirement introduction to the market and has been recognised as one of last year’s top five retirement estates in South Africa by New World Wealth and AfrAsia Bank.
Shoreline Sibaya, the second retirement introduction to the market, is the first retirement opportunity within the premier Sibaya Coastal Precinct along the North Coast.
Tongaat Hulett has also recently transacted one of the largest retirement life-rights developments in the country, Evergreen Lifestyle, in Umhlanga Ridgeside.
Most significantly, however, Retire KZN has assisted in profiling KZN as the ideal retirement destination for retirees and developers alike.
Boasting year-round warm weather, blue-flag beaches, “big five” game reserves and picturesque mountains, Du Toit says the province offers a selection of incredible amenities, is home to exceptional health-care facilities, is a close-knit community, and has convenient city dwellings.
Durban has also been ranked, by the Knight Frank Global Residential Cities Index 2017, as being the best South African city in which to live.
Through the research and data collected, developers are appreciating market insights such as that 69% of the market is looking for retirement units under R2million and that security, pet-friendly living and having an onsite care centre are important attributes to incorporate into retirement developments.
“Retire KZN is a bold initiative that is taking the growth trajectory for the province to another level. Its presence has resulted in retirement data analysis, boosted investment into the region and ultimately bolstered the overall confidence in retirement,” Du Toit says.