Retire in SA’s own ‘Florida’
KZN is the new retirement heaven that even exceeds the popular Florida coast in the US for beauty.
It caters for both active retirees and later stages: the KwaZulu-Natal North Coast and Midlands is SA’s own retirement heaven that even exceeds the popular Florida coast in the US with regard to beauty and climate.
The market has, however, been slow to provide property fit for active retirement, while supporting the needs of the same retirees during later stages of retirement, says Michael Deighton, MD of Tongaat Hulett Developments.
This is about to change as developers zone in on this sector. Evergreen Lifestyle will focus on expansion in the area, acquiring three pieces of land, including the 640-unit Umhlanga Ridgeside site.
The biggest concern for retirees is the effect of inflation on their savings. But Evergreen’s life-right model helps in that the retiree does not buy the property, but rather the right to live there for the rest of their life. On termination of the contract, the original capital is refunded to the estate.
Meanwhile, Gap Capital offers 213 units in its first phase of its Shoreline Retirement Estate development in the Sibaya precinct overlooking Umdloti, providing single-level sectional title apartments and encouraging home-based care for residents who need health support.
It offers a full care centre, community centre with heated pool and other amenities.
Collins Residential’s Mount Edgecombe Retirement Village near Umhlanga offers 260 sectional title units across three phases. The group has been active in property development in the region, but this is its first move into the retirement product.
Many buyers lease their property until they need it and the demand in the rental market makes this a viable option.
The village is managed through a body corporate and levies only go towards the maintenance, insurance, security and landscaping.
All three developments will be well suited for active retirees who might still be working or consulting parttime, with proper internet connectivity and being only a few minutes and a flight away from the all the main centra.