Extensive research in the retirement property industry both in KwaZulu-Natal and globally has been done by Tongaat Hulett Developments, and as a result of the outcomes, it has identified retirement as a key demand driver, not only within its business but also within the region as a whole.
Mount Edgecombe Retirement Village is located within Tongaat Hulett’s Kindlewood Estate.Rory Wilkinson, Tongaat Hulett Development’s Planning Director says they have been active in the developmental change in KwaZulu-Natal, with some 7 951 developable hectares of prime land in the region.
“In converting our land to create value for all stakeholders, we research various land uses and markets thoroughly, and this resulted in us embarking on retirement research,” says Wilkinson.
“We currently have several projects in the active stages of development, including Sibaya Coastal Precinct, Cornubia and Ridgeside while others, like Tinley Manor, are still in the planning stages.”
With a track record extending over 20 years, he says Tongaat Hulett has developed strong relationships with their local and national developers. In response to the demand for retirement living, Tongaat Hulett created an initiative called Retire KZN.
“Retire KZN positions KwaZulu-Natal as a retirement destination of choice, with a growing number of developments providing the property portfolio that underpins this campaign,” says Wilkinson.
“The campaign has been a resounding success thus far, and our aim is to foster a community of interested retirees and investors. We see this campaign as a strong value-add to our developers and investors, many of whom have purchased sites within our landholdings and are now seeking to develop products that are suitable to market demands.”
One such developer that has identified the retirement development industry as a lucrative venture, specifically focusing on KwaZulu-Natal, is Collins Residential, a subsidiary of the H. Collins & Sons Group, currently one of the largest developers in the province. Boasting a 100-year record of developments, predominantly in commercial property and investment, Wilkinson says Collins Residential has included retirement property development into their vast and growing portfolio.
“We conducted our own research into the retirement property market. Our findings prompted the plans for Mount Edgecombe Retirement Village, which is located within Tongaat Hulett’s Kindlewood Estate,” says Murray Collins, Director of Collins Residential.
“Our research has also motivated our development plans for our Retirement Village, as, ultimately, we want to create a product that will work well for retirees. It is important to understand that, without the foresight from both buyers and developers, there is going to be a significant shortage of suitable retirement development opportunities in the foreseeable future.”
It is clearly evident that the residential industry is seeing developers progress into the retirement development space, says Wilkinson.
“This emerging property trend has become an exceptionally lucrative prospect - not only for developers, but for investors too, showing great capital appreciation and rental returns.”
For more information on the Mount Edgecombe retirement village, visit website.
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