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We’re all living longer, thanks to healthier lifestyles and advances in modern medicine.
Average life expectancy has risen to 73 years in 2023, from 66 years in 2000, and it is predicted that the global population of people aged 60 years and over, will increase from 1 billion in 2020 to 1.4 billion by 2030.
As a result, the retirement industry in South Africa is booming, with service providers and property developers across the country jumping on the bandwagon, ready to claim their piece of the retirement pie. With so much on offer, today’s retirees seem spoilt for choice. But serving the needs of an ever-evolving and increasingly discerning retiree market should not be taken lightly, says Cobus Bedeker, Managing Director of Evergreen Property Developments. ‘One-size-fits-all simply doesn’t cut it any more.’
CHALLENGING NORMS AND STEREOTYPES Cobus explains: ‘When developing the Evergreen business 15 years ago, we set out with a clear intention to revolutionise the retirement industry in South Africa. We did so by questioning age-old practices and paradigms, by rejecting institutionalised norms and stereotypes, and by challenging an industry that treated retirees like patients rather than people. ‘Like our parent company, the Amdec Group, we believed that there was a better way of living, socialising and relaxing, so we set out to radically transform the way South Africans live when they retire.
We did this by using a hospitality-based rather than medical care-based model. We wanted our clients to experience the services and facilities that one might find in a hotel or holiday resort,’ he said.
This revolutionary approach to retirement living appears to have found favour with the local retiree market, because Evergreen has built 1,500 homes to date, with a further 1,000 units in construction in eight retirement villages across the country, and another 7,500 units in the planning stages. In total, Evergreen aims to reach 10,000 units in 20 retirement villages with an investment value of R30 billion within the next five to 10 years.
STRONG FINANCIAL BACKING As part of the Amdec Group, one of South Africa’s leading property developers with a stellar 34-year track record, Evergreen is assured of solid financial backing. The strength of the company and its potential to dominate SA’s retirement landscape is also what attracted the PSG Group to acquire a 50% share in the business in 2017. With sound shareholder backing and a strong balance sheet built up over 15 years in the field, Evergreen’s clients can be confident that, when they buy into an Evergreen Village, they will not be at financial risk, and will not need to worry about the developer defaulting. ‘Should any financial crises occur, we are financially strong enough to weather the storm, unlike many newcomers to the industry who have not yet built sufficient capital,’ says Bedeker. Innovation has always been part of Evergreen’s DNA.
The group was instrumental in pioneering the life right in South Africa at a time when retirement accommodation was either rented out, or sold on a freehold or sectional title basis Evergreen was the first developer to design and build retirement villages that offered designer homes, resort-style facilities, and hospitality-based services – like hotel-trained village managers; concierge, personal shopping and tour planning services; professional chefs; fitness instructors, dieticians, hairdressers; physio and occupational therapists; counsellors, and the like. Evergreen was also the first to introduce ‘ageing-in-place’ at selected villages, with step-down facilities that allow retirees to migrate from freestanding homes into apartments, recuperative care, and frail care as and when they need to. Recent innovations include ‘Friends of Evergreen’, ‘Try Before You Buy’, ‘Rent to Buy’ and ‘Move in Tomorrow’ options at villages across the country, allowing clients to test drive the Evergreen lifestyle before making a financial commitment.
Evergreen turned the retirement industry on its head 15 years ago and has consequently claimed its rightful position as market leader in an increasingly competitive market. But according to Bedeker: ‘We are not resting on our laurels or trading off past successes. We reaffirm our unwavering dedication to providing our cherished residents with unparalleled comfort, luxury, and happiness, ensuring that every stage of their retirement journey is truly exceptional.
