The NZX-listed Senior Trust Retirement Village Listed Fund said yesterday it had committed to making a first mortgage advance for expansion of the Palm Grove retirement village at Orewa.
Research by JLL shows 12 new retirement villages were built in New Zealand last year, and an average 13.6/year would be needed to meet demand over the next 30 years.
Metlifecare Ltd has conditionally bought 5ha of the Peninsula golfcourse for its second retirement village at Red Beach.
Summerset Group Holdings Ltd lifted December-quarter retirement village sales by 48% over a year earlier, achieving 164 sales of occupation rights.
Ryman has secured a 4.2ha site owned by Ngati Whatua Orakei on Ngataringa Rd, where it plans to build retirement village which will eventually be home for up to 300 residents.
Summerset Group Holdings Ltd has bought 3.2ha adjoining the retirement village it’s building in Karaka, South Auckland, which will almost double the village’s footprint to 6.8ha.