Summerset Group Holdings Ltd lifted December-quarter retirement village sales by 48% over a year earlier, achieving 164 sales of occupation rights.
The 113 new sales in the quarter were up 66% on the previous record of 68 new sales, achieved in the September quarter. The 51 resales were the highest quarterly result in 2014. Unsold resale stock at 31 December remained low at 26 retirement units.
Chief executive Julian Cook said 4 new villages contributed to the new sales results in the second half of 2014, with openings in Karaka, Hobsonville, New Plymouth & the Trentham extension.
“Sales momentum for new retirement units over the first quarter of 2015 remains strong, though we do not expect the sales outcome to be at the levels seen this quarter due to the timing of new village openings.”
Summerset sold a total 458 occupancy rights during the year, 286 new & 172 resales, up from a total 402 in 2013 (228 new, 174 resales).
Summerset is the third largest operator, and second largest developer of retirement villages in New Zealand. It owns 19 villages and has 4 development sites (Casebrook, Ellerslie, Lower Hutt & Wigram).
Attribution: Company release.