Summerset enjoying unit sales growth spurt

Summerset chief executive Julian Cook at  Dunedin’s then new Summerset retirement village in...
Summerset chief executive Julian Cook at Dunedin’s then new Summerset retirement village in Shetland St, in mid-2014. Photo by Gerard O'Brien.
Retirement village operator Summerset has booked record sales for its second quarter, predicting strong growth for the rest of the year with more facilities opening or being redeveloped.

New unit sales rose from 75 for the same quarterly period last year to 108 and resales grew from 44 to 77 for the period; with first half sales up at respectively 183 and 123.

Summerset has 21 villages across the country and six development sites, catering to more than 3800 residents.

Summerset shares were up 3.3% to $4.71 after the update.

Summerset's chief executive, Julian Cook, said the company experienced a strong six-month period, particularly during the second quarter, with the highest number of quarterly sales in the company's history.

"Sales in the second quarter were 28% higher than the same period last year and sales for the first half of the year 13% higher than that achieved in the first half of 2015,'' he said in a statement yesterday.

He expected "good growth'' to continue, with the first stage of the Ellerslie village to open in September, the further development of Wigram and Hobsonville villages and extension of the existing Trentham and Warkworth villages.

simon.hartley@odt.co.nz

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