Sharechat Logo

Summerset 3rd-qtr sales of occupation rights fall 21% as new and resales drop

Thursday 5th October 2017

Text too small?

Summerset Group's sales of occupation rights fell about 21 percent in the third quarter, with a decline in both resales and new sales, although it said some settlements will be recognised in the fourth quarter.

The Wellington-based company had 155 sales of rights to occupy its units in the three months ended Sept. 30, down from 196 in the same period last year, it said in a statement. New Sales fell to 97 from 125 and resales fell to 58 from 71.

"A large number of retirement unit deliveries have been late in the third quarter which will reflect in settlement volumes in the fourth quarter," said chief executive Julian Cook. He described the results as "good sales and steady settlements across our villages".

Year-to-date sales were 478 compared with 502 in the first nine months of the 2016 year.

Summerset added 171 retirement units across eight villages in the first six months of 2017 and expects to deliver 450 by the end of the year, a target it affirmed today. Like other retirement village developers and operators, Summerset is targeting New Zealand's ageing population with a major expansion programme.

Summerset has 22 villages completed or in development across the country, housing more than 4,400 residents.

The shares last traded at $5.18, and have gained 11 percent this year.

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report