Summerset occupation right sales rose 23 percent in second quarter

Monday 8th July 2013

Summerset Group, New Zealand's third-largest listed retirement village operator and developer, sold 23 percent more occupation rights in the second quarter than the year-earlier period.

Wellington-based Summerset sold 100 occupation rights in the second quarter, up from 81 in the same quarter last year, the company said. Of those, new sales of occupation rights rose 16 percent to 52, while resales increased 33 percent to 48, the company said.

Retirement village stocks are among the 10 best performing companies on the New Zealand stock exchange the past year as investors anticipate growth supported by an ageing population.

Shares in Summerset have surged 73 percent in the past year, taking the company's market capitalization to $609 million. Ryman Healthcare stock has gained 90 percent the past year, taking its market capitalisation to $3.3 billion, while shares in Metlifecare have risen 52 percent, increasing its capitalization to $663 million.

BusinessDesk.co.nz

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