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Summerset occupation rights sales grow 19 percent in 3Q

Thursday 10th October 2013

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Summerset Group, the retirement village operator and developer whose managing director is stepping down next year, boosted sales of occupation rights 19 percent in the third quarter.

The Wellington-based company lifted total sales of occupation rights to 102 in the three months ended Sept. 30 from 86 in the same period a year earlier, it said in a statement. Of that, 52 were new sales, and 50 were resales, compared to 41 and 45 respectively in the third quarter of 2012.

That takes total occupation rights sales to 291 in the year to date, compared to 257 in 2012.

Summerset built 102 new retirement units in the first half of the year, and said it was on track to compete at least 200 by the end of the year at its August results announcement. It is targeting an annual build rate of 300 units per year by 2015.

The shares rose 0.7 percent to $3.06 in trading yesterday, and have climbed 37 percent this year, outpacing the 12 percent gain on the NZX All Index, a capital index of all domestic equities on the local bourse, over the same period.

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