Monday 15th February 2016 |
Text too small? |
Summerset Group plans to build a second retirement village in Hamilton after buying a 6.3 hectare site north of the city.
The Wellington-based company intends to build a 270-home village on the Rototuna site, adding to its 220 home operation in Hamilton. Summerset estimates Hamilton's over-75 population will more than double by 2033, but has limited retirement living options at the moment. No price was disclosed for the purchase.
"We took a good look at the demographics for the region, in particular that growth for the population over 75 years will increase markedly in the near future," chief executive Julian Cook said in a statement. "We also identified that there are limited quality retirement living options currently available in this area of Hamilton."
Summerset has been acquiring land and accelerating its construction rate as the 'baby boomer' generation enters retirement age, with expansion plans underway in Auckland and Christchurch.
The shares last traded at $3.85, and have declined 5.6 percent so far this year.
BusinessDesk.co.nz
No comments yet
Fonterra appoints permanent COO
Manawa Energy FY24 Annual Results & Webcast Details
Seeka Provides the Results of Meeting - ASM
April 19th Morning Report
PGW Guidance Update
CNU - Commerce Commission releases draft expenditure decision
Spark announces departure of Product Director
TGG - T&G appoints new Director
April 18th Morning Report
SKC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER