Monday 15th February 2016
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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.
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