Sharechat Logo

Summerset gains resource consent for $55M retirement village in New Plymouth

Friday 14th February 2014

Text too small?

Summerset Group Holdings, whose shares have made more than twice the NZX 50 Index's gains in the past 12 months, said it gained resource consent to build a $55 million retirement village in New Plymouth.

The Wellington-based company plans to build about 150 units on the 4 hectare Carrington Road site ranging from townhouses and villas to care apartments and rooms. It acquired the site last August.

Shares of Summerset rose 1.5 percent to $3.34 and have gained 35 percent in the past 12 months, while the NZX 50 rose 15 percent. The stock is rated a 'hold' based on the consensus of five analysts polled by Reuters, with a media price target of $3.55.

The company is scheduled to release its full-year earnings on Feb. 25 and is expected to post a 68 percent gain in profit, according to brokerage First NZ Capital.

 

BusinessDesk.co.nz



  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:

MARKET CLOSE: Blue-chip stocks Meridian, A2 lead market lower
NZ dollar rises on Brexit hopes, rate cut reassessment
Three not failing, just needs a new owner - MediaWorks CEO
Major investors back new CBL class action targeting directors
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite

IRG See IRG research reports