ElderCare Realises Expansion Opportunities

Auckland – 11 February 2000 – Listed retirement care provider ElderCare New Zealand (NZSE: ELD) today announced it is extending its Regents Park Village, in Westgate Auckland and St Johns Wood facility in Taupo.

The company has recorded initial sales of villas in the first two stages of the development at Regents Park Village. Stage I of four villas has been completed and Stage II of fourteen more two bedroom villas is underway and due for completion by June or July. Four of the fourteen new two bedroom brick and tile villas are due for completion by the end of February. The architecturally designed villas all feature internal access garaging, indoor outdoor living and wheel chair access.

The company will shortly commence work on extensions to existing nursing home facilities on the adjacent West Harbour Lodge site. These will provide a 25-bed hospital, studios and one-bedroom apartments; and community facilities such as hairdressing salon, heated therapy pool, lounges and library. A “blokes shed” is planned for the home handymen (or handywomen). The extensions are scheduled for completion by December 2000. Construction of Stage III of the development, comprising twelve more villas will take place at the completion of Stage II.

The company is also continuing extensions at St Johns Wood Trust, in Taupo, where the final stage of the lifecare complex has commenced with initial sales recorded. Due to be completed in July 2000, the development will see the construction of 24 studio, one bedroom and two bedroom apartments. A heated therapy pool, rehabilitation area and lounges are included in this Stage.

ElderCare Chief Executive Officer, Alan Clarke says the key driver to sales at both villages has been their preferential location and range of amenities on offer to residents, which include therapy pools and lounges. “The continuation of these extensions at Regents Park and St Johns Wood is fundamental to our strategy of purpose-building facilities in sound locations that deliver quality returns and offer individualism to both residents and the community. They also support ElderCare’s expansion plans to double its bed numbers over the next three years.”

Company Background
ElderCare New Zealand Limited (NZSE: ELD) is a retirement care provider. The company owns a substantial portfolio of nursing homes and assisted living facilities throughout New Zealand at which they offer broad and varied services for the healthcare needs of elderly people.

ENDS

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