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Record Pre-Sales For Warkworth Village

3 July 2007

Summerset Announces Record Pre-Sales For Warkworth Village

Summerset Holdings Limited today announced record pre-sales for its new retirement village to be developed at Warkworth. At the sales day for the village on Sunday 1 July a significant number of units were sold for a combined value of $6.5 million, the highest level of pre-sales for a Summerset retirement village in the company’s 14 years of operation.

“We’re delighted with the response and support we have received from the Warkworth community. It clearly demonstrates the value of the accommodation and lifestyle we offer at Summerset’s retirement villages. It also highlights strong latent demand for retirement village living, especially within the middle-market segment that Summerset specifically targets,” said Norah Barlow, Chief Executive, Summerset Holdings Limited.

The $50 million village, to be known as Summerset Falls, will include 150 homes, including villas, apartments and serviced apartments. Stage 1 of the development includes 32 villas and a main facilities building, as well as a range of recreation and community facilities. Earthworks have commenced for the village, and the first stage will be completed in late 2008/early 2009. [See attached artist’s illustration]. Ms Barlow, who is also President of the Retirement Village Association of New Zealand, said that the strong demand for units is indicative of the appeal of retirement villages, and that the sector is poised for significant growth.

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“Retirement villages offer residents a lifestyle choice to retain as great a degree of independence as possible within a safe, secure community environment with a range of support services. This makes them a very attractive lifestyle choice – research commissioned by the Retirement Commission in 2006 shows that 99 percent of residents are satisfied with retirement village living.”

“The quality of life offered by retirement villages will continue to make them an appealing choice as New Zealand’s demographics change, with our population of over 65 year olds forecast to increase over 150 percent between 2007 and 2050.” “While penetration rates for retirement villages in New Zealand have increased from three percent in 1999 to around 4.3 percent, they are still relatively low by international standards, which suggests that demand will continue to increase,” said Ms Barlow.

Summerset is New Zealand’s third largest retirement village operator, owns and operates 10 retirement villages in Taupo, Havelock North, Aotea, Palmerston North, Wanganui, Manukau, Levin, Paraparaumu, Trentham and Napier. The new village planned for Warkworth will be Summersets eleventh village. In addition to this Summerset has land banks for a further four villages. Summerset aims to have 20 villages complete or under development by 2011.

ENDS


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