Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Summerset 3rd-qtr sales of occupation rights fall 21%

Summerset 3rd-qtr sales of occupation rights fall 21% as new and resales drop

By Jonathan Underhill

Oct. 5 (BusinessDesk) - Summerset Group's sales of occupation rights fell about 21 percent in the third quarter, with a decline in both resales and new sales, although it said some settlements will be recognised in the fourth quarter.

The Wellington-based company had 155 sales of rights to occupy its units in the three months ended Sept. 30, down from 196 in the same period last year, it said in a statement. New Sales fell to 97 from 125 and resales fell to 58 from 71.

"A large number of retirement unit deliveries have been late in the third quarter which will reflect in settlement volumes in the fourth quarter," said chief executive Julian Cook. He described the results as "good sales and steady settlements across our villages".

Year-to-date sales were 478 compared with 502 in the first nine months of the 2016 year.

Summerset added 171 retirement units across eight villages in the first six months of 2017 and expects to deliver 450 by the end of the year, a target it affirmed today. Like other retirement village developers and operators, Summerset is targeting New Zealand's ageing population with a major expansion programme.

Summerset has 22 villages completed or in development across the country, housing more than 4,400 residents.

The shares last traded at $5.18, and have gained 11 percent this year.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>