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

 

Metlifecare expands Botany project

Metlifecare expands Botany project with additional land purchase

By Gavin Evans

Oct. 25 (BusinessDesk) - Metlifecare has acquired additional land from Pakuranga Golf Club and will expand its adjacent Botany development by 74 units.

The retirement village operator bought almost 2.4 hectares from the club last year to develop a village with 144 units and 24 care beds.

It has now increased that to 3.4 hectares through the purchase of two additional parcels and the sale of some of the original land back to the club. Consolidating the land will enable the construction of 206 units and increase the size of a planned homestead-style care facility to 36 beds.

Metlifecare didn’t immediately disclose what it paid for the extra land.

The stock fell 2.6 percent to $5.70 in a generally weak market and is headed for its lowest close since April.

Metlifecare shares have fallen from a high of $6.51 in September. Last week the company said it may consider a share buy-back, given the stock's steep discount to net asset backing.

The Auckland-based company is expanding rapidly to cater for the country’s ageing population.

Last week chief executive Glen Sowry said it is active on 11 existing and new villages and will deliver 145 units and two new care homes before the end of June. The following year, Metlifecare anticipates a build rate of at least 300 units, he said. It delivered 254 in the 2018 financial year.

Today Sowry said the purchase of the new land for Botany is due for settlement by June and the development should commence in the second half of 2019.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:


Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing

ALSO:

House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

ComCom: How Real Is That Bargain?

The Commerce Commission urges retailers and consumers to think hard about the bargains being offered as ‘Black Friday’ and Christmas draw near. Black Friday has now overtaken Boxing Day in terms of retail spending, according to data from electronic ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO: