Prime Trust confirms sales and cash challenge

Published on

Reporting to its unit holders, prime trust acknowledged that their sale rates for their 12 core retirement villages (3,600 ILU’s) has dropped from 7% to 8% to just 4.5%. This equates to a 40% decline on sales expectations and cash flow. They have 200 ILUs vacant (the equivalent of one entire village) but just 50 with deposits made. At $350,000 per ILU, the 200 properties equate to $70 million.