Summerset Group posts best half-year result in the company’s history

Published on

New Zealand and Australian retirement village operator Summerset Group has posted its highest sales of occupation rights for units and apartments in a half year in its 23-year history.

The 545 sales achieved in the six months to June 30, 2021 was 50% higher than any other first half before the emergence of COVID-19.

“Post-COVID we are seeing an increasing volume of people wanting to come into a village,” Summerset CEO Scott Scoullar (pictured) said.

Mr Scouller said the 270 sales of occupation rights for 154 new units and 116 existing units was a record for a second quarter, April to the end of June 2021, following on from record sales for a first quarter in the January to March 2021 period.

Mr Scoullar said. “Demand continues to be strong for both new sales and resales. We have seen good diversification of sales across the country with 70% of new sales coming from four villages: Casebrook (Christchurch), Ellerslie (Auckland), Rototuna (Hamilton) and Te Awa (Napier).”

Since the first quarter of 2021, Summerset’s waitlist for people looking to enter a Summerset village increased by a further 8%.

Mr Scoullar said Summerset had pre-sold all independent living units being delivered in the third quarter at the Bell Block (New Plymouth), Hobsonville (Auckland) and Te Awa villages, as well as 80% of those available at Rototuna.

More than half the new units delivered in the second half would be serviced apartments, memory care apartments and care beds and suites.

“These typically take longer to sell than villas and independent living apartments as they are needs based, and it was therefore expected sales in the second half of the year would be marginally lower than the first half,” Mr Scoullar said.