In a release to the NZX yesterday, Summerset chief executive Scott Scoullar said the Wingatui Rd site, within 3km of the Mosgiel town centre and 15km west of Dunedin’s city centre, would complement the company’s existing village, Summerset at Bishopscourt.
Summerset had also bought a site at Rolleston, a town which was predicted to have the highest population growth in New Zealand over the next 30 years. That site was Summerset’s sixth in Canterbury.
The new sites would each offer more than 300 units and further boost Summerset’s land bank of units, the largest in New Zealand’s retirement village sector, and give the company enough secured land to more than double the size of its current New Zealand business. First deliveries from those sites were expected from FY26 onwards.
The announcement came as Summerset released its half-year result, which showed an underlying profit of $87.2m, up 5.7% on the same period last year.
In the six months to June 30, Summerset recorded 483 sales, comprising 241 new sales and 242 resales. The first quarter of 210 total sales reflected the lower turnover in the property market, whereas the second quarter saw a result for resales with 147 units settled.
Summerset delivered 152 total units in the first six months. Its deliveries were weighted towards the second half of this year and the company remained on track to deliver about 625-675 units this year.
In the second half, it expected to deliver two new village centre buildings at its Bell Block (New Plymouth) and Te Awa (Napier) villages, both sites already seeing good levels of presales interest, Mr Scoullar said.
At present, Summerset operates 18 villages in the country, with 5670 units and 1161 care beds, and another 6060 units and 1435 care beds land banked. It had $6.3 billion worth of assets, representing net tangible assets of $9.88 a share, media reported.
In Australia, construction is well under way at Summerset’s Cranbourne North village, where the first homes are expected to be finished by the end of the year.
Of its six other Australian sites, Summerset has both the Chirnside Park and Oakley South sites consented and is working through the process at its other proposed villages.
The company’s board has declared an unimputed interim dividend of 11.3c per share.
