4Q21 Metrics - Sales of Occupation Rights

NZX & ASX RELEASE

10 January 2022

4Q21 METRICS – SALES OF OCCUPATION RIGHTS

Summerset Group is pleased to report 234 sales for the quarter ending 31 December 2021, comprising 121 new sales and 113 resales.

Summerset CEO Scott Scoullar said total sales in 2021 reached 978 up 25% on FY20.

“That’s a new annual sales record for Summerset and comes despite ongoing COVID-19 interruptions. We are seeing good growth in waitlists demonstrating that demand for our offer of retirement living remains robust,” Mr Scoullar said.

Mr Scoullar said Q4 sales were strong, despite the Auckland and Waikato regions being in lockdown for much of the quarter.

“We have had good diversification of sales across the country with new units now being sold at 12 of our villages across New Zealand, and additional villages to start selling in 2022,” Mr Scoullar said.

Uncontracted new stock remains low across the country, particularly for villas.

Approximately 63% of uncontracted new sales stock is made up of the final independent living apartments at Ellerslie in Auckland and serviced apartments around the country.

Serviced apartments are needs based and typically take longer to sell than villas and independent living apartments. Ellerslie’s last apartments – housed in the Heritage building – have been selling well.

Mr Scoullar said the first quarter of 2022 was looking strong with 58% of new deliveries presold.

In 2022, Summerset will start construction at four new sites in Milldale (Auckland), Blenheim (Marlborough), Cambridge (Waikato), and Waikanae (Kapiti Coast), as well as continuing construction at another 13 sites around New Zealand and the building of its first Australian units underway at Cranbourne North (Melbourne).

ENDS

For investor relations enquiries:
Will Wright
Chief Financial Officer
[email protected]
021 490 251

For media enquiries:
Jenny Bridgen
Communications Manager
[email protected]
021 408 215

---

Announcement PDF