3Q22 Metrics - Sales of Occupation Rights

NZX & ASX RELEASE

10 October 2022

3Q22 METRICS – SALES OF OCCUPATION RIGHTS

Summerset Group is pleased to report 219 sales for the quarter ending 30 September 2022, comprising 109 new sales and 110 resales. The total sales are 10% higher than Q3 2021 (199 total sales).

Summerset has now achieved 730 sales for the nine months to 30 September 2022, compared with 744 sales achieved over the same period in 2021.

Summerset CEO Scott Scoullar said the result was pleasing and demand for retirement living was strong.

“While the wider property market has seen a decline, interest in our villages has remained robust throughout Q3. Our waitlists grew five percent during the quarter with average levels of new monthly enquiries up approximately 15% compared with the first half of the year and up 18% compared to Q3 2021.

“Also, we expect overall sales for 2022 to be weighted towards Q4, due to strong numbers of presold units being delivered later this year.

“Our residents’ motivation to buy is driven by life events, such as their health or desire for more community, these factors don’t change in a downturn. We offer a range of homes at differing price points, typically below the median house price, which means we’re still appealing to future residents.

“Also, our resale villages have maintained low levels of uncontracted stock and presales continue to track at historically high levels,” said Mr Scoullar.

“The good diversification of our sales continued this quarter also, with new sales distributed across 10 regions and approximately 60% of the sales coming from outside Auckland, Wellington and Christchurch.”

Resales village volumes also showed good diversification with half of total resales occurring outside the main centres.

Mr Scoullar said Summerset’s build programme continues to meet expectations too, remaining on track to deliver more than 600 homes this year.

“Looking ahead, we have a robust delivery pipeline for Q4 with the main building at Kenepuru on track to be delivered and residents moving in early 2023.”

ENDS

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

For media enquiries:
Louise McDonald
Senior Communications Advisor
[email protected]
021 246 3793

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