2Q23 Metrics - Sales of Occupation Rights

NZX & ASX RELEASE

11 July 2023

2Q23 METRICS – SALES OF OCCUPATION RIGHTS

Summerset Group is pleased to report 273 sales for the quarter ending 30 June 2023, comprising 126 new sales and 147 resales, the highest number of resale settlements in a quarter the company has ever seen. Summerset has achieved 483 settlements for 1H23.

Summerset CEO Scott Scoullar said the result is pleasing and indicative that demand for the company’s retirement living offering remains strong, despite a period of tough property market conditions, which now appear to be easing.

Uncontracted new sale stock decreased by 17% from 308 as at 31 December 2022, to 256 units, with 152 new homes delivered in the period.

The company has construction in progress at 17 sites around New Zealand and continues to be on track to deliver approximately 625-675 homes in FY23. While that range provides for flexibility, it expects it will deliver closer to the lower end as the company actively and prudently manages deliveries to property market conditions.

“Our deliveries are heavily weighted to the second half of the year, which includes main building deliveries at Summerset Pohutukawa Place in Bell Block, New Plymouth, and Summerset Palms in Te Awa, Napier, with both already having strong levels of presales for Serviced Apartments”.

In Australia, construction at Summerset’s Cranbourne North village is well underway with presales commencing next month and the first homes expected to be finished by the end of the year.

ENDS

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

Louise McDonald
Senior Communications Advisor
[email protected]
021 246 3793

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