Summerset Group Holdings
(ASX:SNZ) has bought an extra 2.4ha of land next to its Warkworth retirement village on New Zealand's North Island.
The new land will allow Summerset to build an additional 77 units at its Summerset Falls Village which is currently home to 220 residents.
Summerset has had strong interest in its riverfront location and hopes the extension will also provide more retirement living options to the wider community.
The company also says it is on track to deliver underlying profit of between NZ$32-NZ$34 million and deliver 300 new retirement villages for the first six months of 2015.
Summerset reported a net profit of $51.7 million for the 2014 calendar year.
