Summerset Group (ASX:SNZ) reports record Q1 results

Company News

by Melissa Darmawan

Retirement village operator Summerset Group (ASX:SNZ) reports 275 sales for the quarter ending 31 March 2021. This included 148 new sales and 127 resales.

The company is an operator and developer of retirement villages in New Zealand with 33 villages completed or in development. Outside New Zealand, they also have three properties in Victoria. They provide a range of living options and care services to more than 6200 residents.

Summerset CEO Scott Scoullar said it was a record Q1 sales result for both new sales and resales.

“A year on from the first COVID-19 lockdown and we’re continuing to see robust sales. Our waitlist is up 24 percent on a year ago, and 8 percent on the previous quarter, so we’re seeing that demand to live in our villages remaining very strong,”. “This is backed up by our top village new sales for the first quarter, which were in our Rototuna (Hamilton) and Casebrook (Christchurch) villages and were 31 and 26 sales respectively.”

The company reports a positive start to the next quarter with villas being delivered in the quarter pre-sold.

Mr Scoullar said that new builds are in the pipeline including a $170 million village in Prebbleton which was granted resource consent in March. The village would comprise of over 290 independent homes including serviced apartments and care rooms, plus a state-of-the-art memory care centre for residents living with dementia.

The share price has soared 85.5 per cent from $5.83 to $10.82 over the past 12 months.

Shares in Summerset Group (ASX:SNZ) closed 1.46 per cent lower at $10.82 on Friday.

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