Summerset (ASX:SNZ) reaches Q2 record of 270 sales

Company News

by Lauren Evans

Summerset Group (ASX:SNZ) has reported 270 sales for the quarter ending 30 June 2021, comprising 154 new sales and 116 resales.

Summerset is one of the leading operators and developers of retirement villages in New Zealand, with 33 villages completed or in development nationwide. The company provides a range of living options and care services to more than 6,200 residents.

Summerset's CEO, Scott Scoullar said: "It was a record Q2 result for both new sales and resales and the best half-year result in the company’s history, with 545 sales achieved in the six months to 30 June. That’s nearly 50 percent higher for the half than our best pre-COVID total sales result and also 5% higher than we achieved in the second half of last year.”

The company continue to be strong in both their sales and resales, with diversification of sales across the country and 70 per cent of new sales coming from four New Zealand villages. Since Q1, Summerset’s waitlist for people looking to enter a Summerset village increased by a further 8 per cent.

The biggest delivery in Q3 would be the $54 million, 10,500m2 main building at Avonhead, Christchurch. The building is home to serviced apartments, a care centre and a state-of-the-art memory care centre, as well as resident amenities such as a swimming pool, gym and cafe.

“These main buildings are an integral part of all new Summerset villages and this will be the second we have delivered this year. They’re a key part of our continuum of care model, which is all part of bringing the best of life for our residents," said Mr Scoullar.

Shares in Summerset Group (ASX:SNZ) closed 0.56 per cent lower at $12.43 on Friday.

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