10 two- to three-bedroom villas at its site in Cranbourne North, 39km south-east of Melbourne's CBD, will mark the New Zealand operator's entry into Australia.
Stewart Scott, Summerset Group’s General Manager Development Australia, said it had decided to take a patient approach to ensure everything is working perfectly.
"Some of the homes will be for Operations and the Sales team and they are already in. The first residents will be moving in later this month."
Summerset announced its FY23 financial result on 26 February, recording a net profit after tax of NZ$436.3 million for the year ended 31 December 2023, the company’s second highest ever.
"In addition to our strong build programme delivery in New Zealand, we were pleased to have achieved the significant milestone of delivering our first Australian homes at our Cranbourne North village in Victoria. We look forward to welcoming our first Australian residents in March.” said CEO Scott Scoullar.
Construction will begin at Summerset’s second Australian village, Chirnside Park, 38km northeast of Melbourne’s CBD, and the company’s sites in Oakleigh South, 17km south-east of the State's capital city, and Craigieburn, 25km north of Melbourne's CBD, have both received consent.
Summerset delivered a record 1,103 sales for 2023 up 10% on FY22, a development margin of 31.6% up from 29.7% in FY22 and built a record year 643 homes.
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