NZ-based retirement village operator Summerset Group recorded more than 1,000 settlements in the year ending 31 December, 2022, with 277 settlements in the December quarter alone.
The operator saw 1,007 settlements in the twelve months to 31 December, up from 978 in the previous year; the 139 new sales and 138 resales in the fourth quarter were up 18% on the same quarter in 2021. Across the year, 64% of sales were for independent living units, with the remaining 36% comprising needs-based care offerings.
According to Summerset CEO Scott Scoullar (pictured), this represents a new record for the company’s Q4 resales, and the second highest Q4 new sales.
“The result is pleasing, particularly given the tough market conditions that arose in the last few months of the year. The declining property market has meant it’s taking longer for some of our prospective residents to sell their homes to join a Summerset village, so our Sales team are working hard to facilitate settlements.
“We will actively manage any further property market conditions that we may experience, and we’ll be working with our prospective residents around the country to make the process of coming to our villages as seamless as possible,” he said.
Summerset in November increased its burgeoning Australian footprint with the purchase of a seventh Victorian site at Drysdale, east of Geelong, and the securing of development consent for its village at Chirnside Park.
“Looking forward, we are excited in anticipating the launch of our first village in Cranbourne North (Victoria, Australia) with pre-sales beginning in the first half of this year,” said Scott.
