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24 Apr 2014 3:59
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  •   Home > News > Business

    Summerset occupation rights surge

    Retirement village operator and developer Summerset Group says it sold 100 occupation rights in the second quarter of the year, up from 81 a year earlier.

    Summerset Group, New Zealand's third-largest listed retirement village operator and developer, sold 23 per cent more occupation rights in the second quarter than the year-earlier period.

    Wellington-based Summerset sold 100 occupation rights in the second quarter, up from 81 in the same quarter last year, the company said.

    Of those, new sales of occupation rights rose 16 per cent to 52, while resales increased 33 per cent to 48, the company said.

    Retirement village stocks are among the 10 best performing companies on the New Zealand stock exchange the past year as investors anticipate growth supported by an ageing population.

    Shares in Summerset have surged 73 per cent in the past year, taking the company's market capitalisation to $609 million. Ryman Healthcare stock has gained 90 per cent the past year, taking its market capitalisation to $3.3 billion, while shares in Metlifecare have risen 52 per cent, increasing its capitalisation to $663 million.


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