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20 Jun 2024 0:56
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  •   Home > News > Business

    Ryman Healthcare is continuing to press pause on more new retirement village developments

    Ryman Healthcare is continuing to press pause on more new retirement village developments


    It's scrapping plans for a major village on the Wellington suburb of Karori.

    The former teachers' college site on Donald Street -- which had previously been the subject of a bitter dispute between Victoria University and the Ministry of Education -- is now back on the market.

    JMI Wealth Director Andrew Kelleher says the company is focusing on existing construction projects due to ongoing challenging conditions.

    He says the company is facing a softer trading environment, weaker sales volumes, lower margins on new developments due to higher construction costs, and 2.5 billion dollars of debt.

    Ryman is pausing developments or selling land at five sites on either side of the Tasman.

    © 2024 Newstalk ZB, NZCity

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