Summerset says first homes in New Plymouth village slated for completion next month

Summerset Group Holdings, New Zealand’s third-largest listed retirement village operator, said the first 14 homes in its $55 million New Plymouth retirement village will be completed next month, with residents expected to move in before Christmas.

The Wellington-based company plans to build about 150 units on the 4-hectare Carrington Road site ranging from townhouses and villas to care apartments and rooms. It acquired the site last year and began construction earlier this year. Many of the first homes have been sold, it said, without providing specific figures.

Summerset expects to build 250 retirement units in 2014, and aims to lift that to 300 in 2015. It has 19 villages across New Zealand and land sites in Casebrook, Ellerslie, Lower Hutt and Wigram.

Shares of Summerset last traded at $2.63 and have shed 19 percent so far this year, lagging an 8.7 percent gain in the NZX 50 benchmark index. The stock is rated an average ‘buy’ based on the consensus of five analysts polled by Reuters.

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