Record quarter for Summerset Group

3:43 PM Monday January 12, 2015 Anne Gibson

Chief executive of retirement village operator Summerset, Julian Cook.

Wellington-headquartered retirement specialist Summerset Group has announced record sales and cited expansion of its village network as one of the reasons.

Julian Cook, chief executive, said the NZX-listed business had beaten all previous records although he warned the good times might not last.

The group achieved 164 sales for the December quarter - 113 new sales and 51 resales of occupation rights in existing properties.

"This represents a record level of total sales in a quarter, and is 48 per cent higher than that achieved in the same quarter last year," Summerset announced.

"The 113 new sales is also the highest quarter of new sales in the company's history, beating the previous record of 68 new sales in the third quarter of 2014, a 66 per cent increase."

Cook cited rapid development.

"The record activity and level of sales across the group in the last quarter of 2014 was very pleasing. As previously indicated, we had four new villages contributing to new sales results in the second half of 2014, with openings in Karaka, Hobsonville, New Plymouth and the Trentham extension. All of these contributed to the strong sales figure," he said.

"Sales momentum for new retirement units over the first quarter of 2015 remains strong, though we do not expect the sales outcome to be at the levels seen this quarter due to the timing of new village openings."

Summerset said resales for the quarter were also strong at 51 - the highest quarterly result in 2014 - with unsold resale stock as at December 31 at a low level of 26 retirement units.