SUM - 4Q24 Metrics - Sales of Occupation Rights

Tuesday 7th January 2025

Summerset Group is pleased to report 361 sales for the quarter ending 31 December 2024, comprising 169 new sales and 192 resales. The company ended the financial year with its highest ever full year result of 1238 total settlements (an increase of 12 percent over FY23).

Total settlements in Q4 were on par with the same period in 2023 (360 sales) with the company seeing it’s highest resale quarter ever.

Summerset CEO Scott Scoullar said this was an encouraging result to end the year, especially in such a challenging market.

“This is a positive result for both the quarter and the full year, the residential property market has been slow but despite this we’ve continued to grow.

“We’ve seen good demand, and we’ve managed to achieve a strong sales result in a difficult economic environment. It’s been very pleasing to see the strength of our resales, reflecting our growing number of fully completed and established villages, and we have a substantial portfolio of both quality new and pre-occupied units around the country that continue to appeal to our target audience.”

The big milestone in the quarter was the completion and opening of the first stage at St Johns village in October seeing 60 percent of the village’s homes delivered as well as the village’s main centre (including pool, café, bar and resident theatre).

Summerset St Johns now has 25 percent of the village units completed to-date under contract across independent living, serviced apartments and care suites.

Outside Auckland, the Pāpāmoa, Te Awa and Richmond villages were among the strongest performers in new sales for the quarter. Resales were led by Casebrook and Avonhead, however Summerset still continues to see a good balance of sales throughout the country with 59 percent of sales from outside Auckland, Wellington and Christchurch. In Australia, our Cranbourne North village continues to perform well as new stages of homes are released.

Mr Scoullar said the company has a strong pipeline of committed sales contracts heading into 2025 across its New Zealand and Australian villages.

Summerset will release its full year results on 28 February 2025.

ENDS

4Q24 Metrics - Sales of Occupation Rights

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