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Summerset enjoys record sales in quarter

NZN 6/07/2016 Paul McBeth

Retirement village operator and developer Summerset Group, expects the opening of a new village in Ellerslie later this year will keep sales humming after a record quarter.

The Wellington-based company lifted occupation rights sales 28 per cent to 185 in the three months ended June 30, its biggest quarter since the company was founded.

Of those, new sales were up 32 per cent and resales rose 22 per cent to 77.

"Our combined new sales and resales for Q2 were the most we have ever achieved in a quarter, which has contributed to a record number of first-half total sales," chief executive Julian Cook said.

"The past six months has seen good growth for Summerset and we expect this to continue strongly as the first stage of our Ellerslie village opens in September."

Mr Cook has previously said he wants to double its size over the next six years. The company has 21 villages and six more under development.

The shares last traded at $4.56 and have gained 12 per cent so far this year.

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