Summerset to build more retirement villages
The Summerset Group says it's so confident in the retirement market that it is building seven more villages across the country and expects to put hundreds of new apartments on the market each year.
The company's figures for the third quarter showed a 19% rise in sales compared to the same time last year, which it says reflects the number of new builds becoming available.
Summerset owns 16 villages across the country, and has 2200 residents.
Chief executive Norah Barlow says the company should have 300 new units on the market each year going into 2015.
She says there will be a focus on Auckland, with four sites set aside for villages there.
But Ms Barlow says despite the strong market, the company is facing some difficulties.
She says paying aged care workers at the level at which they should be paid is a major challenge for the future, and there is also the challenge of keeping the quality of facilities at a very high level.
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