Summerset Q1 2024 Sales Report

Summerset Group Holdings Limited (ASX: $SNZ) has reported a robust sales performance for the first quarter ending 31 March 2024. The company recorded a total of 255 sales, comprising 134 new sales and 121 resales, marking a 21% increase compared to the same period last year. CEO Scott Scoullar highlighted the strong sales at key villages such as Te Awa (Napier), Papamoa, and Bell Block (New Plymouth), all of which have experienced significant sales growth following the opening of their main buildings in the last six months. Summerset remains on track to deliver 675-725 homes in 2024, with notable milestones including the opening of the Papamoa village main building in Q1 and the upcoming launch of the St Johns village in the second half of the year. Additionally, the company is set to unveil the main building at its Boulcott village later this year, featuring an indoor pool overlooking the Boulcott Farm Heritage Golf Course. Summerset also achieved a significant milestone in Q1 with the first Australian residents moving into Summerset Cranbourne North in March, signaling the company's expansion into the Australian market.

Executive Commentary

Total sales for Q1 this year were 21 per cent higher than the same time last year, with both new and resales increasing year-on-year. Our highest selling villages of the quarter were Te Awa (Napier), Papamoa and Bell Block (New Plymouth). All three villages have had their main building open in the last six months and are selling very well. We also remain on track to deliver the main building at our Boulcott (Lower Hutt) village later this year. The building will include an indoor pool overlooking the Boulcott Farm Heritage Golf Course. Welcoming our first residents at Summerset Cranbourne North in Australia was a major step for the Australian team.

Sales Performance and Expansion Outlook

Summerset Group Holdings Limited (ASX: $SNZ) has demonstrated a strong sales performance in Q1 2024, with a 21% increase in total sales compared to the same period last year. The company's CEO, Scott Scoullar, highlighted the success of key villages such as Te Awa (Napier), Papamoa, and Bell Block (New Plymouth), attributing their strong sales to the recent opening of their main buildings. Summerset remains on track to deliver 675-725 homes in 2024, with significant milestones including the opening of the Papamoa village main building in Q1 and the upcoming launch of the St Johns village in the second half of the year. Additionally, the company is set to unveil the main building at its Boulcott village later this year, featuring an indoor pool with views of the Boulcott Farm Heritage Golf Course. The successful move-in of the first Australian residents at Summerset Cranbourne North in March marks a significant milestone for the company's expansion into the Australian market. With ongoing developments in New Zealand and expansion into Australia, Summerset is poised for continued growth and success in the retirement village sector.