Summerset Purchases Land for Second New Plymouth Village

NZX & ASX RELEASE 7 August 2018 SUMMERSET PURCHASES LAND FOR SECOND NEW PLYMOUTH VILLAGE Summerset has purchased land to build its second New Plymouth retirement village. The 8.1 hectare property in Pohutukawa Place, Waiwhakaiho, is close to Fitzroy and Ngamotu golf clubs, Fitzroy Beach, and approximately seven kilometres from New Plymouth's Central Business District. Summerset CEO Julian Cook said the site has sea views and an outlook to Mount Taranaki. "We've had huge demand for homes at our existing New Plymouth village, and I expect this village with its great views will be just as popular with people who want to experience a coastal Summerset lifestyle." The village will offer a retirement community with around 300 homes, including two-and-three bedroom villas and serviced and memory care apartments. In addition, a care centre will provide rest home and hospital level care. The memory care apartments will be Summerset's first in New Plymouth. They will offer people living with dementia their own one bedroom apartment with living space and bathroom in a secure environment. "We're delighted to be able to complement our existing village in New Plymouth, which currently houses more than 200 residents in independent homes and our care centre. "The new village will help to provide for the expected 37% increase in people aged over 75 in the New Plymouth area within the next decade," Mr Cook said. The new village will include amenities such as communal vegetable gardens, bowling green, library and onsite cafe. It's also expected to provide up to 50 full-time-equivalent jobs in the region. Summerset is on track to build 450 retirement units across its New Zealand villages this year. The New Plymouth land purchase brings the company's number of greenfield sites to eight across the country, including Te Awa (Napier), Richmond (Tasman), Avonhead (Christchurch), St Johns and Parnell (Auckland), Kenepuru (Wellington) and Boulcott (Lower Hutt). ENDS For investor relations enquiries: Scott Scoullar Chief Financial Officer scott.scoullar@summerset.co.nz 04 894 7320 or 029 894 7317 For media enquiries: Jenny Bridgen Senior Communications Advisor jenny.bridgen@summerset.co.nz 04 830 1106 or 021 408 215 End CA:00321770 For:SUM Type:TRANSACT Time:2018-08-07 08:30:31