Ageing population rejuvenates market for retirement villages
Monday 9 August 2004
Longer lifespans are reaping rewards for Vision Senior Living, reports Lesley Springall.
By The LandlordRetirement village operator Vision Senior Living (VSL) is planning new villages in the South Island and Auckland's North Shore to keep up with demand from New Zealand's ageing population.
But plans to list, like its larger rivals Metlifecare and Ryman Healthcare, are at least two years away, said the firm's founding director Peter Bourke.
The company's group results for the year to March, released last week, revealed total assets jumped to $59.7 million from $41.3m, while total equity shot up to $16.5m from $3.5m.
Though not yet finished, the firm's two Auckland villages, Waitakere Gardens and Dannemora Gardens, and Hamilton's Forest Lake Gardens, attracted 117 new unit buyers, taking total unit sales to date to 271.
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It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.