Summerset Group Holdings Limited (ASX:SNZ) Reports Strong Q4 Sales
Sales Metrics Overview
Summerset Group Holdings Limited announced a robust quarter ending 31 December 2024, reporting 361 sales of occupation rights. This includes 169 new sales and 192 resales. The total settlements for the fiscal year reached 1,238, marking a 12 percent increase from FY23. The fourth quarter performance was consistent with the previous year, maintaining strong sales despite a sluggish residential property market.
CEO Insights
Scott Scoullar, CEO of Summerset, expressed satisfaction with the results. ““This is a positive result for both the quarter and the full year, the residential property market has been slow but despite this we’ve continued to grow.” he stated. Scoullar highlighted that the company has successfully navigated a challenging economic landscape, and the strong demand reflects the appeal of Summerset’s completed and established villages.
Key Developments
A significant milestone was achieved with the completion of the first stage at the St Johns village, which saw 60 percent of the homes delivered along with the main community centre featuring amenities like a pool and café. Over 25 percent of the units are now under contract across various living options.
Sales outside Auckland have been strong, with Pāpāmoa, Te Awa, and Richmond leading new sales. The company continues to report balanced sales across New Zealand and remains optimistic about future developments in its Australian pipeline.
Summerset Group is set to release its full year financial results on 28 February 2025.
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.