Summerset Group Holdings Ltd has bought an 8ha site at Papamoa Beach for its first Tauranga retirement village. It expects to open the new village in 2020.
The property is 4km east of the Papamoa town centre & 11km from Tauranga’s central business district.
Summerset chief executive Julian Cook said today the area was underserved by villages offering a continuum of care for residents. He said the new village would have about 280 homes, including serviced apartments & 2- & 3-bedroom villas. It would also provide a care centre with resthome & hospital-level care, and a memory care centre proviing one-bedroom apartments for people with dementia.
Mr Cook said total construction investment would exceed $150 million and a construction crew of at least 250.
Summerset is on track to build 450 retirement units this year. It has 23 villages completed or in development & 9 greenfield sites.
Attribution: Company release.