Summerset Group Holdings Limited
(ASX:SNZ) has received approval to build a $100 million retirement village in Christchurch, New Zealand.
The Casebrook village will offer 237 two and three bedroom villas as well as a 49-bed high-care centre across a 9.7 hectare site that will include a cafe, library, gym and hair salon.
The area is poised for long term retirement growth with around 7,000 residents over the age of 75 living within close radius of the proposed development.
Construction will commence in early 2017 with first homes available by the end of that year.
Summerset made a net profit of $31.6 million for the 2015 financial year.
