By Joe Helm
The major growth opportunity for listed retirement village operator Metlifecare lies in infill expansion within existing villages, the group says in its annual report.
The report said the group holds land available for constructing over 960 units and serviced apartments and 190 care facility rooms.
In most cases the infrastructure
is in place and resource consents had been obtained.
The construction programme for 1999 is designed to meet demand for additional units and serviced apartments in existing villages and deliver units and serviced apartments at two new villages, in Titirangi and Remuera.
Pinesong village in Titirangi will provide 19 apartments and 17 independent units in 1999 while conversion to apartments and community facilities at the Remuera site will start next month.
The 1999 development programme will be funded from the $9.5 million raised in October's cash issue, internal cash flow and medium term credit facilities.
In the December year Metlifecare lifted tax-paid profit by 33 per cent to a record $8.47 million, including $1.7 million profit on the sale of the business and assets of Metlifecare Beechworth in Albany, sold for an industry record of $9.5 million.
Directors said 1998 was probably the group's best year yet for creating shareholder wealth. Because of the recession, assets were bought at prices and at a stage in their development which offered significant benefit to Metlifecare and were unlikely to be repeated.
