Summerset Group Holdings, whose shares have made more than twice the NZX 50 Index's gains in the past 12 months, said it gained resource consent to build a $55 million retirement village in New Plymouth.
The Wellington-based company plans to build about 150 units on the 4 hectare Carrington Road site ranging from townhouses and villas to care apartments and rooms. It acquired the site last August.
Shares of Summerset rose 1.5 percent to $3.34 and have gained 35 percent in the past 12 months, while the NZX 50 rose 15 percent. The stock is rated a 'hold' based on the consensus of five analysts polled by Reuters, with a media price target of $3.55.
The company is scheduled to release its full-year earnings on Feb. 25 and is expected to post a 68 percent gain in profit, according to brokerage First NZ Capital.