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Listed retirement village developer and operator Ryman Healthcare expects to sell units at its new Orewa development for $200,000 to $700,000.
Development manager Ray Versey said the project was at an early stage and no price had been put on units in the new complex. But they could sell in this range and it was expected around 300 people would live in the proposed village.
Ryman said this week it had bought a 4.8ha block where it planned to build the large village.
The company bought vacant land zoned for residential use on Ambassador Glade on the central northern side of Orewa, Versey said.
Ryman has 14 villages where 2800 people live, but in the next year it plans to open complexes in Remuera, Palmerston North and Christchurch.
Finance Minister Michael Cullen this week opened the Summerset Retirement Village in Napier, where he noted the effects of an ageing population on property and the needs of the elderly.
"In half a century a quarter of us will be over 65. Many of us will live a third of our lives beyond the age we know today as the retirement age," he said. "Accommodation options have to reflect our new attitudes. Seniors expect the housing available to them to be high quality, affordable and to meet their individual needs."
But some problems at retirement villages meant a new code of practice would come into force next year covering occupation rights, safety and emergency management.
The bulk of complaints about retirement villages were about the time taken to sell vacant units.
Residents were concerned at the exit charges involved in paying for vacancies when it took so long to sell.
Shares in Ryman closed up 15c to $9.85 yesterday.
