Of those sales, 39 were new units, 52 were new care suites, 71 units were resold and 109 care suites were resold.<\/p>\n
Liz Coutts chairs Oceania. Photo \/ NZME<\/p>\n
Care occupancy is at 94.7%. Hospital-level care beds and suites generate more than $15,000\/bed annually. <\/p>\n
\u201cCost savings of $20.4m were identified, with $4m delivered in 1HY26 and on track to deliver $13.2m in FY26.\u201d<\/p>\n
The company cited \u201ccost efficiencies\u201d and a sharper focus on working capital.<\/p>\n
The company cited the housing downturn<\/a>: \u201cThe broader housing market has constrained our residents\u2019 ability to sell their family homes over recent times, acting as a handbrake on sales.\u201d<\/p>\n It hopes for an improvement when it says \u201cthe demographic drivers will return\u201d, indicating it hopes then for people aged 75+ to be able to sell their homes.<\/p>\n Gearing was cut to within the target range, and the business was well positioned for further sustainable improvement in the second half of its financial year, it said.<\/p>\n Debt is $608.9m, down 3% from $628m. Gearing is at 35%, down 1.5% from March and within the 30-35% target.<\/p>\n Total assets rose 3.3% from $2.9m to $3b, of which $2.9b is in property.<\/p>\n Pre-sales at a new Franklin village stand at 35.5% with 11 of 31 villas available under contract. The company is spending $54m there. By January, 31 villas are due to be built.<\/p>\n The company is making a huge development margin of 35.4% on its projects. <\/p>\n The value of unsold development stock fell from $342m at FY25 to $302m at the end of September. <\/p>\n This happened despite the completion of 40 dementia suites at Meadowbank, adding about $25m of new stock during the half year.<\/p>\n The company\u2019s $150m The Helier in St Heliers was last year<\/a> 69% empty. An investor presentation in August this year ,said it was still half-empty.<\/p>\n But today, the company said The Helier was 54.5% sold or units applied for, leaving it 45.5% empty.<\/p>\n \u201cAt The Helier, sales continue to improve, with 54.5% of residences either occupied or under application as at November 20 and targeting full cash recovery, including interest, by March 31, 2026,\u201d Oceania said today.<\/p>\n In August, it said of that property: \u201cSales momentum improving under revised strategy with over 50% of residences now occupied or under application\u201d.<\/p>\n The company also told in August what went wrong in St Heliers when the apartments were marketed as the housing market turned down sharply.<\/p>\n \u201cEarly sales momentum slowed due to initial product positioning,\u201d it said. <\/p>\n Units at the property, which opened in 2023 are not cheap.<\/p>\n Prices for a licence to occupy an apartment in the 111-unit property at 28 Waimarie St started last year from $1.5m to $5m+. <\/p>\n It costs up to $3500\/week for higher-needs geriatric care in the care residences.<\/p>\n Oceania was then advertising a \u201cbrand new\u201d 80sq m apartment for $1.7m and a never-lived-in 124sq m place for $2.7m.<\/p>\n The Helier is now advertising a two-bedroom unit on the third floor for $2.5m, a two-bedroom unit on the second floor for $1.2m and a sixth-level unit to \u201csoak in the cityscape\u201d for $2.9m<\/p>\n Chief executive Suzanne Dvorak<\/a> said last November: \u201cThe Helier opened last year right on the cusp of the tough economic times so sales were always going to be tricky\u201d.<\/p>\n Of the financial year\u2019s second half, the company said the focus was on accelerating sales, progressing a divestment programme, continuing to cut costs and further improving care profitability.<\/p>\n As at September 30, 2024, Oceania said it:<\/p>\n Provided accommodation for 3400 residents; Had been running 15 years;Employs 2500 staff;Has 2209 care beds and care suites;Owns 1915 units; Has 38 properties.<\/p>\nOceania Healthcare’s Green Gables, Nelson. Photo \/ NZME<\/p>\n
Oceania Healthcare chief executive Suzanne Dvorak. Photo \/ NZME<\/p>\n
Still half-empty: The Helier at 28 Waimarie St, St Heliers. Photo \/ Oceania Healthcare<\/p>\n
Indoor pool at The Helier retirement village in St Heliers. Photo \/ Oceania Healthcare<\/p>\n
Extensive views from The Helier retirement complex in St Heliers. Photo \/ Oceania Healthcare<\/p>\n