NZX, New Zealand’s Exchange – Announcements, Financial Results For The Year Ended 31 December 2024

Underlying profit up 8%, revenue up 18%, assets up 16%, development margin 29% — good for its shareholders, but they still complain about Kapiti council developer fees! Kapiti is an area that they (and similar property development businesses) are attracted to because of the high percentage of retired people, especially in Waikanae and Paraparaumu.

Their Park Avenue village hasn’t been popular in Waikanae, particularly since they asked for and got the closure of the nearby Recycling facility in 2022 and an access route through the main street of the Ferndale subdivision which locals opposed back in 2020. And there is the general issue of congestion and strain on public infrastructure.