Arvida Group Limited (NZX:ARV) reports that, whilst sales activity ceased during Alert Level 4 restrictions, sales results since the resumption of activity in May have been encouraging.

Provisional sales metrics over the first quarter of the 2021 financial year resulted in an increase in the gains on sales of occupation rights, when compared to the prior corresponding period, on a lower level of settlements. On an overall basis, $5.0 million of gains were achieved on 44 settlements in 1Q21 compared to $4.8 million on 61 settlements in 1Q20.

Arvida CEO Bill McDonald said, “this was a good result in a period where sales and settlement activity was significantly disrupted. Early signs are showing a resumption of sales activity with good levels of demand and increasing enquiry since the easing of Covid-19 restrictions.”

Pricing achieved for resales settled in the quarter ended 30 June 2020 was on average 3% ahead of unit values assumed by the independent valuers as at 31 March 2020.

Further details are contained within the attachment.

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