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Putāruru’s housing stock is set to swell by 200 senior living homes as South Waikato’s largest new residential development, Overdale Estate, gears up for its second stage.
The news comes after JLL Retirement Villages Market Review 2024 showed New Zealand needs to build 932 retirement units every year for thenext 25 years to meet demand.
Meanwhile, according to the Waikato Housing Initiative’s 2023 housing stocktake published in a report last year, the South Waikato District alone would need a total of 2510 new homes by 2043, or 126 houses to be built annually over two decades.
Earthworks on Overdale Estate began in 2022. Since then, 31 homes have been completed, sold, or have begun construction.
According to a council statement, the retirement homes would include a mix of lifestyle and retirement villas, alongside onsite care services.
“The development is designed to adopt multi-generational living, with families able to remain in one neighbourhood from first home through to retirement,” the council said.
South Waikato Mayor Gary Petley (left) and Ultimate Global Group Chief Operating Officer Lloyd Cloughley at the Overdale Estate site in 2022.
Overdale Estate’s development is being overseen by Ultimate Global Group, a New Zealand-based international conglomerate specialising in the development of sites in New Zealand and Asia.
Ultimate Global Group chief operating officer Lloyd Cloughley said the retirement stage of the development would inject $120m into the local economy through construction and services.
“Once complete, ongoing contributions from residents, employees and visitors will provide even greater benefit for the region,” Cloughley said.
“We’re proud to be delivering more than just homes, we’re building a community that meets the needs of retirees and drives long-term economic growth for South Waikato.”
South Waikato's largest new housing project Overdale Estate is being developed by Ultimate Global Group.
Overdale Estate’s first stage was originally scheduled to deliver 22 homes.
When ground broke on construction, seven of the houses had already been purchased by families and investors.
At the time, Cloughley said an Overdale Estate “entry-level house”, built to stand alone on a 600 square-metre section was priced at $715,000.
Maryana Garcia is a Hamilton-based reporter covering breaking news in Waikato. She previously wrote for the Rotorua Daily Post and Bay of Plenty Times.
