Summerset Group Holdings Limited announcing it has purchased properties in both New Zealand and Australia. The acquisitions, in Palmerston North's Kelvin Grove and Melbourne's Craigieburn, come as the company released its half-year result showing an underlying profit of $75.5 million, up 68% on the same period last year. The Kelvin Grove site will be home to Summerset's second village in Palmerston North. Up to 9ha is to be developed as a village offering more than 300 retirement units comprising independent living villas, cottages and apartments, as well as serviced and memory care apartments. Kelvin Grove is a developing suburb on the semi-rural edge of Palmerston North, just 6km from the city Centre. At Craigieburn in north Melbourne, the company will look to build a village featuring about 200 retirement units and serviced and memory care apartments on a 9.76ha site. The combined investment in the two sites will be in excess of $300 million.