Ryman Healthcare is planning to construct a $100 million retirement village somewhere in Melbourne and Victoria. It declared that its first village will be built in Australia.

Though, eastern seaboard was also an option with the Company, but Victoria exhibited best opportunities.

The building at Dunedin will be three-storied having 122 rooms along with wards for dementia-care, rest-home and assisted living suites. It will start operating from March next year.

Presently, the organization has 21 such villages in New Zealand, which offers retirement living and rest-home care for 5000 people and comprises a staff of 2500 members.

Dr. David Kerr, Ryman Chairman said, “The Company was actively seeking its first Australian site, having studied the market for several years and saw it as the next logical step in the growth of Ryman”. The statement was made at Ryman’s annual meeting of shareholders in Orewa, north of Auckland.

The Company employed real-estate agents to find a site within the next 12-18 months.

As stated by Grant Williamson, a Director of Brokerage Hamilton Hindin Greene, Ryman is entering into new market with a steady approach, which is a tough job for other Companies in New Zealand.

The news stabilized the Company’s shares at $2.04, a good rise from an intraday low.