Otaki has entered into an agreement to purchase homes from Kerikeris Holiday Homes for an undisclosed amount.
“We are very excited to be buying properties from Kerikers holiday homes and have made great progress towards our vision to develop our home-ownership programme in a way that is inclusive of our community,” said Otaki Chief Executive Officer Jana Dzurak.
Kerikeri has owned and operated two properties since its founding in 1924 and has been a leader in the residential building sector since it opened in 1972.
The Otaki home-owning market is projected to grow to $1.6 billion by 2020, according to a research note from TD Securities.
While Otaki is a large home-builder in the Otaki-Waikato area, it has had success in areas such as Auckland and Wellington, as well as in Sydney and Melbourne.
Otaki, which opened in 2006, employs more than 6,500 people in its facilities.
Otakis chief executive is expected to report his plans to Otaki on Tuesday. – Stuff