This article was originally published on Monday, 30 September 2019 at 22:45 SGT; it has since been updated to provide details of the GemLife joint venture.
Thakral’s joint venture, GemLife, has acquired 4.4 hectares of land in Queensland, Australia, to develop an over-50s lifestyle resort, the property company said in a filing to SGX Monday.
The project, which will boost GemLife’s portfolio to six over-50s resorts, is located in Pacific Paradise on the Sunshine Coast and will have 96 homes when it is completed, bringing the company’s total to more than 1,400, the filing said.
GemLife has committed around A$6 million to the resort, Thakral said.
Construction will begin next month, with the first homes to be ready for move-in in early 2020, Thakral said.
“Demand for senior living communities is expected to rise and returns to grow over time,” Inderbethal Singh Thakral, CEO and executive director of Thakral, said in the statement.
“Growing wealth, longer lifespans, a changing mindset and nuclear families have made retirement housing an attractive investment option. We are confident of achieving returns from the projects in-line with our investment target,” he added.
The gated resort will include low-maintenance homes and extensive community facilities, and it is located near shopping centers, medical facilities and public transportation, the statement said.
GemLife is a brand of resort-style retirement housing under the 50:50 joint venture, GTH Resorts, between Thakral’s investment subsidiary, Thakral Capital Australia, and PVAP, a subsidiary of Living Gems Lifestyle Resorts, which is owned by the Puljich family.