Thakral Corp.’s GemLife joint venture has entered a deal to acquire 46.4 hectares of land in Queensland, Australia, to develop a lifestyle resort for people over age 50, the Singapore-listed company said in a filing to SGX Tuesday.
The property, located in Pimpama, in the Gold Coast region, will be GemLife’s largest and will expand GemLife’s portfolio to seven resorts, the filing said.
The joint venture has committed around A$20 million to the resort, subject to development approval, and it will have around 450 homes on completion, the filing said.
“The acquisition is in line with our strategy of growing our real estate investments for sustainable returns,” Inderbethal Singh Thakral, CEO and executive director of Thakral, said in the statement.
“Growing wealth and longer life spans have made retirement housing an attractive investment option. We are confident of achieving positive returns,” he added.
The gated resort will include modern, low maintenance homes and premium community facilities, Thakral said, adding the location was near shopping centers, public transport and medical facilities.
Construction is expected to begin in the fourth quarter of 2020, Thakral said.
The acquisition of the land is subject to Foreign Investment Review Board (FIRB) approval, the filing said.