Singapore mainboard-listed Thakral Corp has acquired 4.4 hectares of land in Queensland, Australia, for a lifestyle resort for over-50s. The acquisition was made through GemLife, its joint venture with Australian-based developer Living Gems.
The land is located in Pacific Paradise on Queensland’s Sunshine Coast, and will be developed into an over-50s resort comprising 96 homes. When completed, the new development will be the sixth retirement resort by GemLife, bringing its total number of residences under management to more than 1,400.
The gated development will feature modern, low-maintenance homes and premium community facilities. The property will also be close to shopping centres, medical facilities, public transport, and entertainment venues. The joint venture has already committed about A$6 million ($5.6 million) to the project, which will begin construction next month. The first homes will be ready in early 2020.
Inderbethal Singh Thakral, group CEO and executive director of Thakral Corp, says: “Demand for senior living communities is expected to rise and returns to grow over time. People in mature economies like Australia are looking at retirement housing in terms of their long-term future.”
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