(Nov 11): The Australian residential property market has suffered a multi-year downturn, but Thakral Corp is optimistic that its retirement resort venture, GemLife, is relatively immune from the upheavals in the wider property market and poised for steady growth ahead. “Demand exceeds supply at the moment,” says Kevin Barry, joint managing director of Thakral Capital Australia, in an interview.

A 50:50 joint venture was formed in 2015 with Australia’s Puljich family, which has been active in the local retirement home business for more than three decades, via the Living Gems brand. This is the first time the Puljich family has gone into a joint venture in the retirement home market and the GemLife branding is used.

So far, GemLife has six active sites in various stages of development. They are located in the three most populous Australian states of New South Wales, Victoria and Queensland. These six sites will have a total of 1,400 homes. Of this number, just under 500 have been sold and 250 are occupied. “We continue to generate good sales volume across this portfolio of assets,” says Barry.

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