SINGAPORE (Dec 3): Thakral Corporation is set to acquire another 46.4 hectares of prime land in Queensland, Australia, through its GemLife joint venture for over-50s retirement housing. 

In a regulatory filing on Tuesday, Thakral said that the land, located in Pimpama, within the Gold Coast region, will accommodate a world-class lifestyle resort for those aged above 50 years old. 

GemLife has committed about A$20 million ($18.7 million) to the resort, which will be its largest to-date.

Subject to development approval, the resort will comprise about 450 homes upon completion, Thakral says.

It will also feature first-class modern, low-maintenance homes and extensive, premium community facilities. 

This will bring GemLife’s portfolio to seven resorts, with more than 1,800 residential units.

Construction at the site is expected to commence in 4Q20.

The acquisition comes just two months after Thakral announced an acquisition of a property located on the Pacific Paradise on the Sunshine Coast in Queensland, Australia. 

See: Thakral acquires property in Queensland to expand GemLife's retirement housing venture

GemLife’s CEO Adrian Puljich says that the finalisation of the acquisition has unlocked the next phase of the development.

“We’re pleased to conclude the purchase of the Pimpama land and are excited to see our vision for a premium over-50s lifestyle-resort at the site advance to the next stage,” says Puljich. 

Greggory John Piercy, Director of GemLife and Joint Managing Director of Thakral Capital Australia adds that the acquisition marks another milestone for GemLife.

This follows a strategic decision over five years ago by Thakral’s Investment Division to invest in the retirement living space, he says. 

“The site is also close to the new A$1 billion Westfield Coomera Town Centre as well as the rail line connecting the Gold Coast to Brisbane. Given its good location and the continued demand for retirement housing in Australia, we expect the take-up for this project to be excellent,” says Piercy. 

Shares in Thakral closed flat at 45.5 cents on Tuesday, prior to the announcement.