SINGAPORE (Sept 30): Mainboard-listed Thakral Corporation has acquired another property in Queensland, Australia, as part of its development venture of resort-styled retirement housing for those aged 50 and above.
In a regulatory filing on Monday, Thakral says the latest acquisition, located on the Pacific Paradise on the Sunshine Coast, will expand GemLife’s rapidly growing portfolio to six resorts.
To date, GemLife has committed about A$6 million ($5.6 million) to the resort which will comprise 96 homes upon completion. This brings the total number of residences under the company to more than 1,400.
Construction at the site is scheduled to start next month, with the first homes ready to move into in early 2020.
Group CEO and executive director Inderbethal Singh says the acquisition is in line with the group’s strategy of growing its real estate investments for sustainable and predictable returns.
“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 says.
Director of GemLife Greggory John Piercy adds that the acquisition was another milestone for GemLife following Thakral’s Investment Division’s strategic decision over five years ago to invest in the retirement living space.
Shares in Thakral closed flat at 44 cents on Monday before the announcement.