Thakral Corporation has acquired some 13.4 hectares of prime land in New South Wales, Australia, through its GemLife joint venture for the development of over-50s lifestyle resorts.

This brings the number of resorts under the GemLife portfolio to 10.

GemLife is a 50-50 joint venture with the Puljich family, who has 30 years of award-winning experience, to build and run retirement resorts across Australia.

The land, which is located in Lake Cathie, New South Wales, will accommodate a world-class over-50s lifestyle resort, which will comprise some 179 homes upon completion.

The latest resort, which will be named GemLife Rainbow Beach, brings the total number of residences under GemLife’s umbrella to over 2,200.

“Research shows that the number of persons aged 65+ is set to almost double in Australia over the next two decades. Baby boomers are now not just looking for a home, but a lifestyle for them to spend their golden years. They are increasingly looking for the value proposition of a retirement resort and a community that can support their aspirations,” says Inderbethal Singh Thakral Group CEO and executive director at Thakral.

“And GemLife, with its strong brand of premium resorts, is well-poised to cater to this demand surge. Our investment in GemLife remains robust despite the COVID-19 pandemic and is expected to deliver sustainable and positive returns over the long term,” he adds.

GemLife’s CEO & Director, Adrian Puljich says, “Set in a premium location in the Port Macquarie region on the Mid North Coast of New South Wales, GemLife Rainbow Beach will offer premium homes and first-class lifestyle facilities, including indoor and outdoor pools with spas, gym, luxury cinema, wine room, meditation garden and much more within a stunning master planned community”.

“Close to the area’s famous beaches, wineries, arts and cultural attractions, and ancient coastal rainforest, GemLife Rainbow Beach’s idyllic setting is also near local shopping precincts and medical facilities. We are excited to be developing our 10th resort in this terrific area,” Puljich adds.

Civil works and construction are expected to start in 1Q21, with the first homes to be move-in ready by 4Q21.

As at 9.12am, shares in Thakral Corporation are changing hands flat at 42 cents.