Artist’s impression of the amenities at a Living Gems over 50s resort.
GTH Resorts, a joint venture between TCAP Partners and PVAP, has acquired its first two properties in Queensland, Australia. TCAP is a subsidiary of mainboard-listed Thakral Corporation Limited (TCL), while PVAP is a subsidiary of Living Gems Lifestyle Resorts.
In an SGX filing, TCL revealed that GTH Resorts will develop and operate a resort-style retirement home for seniors over 50 at both properties. Bongaree, Bribie Island has a land area of 24.89ha, while Highfields, Toowoomba has a land area of 9.4ha.
Bulk earthworks on the Bribie Island project are already underway, while approvals are currently being sought to commence bulk earthworks on the Toowoomba project. Construction of the homes is expected to start by mid-2017.
When completed, the Toowoomba property will feature 223 homes, while the Bribie Island property will have 404 homes.
Development costs for the properties will be financed by senior debt, capital provided by the investment division of TCL and PVAP, as well as the proceeds from home sales.
TCL’s investment division has committed around AU$20.5 million (S$21.05 million) for the development of the properties, approximately half of which was raised from managed funds.
Owned by the Puljich family, PVAP has over 30 years of experience in acquiring, developing and operating resorts for seniors over 50, under the Living Gems brand.
Living Gems pioneered the business model for the over 50s community in Queensland. It currently operates 10 manufactured housing estates with over 1,100 homes occupied, and another 1,300 homes under various stages of development.
Adrian Puljich, Director of GTH Resorts and PVAP, said: “Both sites are in great locations and will provide exceptional resort-style community facilities that homeowners have come to expect within our Living Gems developments.”
“We expect the demand for retirement housing in Australia to continue to grow in line with the country’s aging population. We have an outstanding partner in PVAP via the Puljich family and we look forward to working together to grow the GTH Resorts business,” added Greggory John Piercy, Director of GTH Resorts and TCAP.