Aerial view of GemLife Lennox Head site
Mainboard-listed Thakral Corporation Ltd (TCL), via its joint venture GemLife, has acquired two additional properties in Australia that it plans to develop into resort-style retirement housing.
In fact, GemLife has committed about A$20 million for the development of the two properties, which are located in Woodend, Victoria and Lennox Head, New South Wales – making them Thakral’s first two properties outside of Queensland.
The 11.7ha GemLife Woodend will boast 199 housing units when completed and sold out, while the 11.6ha GemLife Lennox Head will have 170 units – bringing the total number of homes under the GemLife brand to more than 1,000.
In a release, TCL revealed that the development costs for the two properties will be funded by senior debt, proceeds from home sales and capital provided by GemLife.
Construction at the Woodend site is set to commence in Q4 2017, while works in Lennox Head will start in Q1 2018.
“This is another milestone for GemLife after Thakral’s Investment Division made a strategic decision more than three years ago to invest in the retirement living space,” said GemLife director Greggory John Piercy.
“The demand for retirement housing in Australia continues to grow in line with the country’s ageing population. With an outstanding partner in the Puljich family, prime GemLife locations, and market leading products, our GemLife joint venture is well positioned to take advantage of this growth over the coming years.”
This article was edited by Keshia Faculin.