Thakral in joint venture with Australia's Living Gems to launch Gemlife brand of retirement housing

GTH Resorts group of entities, a joint venture between the subsidiaries of Thakral Corporation and Australian retirement homes operator Living Gems Lifestyle Resorts, has launched its Gemlife brand for resort-style retirement housing.

The joint venture will be developing resort-style retirement communities under this brand, Singapore-listed Thakral said on Monday.

Its first two communities GemLife Bribie Island and GemLife Highfields were launched in Queensland late last month and earlier this month respectively.

GemLife's retirement homes are targeted at the "baby boomer" housing market in Australia. It is growing rapidly with the over 65-year-old cohort the fastest growing age group, growing at 3.6 per cent per year. The housing units are directed at owner-occupiers with a price range of between A$360,000 and A$575,000.

"Joining hands with Living Gems, one of Australia's most well-known and respected operators in the retirement homes sector will give the group a notable footprint in the business," Thakral's CEO Inderbethal Singh Thakral said.

"Our alliance with Living Gems will provide the group with stable returns over the long term. This is in line with our overall strategy to achieve sustainable growth for the group and deliver positive shareholder value," he added.

GTH Resorts JV has already established seven project companies, contracted three development sites for about 800 homes and are negotiating contracts on three more sites, Thakral said.

GemLife Bribie Island is expected to have 404 homes on a 24.9 ha site, including a 9.5 ha lake while GemLife Highfields will have 233 homes on a nine ha site.

The first occupants for both retirement home sites are expected to move in by mid-2017. Thakral noted that buyers typically purchase their Living Gems units from the sale proceeds of their family home or superannuation funds.

A third site in New South Wales, which can accommodate 210 homes on an 11 ha site, is expected to be approved for development in the fiscal first quarter of 2017.