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Thakral's JV GTH Resorts buys two properties in Australia to build retirement homes

MAINBOARD-LISTED real estate company Thakral Corporation on Monday said that GTH Resorts - a joint venture between TCAP Partners (a subsidiary of Thakral) and PVAP Pty Ltd (a subsidiary of Living Gems Lifestyle Resorts) - has acquired its first two properties in Queensland, Australia.

GTH Resorts will develop and operate resort-style retirement housing for seniors over 50. These properties are Bongaree, Bribie Island, which has a land area of 24.89 hectares, and Highfields, Toowoomba, which has a land area of 9.4 hectares.

Development costs for both properties will be funded by senior debt, capital provided by the Thakral's investment division and PVAP, as well as the proceeds from home sales.

Thakral's investment division has committed around A$20.5 million (S$21 million) to the development of the two properties, of which approximately half has been raised from the division's managed funds.