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Thakral acquires 4.4ha Queensland site for A$6m via retirement resort JV
MAINBOARD-LISTED Thakral Corporation has acquired 4.4 hectares of prime land in Queensland, Australia to expand its development of resort-style retirement housing, it announced on Monday after market close.
The acquisition was made through joint venture GemLife, which has committed A$6 million (S$5.61 million) to develop a new resort on the land.
The property will be GemLife's sixth such resort. With 96 homes, it will bring the firm's total number of residences to over 1,400. Construction is set to start in October, with the first homes ready for occupancy in early 2020.
Thakral group chief executive officer and executive director Inderbethal Singh Thakral said the move is in line with the group's "strategy of growing its real estate investments for sustainable and predictable returns", noting that demand for senior living communities is expected to rise and returns to grow over time.
Thakral, which has two business divisions of investment and lifestyle, entered the retirement living space five years ago. Said GemLife director and joint managing director of Thakral Capital Australia Greggory John Piercy: "Demand for retirement housing in Australia continues to grow in line with the country's ageing population. With prime resort locations, the well-established GemLife brand and a market-leading product, GemLife is well-positioned to capitalise on this growth over the coming years."
Thakral shares closed unchanged at S$0.44 on Monday before the announcement.