Thakral buys Queensland property to grow its retirement housing portfolio

Singapore

MAINBOARD-LISTED Thakral Corporation is acquiring 46.4 hectares of land in Queensland, Australia to expand its development of "resort-style" retirement housing, with A$20 million (S$18.7 million) committed to developing the property.

This acquisition, subject to regulatory approval, is made through its GemLife joint venture for over-50s lifestyle resorts. With this addition, GemLife's portfolio has grown to seven such resorts altogether. This is in line with Thakral's investment division's strategic decision over five years ago to invest in the retirement living space.

The land, located in Pimpama within the Gold Coast region, is GemLife's largest resort to date and will comprise about 450 homes upon completion. This will take the total number of residences under the company's umbrella to more than 1,800.

Construction at the site is expected to commence in the fourth quarter of 2020. The gated resort will feature "modern, low-maintenance" homes and "premium" community facilities, according to a statement by Thakral. The property is said to be within easy reach of shopping centres, medical facilities, public transport and entertainment venues, consistent with GemLife's other resorts.

It is located close to the Pacific Motorway and within a few minutes' drive from the Gold Coast's beaches. The site is also close to the new A$1 billion Westfield Coomera Town Centre as well as the rail line connecting the Gold Coast to Brisbane.

Thakral's group CEO and executive director Inderbethal Singh Thakral said that the acquisition is in line with its strategy of growing its real estate investments for sustainable returns.

"Growing wealth and longer lifespans have made retirement housing an attractive investment option. We are confident of achieving positive returns," he added.