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.