Thakral Corp's JV GemLife acquires 2 more Australia properties for retirement housing

SINGAPORE-LISTED Thakral Corp has acquired two additional properties in Australia through its joint venture GemLife which has committed A$20 million (S$21.3 million) to develop them into resort-style retirement housing.

The properties - Thakral's first two properties outside Queensland - are located in Victoria and New South Wales and have a land area of 11.7 hectares and 11.6 hectares, respectively.

GemLife Woodend in Victoria will have 199 homes while GemLife Lennox Head in New South Wales will have 170 homes when completed and sold out.

This brings the total number of homes currently under the GemLife umbrella to over 1,000, said the company in an announcement.

Development costs for both properties will be funded by senior debt, capital provided by GemLife as well as the proceeds from home sales.