This article is from the Australian Property Journal archive
SINGAPORE’S Thakral Corporation’s appetite for Australian retirement living shows no signs of slowing despite COVID-19, by snapping up a 13.4 hectares site in Lake Cathie New South Wales.
Through its GemLife joint venture with the Puljich family, they plan to develop an of over-50s lifestyle resort.
Named GemLife Rainbow Beach, it will comprise 179 homes upon completion, bringing the total number of residences in GemLife’s portfolio to over 2,200.
Thakral’s Group CEO and executive director Inderbethal Singh Thakral said research shows that the number of persons aged 65+ is set to almost double in Australia over the next two decades.
“Baby boomers are now not just looking for a home, but a lifestyle for them to spend their golden years. They are increasingly looking for the value proposition of a retirement resort and a community that can support their aspirations.
“Our investment in GemLife remains robust despite the COVID-19 pandemic and is expected to deliver sustainable and positive returns over the long term,” Thakral said.
Aside from GemLife Rainbow Beach, GemLife has nine other over-50s lifestyle
resorts across Queensland, Victoria and New South Wales.
This latest transaction comes hot on the heels of the acquisition of a 10ha Palmwoods site on the Sunshine Coast a fortnight ago.
