Singapore's Thakral to Develop Resort at Gold Coast

Singapore, Feb 20 (PTI) SGX Mainboard-listed Thakral Corporation Ltd, an Indian-origin business group, and its associate in Australia, GemLife, has received approval to develop Australia's first vertical land lease community at Currumbin Waters, Gold Coast.

The AGD 450 million over-50s lifestyle resort is likely to be launched this year.

Announcing the project on Thursday, Ashmit Singh Thakral, Alternate Director of Thakral as well as the CFO and a Director of GemLife, said, "This landmark project underscores GemLife's commitment to innovative and sustainable real estate solutions."

"As Australia's first vertical land lease community, it represents a significant step forward in redefining over-50s living. This vertical model will offer a variety of housing options across different price points, providing greater affordability and flexibility for homeowners while securing long-term recurring revenue growth, reinforcing GemLife's ability to deliver sustained value for residents and stakeholders alike," said Thakral.

The premium development will feature six three-level buildings and one four-level building, offering 205 spacious three-bedroom apartments.

Spanning 13.85 hectares, the community will also include an exclusive multi-million-dollar country club equipped with premium amenities such as a boutique cinema, bowling alley, indoor pool with spa, gym, lounge, ballroom, and much more.

About 70 per cent of the site will be dedicated to green open space that is preserved and will be rehabilitated. This includes a 7.7-hectare parcel that will be transferred to Gold Coast City Council as protected public open space.

GemLife Director and CEO Adrian Puljich said there was significant demand for quality over-50s living on the southern Gold Coast.

"We are thrilled to have the green light for the project and will be working to bring it to the market as soon as possible, to help fill a shortage of supply for relaxed yet elevated over-50s apartments on the Gold Coast," he said.

"The development will raise the bar for this style of living and, as our first apartment village, is an exciting addition to our portfolio of communities across Queensland, New South Wales and Victoria," said Puljich.

Thakral Corporation's core business comprises a growing investment portfolio in Australia, Japan, and Singapore.