Singapore-listed Thakral Corporation Ltd has set up a joint venture via its subsidiary Thakral TCAP with PVAP Pty Ltd of Queensland to develop resort style retirement villages for over 50s living under the brand “Living Gems – A Thakral Joint Venture”.
The 50:50 joint venture, GTH Resorts Pty Ltd, awaits formal approval from Australian authorities to develop its first resort at Highfields, some 125-km from Brisbane.
GTH Resorts has recently signed a contract for A$6.25 million to acquire a 8.46-ha site where it would build a village of retirement community with more than 200-homes, its first property.
The Highfields project cost is estimated at A$35.7 million and will be funded from internal sources, sales proceeds from the homes and bank loans, said TCL.
GTH Resorts intends to acquire more sites in South Queensland and Northern New South Wales to develop more than 1,000 retirement homes before expanding into other major cities and regions in Australia.
The Puljich family-owned PVAP has a 30-year track record of developing, owning and running retirement communities in South East Queensland under the Living Gems brand with more than 1,100 dwellings.
Mr. Jaginder Singh Pasricha, TCL’s Managing Director, Investments & Corporate, said, “We are not only funding the projects undertaken with the Puljich Family but are also participating as a joint venture partner. This allows us to share a deeper involvement in the business as well as gives us sustainable long-term growth. The demand for retirement housing in Australia is expected to increase significantly in line with the ageing of the population over the coming decades. We consider this sector to continue to grow and to be resilient to economic cycles. It is also a business model which is expected to be able to be replicated in Asia once we have fully understood the intricacies of the business in Australia.”
TCL’s venture comes at a time of rising demand for retirement homes in Australia. According to Aged and Community Services Australia (ACSA), demand for retirement housing is expected to increase by 117% from 32,200 to 69,000 over the next decade.
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