Singapore| 21 Aug 2015 | Asia Samachar |
Singapore-listed Thakral Corporation Ltd is venturing into retirement housing in Australia, already an existing key investment target market.
The latest foray is via a joint venture with PVAP Pty Ltd,a company owned by the Puljich family which boats of a 30- year track record of developing, owning and running retirement communities in South East Queensland under the Living Gems brand.
The equally owned joint venture company, GTH Resorts Pty Ltd, plans to build a retirement community with more than 200-homes with an estimated total development cost of A$35.7 million.
The JV company had recently signed a contract for A$6.25 million to acquire a 8.46-ha site for the project at Kratzke Road, Highfields in Queensland.
“The demand for retirement housing in Australia is expected to increase significantly in line with the ageing of the population over the coming decades,” said Thakral MD for Investments & Corporate Jaginder Singh Pasricha in a statement released on Aug 18.
GTH Resorts will develop resort style retirement villages for over 50s living under the brand “Living Gems – A Thakral Joint Venture”, the statement added.
Eventually, it intends to acquire sites in South Queensland and Northern New South Wales with a view to develop more than 1,000 retirement homes before expanding into other major cities and regions in Australia.
Suitable sites to be developed into resort style retirement communities of 150 to 450 homes range from 5 hectares to 30 hectares, it added.
Listed on the SGX Mainboard since December 1995, Thakral Corporation Ltd has two divisions – Lifestyle Division and Investment Division.
At at end-2014, Thakral had committed A$250 million in completed projects and projects under execution in Australia, according to the company’s 2014 annual report.
In May 2014, for example, the group agreed to commit up to A$46.2 million in capital to build about 651 apartments on two towers in the first stage of a project in Fortitude Valley in Brisbane.
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