SINGAPORE (THE BUSINESS TIMES) - Mainboard-listed Thakral Corporation has acquired 13.4 hectares of land in New South Wales, Australia, through its GemLife joint venture for an undisclosed sum.

Located in Lake Cathie, the land will be developed into a lifestyle resort for people over the age of 50, expanding GemLife's portfolio to 10 resorts.

GemLife is a 50:50 joint venture with the Puljich family, which has a 30-year track record of building and running retirement resorts across Australia, Thakral Corp said in a press statement on Monday (Aug 3).

Named GemLife Rainbow Beach, the resort will comprise 179 homes upon completion, bringing the total number of residences under GemLife's umbrella to over 2,200.

Civil works and construction are expected to start in the first quarter of 2021, with the first homes ready by the fourth quarter of the same year, Thakral Corp said.

The resort is said to be near shopping centres, medical facilities, public transport and entertainment venues.

Thakral Corp's group chief executive and executive director, Inderbethal Singh Thakral, said the group's investment in GemLife remained "robust" despite the Covid-19 pandemic and is expected to deliver "sustainable and positive returns over the long term".

"Research shows that the number of persons aged 65 and above 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," he added.

Greggory Piercy, director of GemLife and joint managing director of Thakral Capital Australia, said the new resort is an "attractive and unique investment opportunity in beachside living in a subtropical environment".

Thakral Corp shares closed flat at $0.42 last Thursday.