Thakral Ltd. (SGX:AWI) said its Australian associate, GemLife, has secured approval to develop the country's first vertical land lease community in Currumbin Waters, Gold Coast, according to a Thursday filing on the Singapore Exchange.
The AU$450 million project, featuring 205 three-bedroom apartments across seven buildings, will cater to the growing demand for over-50s living.
The development, spanning 13.85 hectares, will include a country club with premium amenities and preserve 70% of the site as green space.
GemLife Chief Executive Officer Adrian Puljich said the project would help meet the supply shortage for quality over-50s housing in the region.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.