SINGAPORE - 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.
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 . 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.
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".
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