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.
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